Indonesia aims to launch its long-awaited state-backed cryptocurrency exchange by mid-2023, according to the country's Commodity Futures Trading Regulatory Agency (Bappebti), which currently oversees digital assets.
In a recent interview, Dedede Nordiatmoko, the head of Papapeti, said that the new exchange will be in place by mid-2023, Bloomberg reported. He added that the stock exchange would be managed by a company from the private sector, not the government.
The plan to create a state-backed crypto exchange comes at a time when the nascent digital asset industry remains riddled with scams and scams. As reported, the crypto industry lost nearly $4 billion in digital assets due to hacks, scams, scams, and rug pulls in 2022, with five major exploits totaling just $2,361,000,000.
Moreover, a number of high-profile crypto companies filed for bankruptcy last year, resulting in billions in losses for retail customers. Singapore-based FTX and Zipmex are among the most notorious crypto exchanges that failed last year.
The scheme of the new state-backed exchange is similar to the way equity markets are, separating trading, clearing and custody under official oversight. Private sector cryptocurrency platforms will carry out trading operations on the exchange once they are established.
“The hard part is that we can't find a standard for such a crypto exchange,” Nordiatmoko said. "This may be the first." He added that other state-backed bodies will handle clearing and custodial to protect clients' assets and avoid any replay of alleged frauds such as FTX.
In September last year, even before the chaotic collapse of FTX, the Indonesian government introduced revisions to tighten regulations for cryptocurrency exchanges in the country, saying that at least two-thirds of the management of exchanges “must be Indonesians residing in the country.”
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Indonesian authorities identified several other reviews. For example, the government said that local cryptocurrency exchanges need to store customer funds in third-party bank accounts. Moreover, the government has banned exchanges from reinvesting crypto assets.
It should be noted that interest in cryptocurrency is growing rapidly in Indonesia. According to Bappebti, crypto-asset transactions reached 859.4 trillion rupees (worth about $57.7 billion) in 2021, up 1.224% from 64.9 trillion in 2020.
The country also ranked 20th out of 146 economies in the 2022 Global Digital Currency Adoption Index from Chainalysis, a New York City-based blockchain analysis firm.
However, the cryptocurrency sector in the country has been hit hard in the wake of the recent unfortunate events. Data from CryptoCompare shows that monthly trading volumes collapsed by 95% to $233 million last month from a peak of $4.7 billion in May 2021.
Meanwhile, experts believe that cryptocurrency adoption in Indonesia will get another boost with the upcoming cryptocurrency exchange. “The industry will grow, and we will start to see more local projects,” said Pang Xue Kai, CEO of major Indonesian crypto platform Tokocrypto.