Indonesia Mulls Launching National Crypto Exchange Amid Industry Turmoil

Indonesia Mulls Launching National Crypto Exchange Amid Industry Turmoil
фото показано с : zycrypto.com

2023-1-9 20:28

Indonesia is considering setting up a national crypto exchange to keep pace with the fast-changing financial landscape.

Citing a Wednesday report by Bloomberg, the exchange is expected to launch later this year before the country assigns the Financial Services Authority (FSA) control over such assets. Presently, crypto assets in Indonesia are policed by “Bappebti” -the country’s commodities futures trading regulatory agency responsible for regulating commodity contracts.

Confirming the plan on Wednesday, January 4, Bappebti acting head Didid Noordiatmoko noted that the move was part of the country’s broader financial sector plan.

“The FSA will assume regulatory power over the assets over the next two years, by which time the exchange should be set up,” said Noordiatmoko.

The statement comes even as lawmakers push for a regulation seeking to task the FSA with regulation strengthening supervision and oversight of crypto-assets which have been booming in the South East Asia nation. Lawmakers presented the draft law in September 2022 following the Terra-induced turbulence by cryptocurrencies and the need to tighten the regulation of crypto exchanges.

Despite adopting a strict anti-crypto stance in the past, partially due to local regulations and Islamic laws, Indonesia has been loosening its noose, opting for progressive regulations as demand for crypto assets continues to soar. According to the country’s trade ministry, as of November 30th 2022, there were 16 million crypto investors compared to 11.2 million at the end of 2021. 

Despite the ongoing crypto winter slashing trading volumes globally, statistics provided by the trade ministry showed that Indonesians traded 212 trillion rupiahs ($14.3 billion) worth of crypto in the first half of 2022. Presently 383 crypto assets and 10 local coins can be traded by Indonesians, with another 151 assets and 10 coins under evaluation by the Bappebti.

It is important to note that while trading in digital assets is legal in the country, the use of crypto payments as a form of payment is prohibited in Indonesia after the country imposed a blanket ban on the practice in 2017. That could change if the proposed law on moving crypto assets from the  Bappebti to the FSA is passed. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto indonesia national exchange pace landscape keep

crypto indonesia → Результатов: 106


Фото:

Indonesia’s Islam Council Bans Muslims From Trading Bitcoin, Deems Crypto As “Haram”

Indonesia’s council of Islam religious leaders has called on Muslims in the country to desist from engaging in crypto-related transactions, terming it as “haram”. According to a Thursday report by Bloomberg, Asronun Niam Sholeh, chair of religious decrees at the National Ulema Council (MUI) decried cryptocurrencies, terming them as “uncertain, wagering and harmful” pitting them against […]

2021-11-11 16:54


Фото:

Rice-Based Stablecoin Is Being Launched in Indonesia

PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang – East Java is setting up Ricetron.com a Tron-based DeFi to tokenized rice-based stablecoin. The website aims to invite crypto enthusiasts to stake Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice Inventory Coin) stablecoin. RET token holders will […]

2021-1-20 09:00


Crypto exchange Zipmex expands to Thailand

Licensed bitcoin and crypto trading platform Zipmex, today announced its launch in Thailand with its official mobile app. The expansion comes after successful launches in Singapore, Indonesia, and Australia as the company continues to accelerate operations across Southeast Asia to fuel a rising demand for digital currency due to the recent regulation changes in the […] CryptoNinjas: Crypto exchange Zipmex expands to Thailand

2020-7-9 14:36


Pundi X’s wallet adds new crypto to fiat transfer/payment solution for Indonesia

Pundi X, a provider of blockchain payment solutions, announced the launch of CryptoID, a DApp which provides users a payment platform for real-time transfer of cryptocurrencies to fiat. For the initial roll-out, Pundi X has partnered with Indonesia-based online payment app m-Bayar from E2Pay to integrate its services for the CryptoIDR DApp.

2020-3-7 00:16


Huobi Launches New Fiat/Crypto Pair for the Indonesia Rupiah (IDR) Against Tether (USDT)

Huobi Crypto Exchange recently announced that they will introduce a trading pair for the Indonesian Rupiah against Tether (USDT) for this market subsidiary. The fiat gateway will enable Huobi users in Indonesia to trade over 250 cryptocurrencies through a simple IDR Top up and exchange for USDT to purchase other coins. David Chen, Huobi’s Cloud Senior […]

2019-12-28 18:24


Automated crypto to fiat platform XanPool expands Asia presence

Peer-to-peer crypto to fiat platform XanPool, announced its latest expansion push into Asia this week, with expanded country support for service in India, Malaysia, Indonesia, and Vietnam. Supported by NGC Ventures, a leading blockchain investment firm, XanPool is an omnichannel solution that enables both institutional and retail users to on and off-board in and out […] CryptoNinjas: Automated crypto to fiat platform XanPool expands Asia presence

2019-11-26 18:22


Indonesia’s Indodax Crypto Exchange Lists Crypto.com CRO Token and Surges 145% in a Few Hours

Crypto.com Chain-Token (CRO) continues to expand in the crypto market and all over the world. This time, the digital currency has been listed on the Indonesian cryptocurrency exchange Indodax. The platform decided to enter this market in order to profit from this large and attractive market for digital assets. Crypto.com Enters the Indonesian Market In […]

2019-3-13 21:25