Indonesia Plans on Having a Crypto Market by Year End

Even though digital assets are becoming increasingly widespread, investors will be protected by establishing a “crypto stock” exchange in Indonesia before the end of 2022, according to Jerry Sambuaga, the deputy minister of trade for Indonesia.

Companies operating in the digital asset industry, such as exchanges that have been awarded licenses by the Indonesian financial body Bappebti will be able to list their products and services on cryptocurrency trading in Indonesia.

The government postponed the exchange launch until the first three months of 2022, even though the initial launch date was 2021. It took longer than expected because the process was more complicated than expected. Still, Jerry Sambuaga, the deputy minister of commerce, assured everyone that the government was cautiously proceeding in all of its dealings.

It has been reported that the minister noted that establishing a cryptocurrency stock market involves careful preparation, validation of the entities involved, and a certain amount of starting money. In this country, there are approximately 25 organizations that are regulated to trade cryptocurrencies. These companies include the controversial Zipmex exchange that Bappebti runs.

The deputy remarked, “Building a bourse involves substantial planning. We must decide which kinds of entities should be traded on the market. Second, we need to confirm the information provided by the aforementioned businesses. Thirdly, there is a requirement for a minimum amount of capital and other technical, custodial, and depository criteria.”

Transactions involving cryptocurrencies in Indonesia surged by more than 1000% between the years 2020 and 2021, according to data provided by Bappebti. During this period, the value of these transactions increased from 64.9 trillion rupiahs to 859.4 trillion rupiahs. The percentage of people in this country participating in bitcoin trading is close to 4%.

According to the Chief Executive Officer of TokoCrypto, one of the 25 digital asset exchanges that have been given a license by the Indonesian Commodity Futures Trading Regulatory Agency, the Pang Xue Kai cryptocurrency stock market has the potential to be a catalyst for the entire Indonesian cryptocurrency business. Pang Xue Kai is a stock market for cryptocurrencies.

The chief executive officer speculated that this could speed up the adoption process and pique the interest of more institutional investors.

In January, Indonesia’s Financial Services Authority (OJK) issued a notice that financial firms are not allowed to sell and enable the selling of cryptocurrency assets. This warning came despite a surge in cryptocurrency trading in Indonesia, the largest economy in Southeast Asia. As of April, the warning has not been rescinded. Despite the rise in cryptocurrency trading in Indonesia, the warning has not been rescinded.

In a post on Instagram, the governing body announced that “OJK has strongly forbidden financial service institutions from using, marketing, and/or sponsoring crypto asset trading.”

In January, Indonesia’s Financial Services Authority (OJK) warned that financial firms are not allowed to sell or facilitate the sale of cryptocurrency assets. This warning came despite a surge in cryptocurrency trading in Indonesia, the largest economy in Southeast Asia. As of April, the warning has not been rescinded. Despite the rise in cryptocurrency trading in Indonesia, the warning has not been rescinded.

In a post on Instagram, the governing body announced that “OJK has strongly forbidden financial service institutions from using, marketing, and/or sponsoring crypto asset trading.”

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