Indonesia plans to launch its own crypto exchange: Bloomberg

Quick Take

  • Indonesia plans to launch a national crypto exchange in the coming year.
  • Crypto supervision will be transferred between financial regulators in the country’s financial-sector reforms.

Indonesia plans to establish a national crypto exchange amid broader financial sector reform.

Crypto assets are supervised by Indonesia's Commodity Futures Trading Regulatory Agency, Bappebti. Over the next two years, the Financial Services Authority will take over the supervision of crypto, Didid Noordiatmoko, Bappebti’s acting head, said on Wednesday.

The national crypto exchange should be set up by the time the agencies switch regulatory power over crypto, Noordiatmoko added, as reported by Bloomberg.

Indonesia is making broader strokes to take a stance on crypto. In November, the central bank published a report on central bank digital currencies and started its plan to launch one in 2021.

Cryptocurrencies are currently banned as a payment method in the country, but it is legal to trade them.

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