Crypto Exchange Coming June 2023 at the Latest

Crypto Exchange Coming June 2023 at the Latest

The Commodity Trading Supervisory Agency (Bappebti) has again provided information regarding the development of crypto exchanges in Indonesia. This institution supporting the crypto asset industry ecosystem is planned to be present since 2021.

Head of Bappebti, Didid Noordiatmoko, said the establishment of a crypto exchange in Indonesia is no later than June 2023. According to him, the presence of a crypto exchange is a necessity that must be realized to share risks between Bappebti and the exchange itself.

“A crypto exchange must be formed immediately and the Minister (Zulkfli Hasan) has a deadline of June 2023,” Didid was quoted as saying by Antara on Tuesday (24/1).

Didid added that the formation of a crypto exchange would also accelerate the development of crypto asset trading which already has many customers. According to Bappebti data until November 2022, the number of crypto asset investors in Indonesia has reached 16.55 million. This upward trend continues, even though the crypto market has been sluggish throughout 2022.

“So actually what we have to form is an ecosystem for trading crypto assets, not just the exchange,” Didid said.

Anti-Money laundering

Bappebti, Didid continued, also actively participates in efforts to make Indonesia a member of the Financial Action Task Force (FATF). The FATF is a membership of countries that actively carries out efforts to prevent money laundering. Currently Indonesia is the only G20 country that is not yet a member of the FATF.

“Membership in the FATF is important to increase Indonesia’s credibility in the eyes of countries that will invest or transact with Indonesia. CoFTRA actively represents the Ministry of Trade together with PPATK, the Indonesian Police, the Attorney General’s Office, Bank Indonesia and other ministries answering the assessment conducted by the FATF,” he explained.

In terms of transaction value, until the end of December 2022, the value of crypto transactions in Indonesia was IDR 296.66 trillion. Indeed, there has been a decrease from 2021 which reached IDR 859.4 trillion, but you need to remember that the transaction value is still higher than in 2020 of IDR 64.9 trillion.

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