Indonesia plans to set up its crypto exchange by the end of 2022
The country's deputy trade minister confirmed the intention, first expressed last year.
New
The Indonesian government has backtracked on plans to set up a digital asset exchange, first publicly announced in 2021. The so-called “crypto exchange” is expected to be established by the end of 2022.
According to DealStreetAsia, Indonesian Deputy Commerce Minister Jerry Sambuaga confirmed at the 2022 NXC International Summit in Bali that the country is still planning to launch the exchange, but the whole project has been delayed due to additional preparations:
"We will ensure that all necessary requirements, procedures and measures have been taken."
Sambuaga also described the inevitable preparatory tasks before the launch, such as evaluating entities "could be included in the exchange" and defining the minimum requirements for them.
Pang Hue Kai, CEO of Tokokrypto – one of 25 licensed crypto exchanges in Indonesia, much of which is owned by Binance – called the project a catalyst for the Indonesian crypto ecosystem.
The first announcement of the national crypto exchange took place in December 2021. At the time, it was reported that the venture capital arm of state-owned telecommunications company PT Telkom Indonesia and crypto exchange Binance would form a joint venture.
Related: Mastercard Partners with Crypto Gateway to Drive Financial Inclusion in Indonesia
In an effort to diversify its assets, Indonesian tech company PT GoTo Gojek Tokopedia Tbk has purchased a local crypto exchange, PT Kripto Maksima Koin, for 124.84 billion rupiah ($8.38 million).< /p>
According to data from the Indonesian Commodity Futures Trading Regulatory Agency, the total trading volume of crypto assets in Indonesia...
The country's deputy trade minister confirmed the intention, first expressed last year.
New
The Indonesian government has backtracked on plans to set up a digital asset exchange, first publicly announced in 2021. The so-called “crypto exchange” is expected to be established by the end of 2022.
According to DealStreetAsia, Indonesian Deputy Commerce Minister Jerry Sambuaga confirmed at the 2022 NXC International Summit in Bali that the country is still planning to launch the exchange, but the whole project has been delayed due to additional preparations:
"We will ensure that all necessary requirements, procedures and measures have been taken."
Sambuaga also described the inevitable preparatory tasks before the launch, such as evaluating entities "could be included in the exchange" and defining the minimum requirements for them.
Pang Hue Kai, CEO of Tokokrypto – one of 25 licensed crypto exchanges in Indonesia, much of which is owned by Binance – called the project a catalyst for the Indonesian crypto ecosystem.
The first announcement of the national crypto exchange took place in December 2021. At the time, it was reported that the venture capital arm of state-owned telecommunications company PT Telkom Indonesia and crypto exchange Binance would form a joint venture.
Related: Mastercard Partners with Crypto Gateway to Drive Financial Inclusion in Indonesia
In an effort to diversify its assets, Indonesian tech company PT GoTo Gojek Tokopedia Tbk has purchased a local crypto exchange, PT Kripto Maksima Koin, for 124.84 billion rupiah ($8.38 million).< /p>
According to data from the Indonesian Commodity Futures Trading Regulatory Agency, the total trading volume of crypto assets in Indonesia...
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