Indonesia Prepares To Launch Crypto Stock Exchange By Q4 2022
Summary:
- Indonesia’s deputy trade minister announced plans for a crypto stock exchange.
- The platform would go live before the end of 2022, minister Jerry Sambuaga told reporters.
- 25 crypto exchanges licensed by the country’s regulator would be listed on the new crypto stock exchange.
- The government-owned platform would focus on investor protection as interest in cryptocurrencies skyrocketed in 2021.
- Total digital asset transactions and users have also increased significantly over the course of 2022.
Indonesia’s deputy trade minister Jerry Sambuaga told local media on Wednesday that the government plans to launch a “crypto stock” exchange before the end of 2022 to provide protection for investors amid rising interest in digital assets.
Minister Sambuaga told reporters during a summit in Bali that authorities are not in a rush to unveil the platform. However, the government hopes to have the exchange ready for launch before 2022 is over.
Creating a bourse needs many preparations. We need to see which entities should be included bourse. Secondly, we need to validate the said entities. Thirdly, minimum capital and other requirements related to custodian depository, technical things…
25 Cryptos Platforms To Be Listed On Indonesia’s Stock Exchange
At launch, Indonesia’s crypto stock exchange would list 25 local companies that deal in virtual currencies. These 25 exchanges are licensed businesses approved by the country’s top financial regulatory known as the Commodity Futures Trading Regulatory Agency or Bappebit.
CEO of local exchange Tokocrypto, Pang Xue Kai, opined that the move could spur diverse growth in the country’s domestic crypto ecosystem. Kai said that “we’ll start seeing more local projects”,
Indonesia’s Crypto Transactions And Users Grew Rapidly In The Past 2 Years
Minister Sambuaga’s announcements come as digital currencies have enjoyed increased demands over the last 24 months. Data shows that local crypto transactions skyrocketed by over 1200% in 2021, with a worth of over $57 billion.
Crypto users also grew between January and June 2022. At press time, there are over 15 million virtual currency users in Indonesia.
Notably, cryptocurrencies are not an approved payment method in the country. However, local financial regulations allow investors to tap digital assets as a trading commodity. In addition, a 2017 Forbes report cited remarks from Indonesia’s central bank suggesting that the country could be poised for Bitcoin and crypto adoption soon.
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