Cryptocurrency Exchange Indonesia – The year 2023 started with great news from countries around the world. Indonesia plans to transfer regulatory oversight from commodity brokers to securities personnel.
According to reports, Indonesia will develop a crypto exchange as part of its crypto regulatory reforms. The plan is to develop the platform before initiating the regulatory transition from commodity to securities administrations.
Table of Contents
- Cryptocurrency Exchange Indonesia
- Crypto Exchange Safety Index: Helping You To Stay Safu When Trading Crypto
- Sand Is Now Available On Indonesia Bitcoin And Crypto Exchange — Indodax
- Binance Invests In First Regulated Cryptocurrency Exchange In Indonesia, Tokocrypto
- Upbit Exchange Review (2023): Beginner Friendly South Korean Crypto Exchange
- Best Exchanges To Buy Bitcoin In Indonesia (2024)
- Indonesia Set To Launch National Cryptocurrency Exchange In July 2023
- Indonesia’s Leading Crypto Exchange, Tokocrypto Launches Asia’s First Crypto Hub And Education Epicentre, T Hub, In Bali, Indonesia
- The Future Of Cryptocurrency And Blockchain Technology In Indonesia
- Binance Acquires Indonesian Crypto Exchange Tokocrypto
Cryptocurrency Exchange Indonesia
On January 4, Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Regulatory Authority, said the crypto exchange will be established in 2023. The change is part of the broader financial reform launched in December 2022.
Crypto Exchange Safety Index: Helping You To Stay Safu When Trading Crypto
Under the reform, custody of cryptocurrencies will be moved from Bappebti’s commodities agency to the country’s Financial Services Authority.
While Indonesia banned cryptocurrency payments in 2017, trading virtual assets was still legal in the country. In early January, Noordiatmoko revealed that the value of crypto transactions in Indonesia would halve from $55 million to $19 million by 2022.
On December 15, the Indonesian House of Representatives approved the bill to develop and strengthen the financial field, making it the main legal reference point in the financial services industry. Therefore, the adopted bill describes the transfer of legal powers from Bappebti to ASF.
Suminto Sastrosuwito, head of the Finance and Risk Management Department of the country’s Ministry of Finance, said crypto assets have become a financial instrument and an investment that requires equal regulation as other similar financial investment instruments.
Sand Is Now Available On Indonesia Bitcoin And Crypto Exchange — Indodax
Bank Indonesia Governor Perry Warjiyo announced the launch of the basic design of the digital rupiah. CBDC will have a value comparable to the country’s fiat currency.
The year 2023 started with many new initiatives from different countries, especially in the crypto sector. Indonesia stepped forward to join this caravan. Indonesia wants to set up a cryptocurrency exchange in 2023 before transferring control of these assets from a commodities agency to the Financial Services Authority (FSA).
The Commodity Futures Trading Regulatory Authority, or Bappebti, oversees trading of commodity contracts and cryptocurrencies in Indonesia. According to Didid Noordiatmoko, acting chairman of Bappebti, the FSA will take supervisory control of the assets within the next two years. This is part of a wider reform of the financial sector, at which point the stock market should be established.
With 151 other assets and 10 local currencies evaluated by Bappebti, there are currently 383 crypto assets and 10 local currencies available for trading in Indonesia. While the crypto market may see a decline in activity in 2022, new investors are still pouring money into it. There were 16 million cryptocurrency investors in Indonesia in the first eleven months of the year. This figure increased to 11.2 million at the end of 2021. During this period, the value of trade fell from Rs 859 trillion. A year ago, they witnessed about 300 trillion rupees worth $25.8 billion.
Binance Invests In First Regulated Cryptocurrency Exchange In Indonesia, Tokocrypto
Despite fears that cryptocurrencies will compete with the rupiah, Indonesia supports cryptocurrencies. The rupee is the only legal currency in the country. A recently passed law recognizes cryptocurrencies and other digital assets as regulated financial securities. The central bank has published a white paper introducing digital currencies.
In October 2022, Indonesia announced it would tighten regulations on crypto exchanges. The announcement, which did not specify when the ban would be lifted, prohibited the licensing of crypto exchanges. When news broke that Southeast Asia was imposing strict laws on cryptocurrencies, the Indonesian parliament proposed these new regulations. Cryptocurrency is booming in the region despite a tumultuous crypto year in 2022.
Shourya is a fintech enthusiast who mainly reports on cryptocurrency prices, Union Budget, CBDC and FTX crash. Contact him at [email protected]
The content presented may contain the personal opinions of the author and is subject to market conditions. Do some market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss. On July 17, Indonesia’s commodity futures trading watchdog, Indonesia’s Bappebti, announced that the country will open its national cryptocurrency exchange in July 2023, local news station Tempo reported.
Upbit Exchange Review (2023): Beginner Friendly South Korean Crypto Exchange
Here is great news and compelling evidence of the great future of the cryptocurrency market, not just for this country, but for all of Southeast Asia.
So, will the good news above cause problems in the development of the cryptocurrency markets of the countries in the region? Let’s find out in this article.
According to Bappebti, the organization takes responsibility for opening this national cryptocurrency exchange; They do this because of the increase in crypto market scams in this country.
Bappebti President Didid Noordiatmoko said all cryptocurrency transactions in Indonesia must go through the national exchange with an established application form that has been tested and approved.
Best Exchanges To Buy Bitcoin In Indonesia (2024)
Indonesia aims to provide a safe and transparent platform for cryptocurrency trading in the country by launching a government-regulated exchange.
Moreover, Mr. Noordiatmoko also pointed out that this exchange should be launched in 2021 due to the extremely strong growth of the total crypto trading volume in this country (over 1000% this year).
Although the heads of the Indonesian government have not accepted cryptocurrency as a new form of payment so far, Indonesian cryptocurrency fans still have hope for the future digital finance of this country after initiating the decision on the cryptocurrency exchange.
Now that the good news is coming for the crypto market not only in Indonesia but also for the entire region, let’s take a look at the development of the crypto market in some countries in the region.
Indonesia Set To Launch National Cryptocurrency Exchange In July 2023
According to stats and facts from Statista, the blockchain and cryptocurrency sectors accounted for the largest share of Singapore’s fintech companies in 2022. As part of its strategy to develop the industry, the government has focused on regulating and attracting players into the crypto landscape.
Indeed, the Monetary Authority of Singapore (MAS) has taken a proactive approach towards the development of cryptocurrency activities and has implemented regulations to maintain control over the sector. As of December 2022, MAS has licensed 11 cryptocurrency service providers, nine of which have major payment institution licenses and two have standard payment institution licenses.
Like the Indonesian government, the Singapore government also has many doubts about these digital assets due to their volatile and speculative nature. Therefore, despite granting a license to operate the aforementioned cryptocurrency exchanges, the government continued to strengthen strict control over them and ban advertising directly to individuals (only some retailers are reluctant to accept this).
If the cryptocurrency market in Singapore is afraid of being affected by some factors of money laundering or economic manipulation of cryptocurrency. In Malaysia they are not only afraid of this, but also of terrorism. Terrorists will exploit this loophole due to this market’s strong support for free trade between the parties.
Indonesia’s Leading Crypto Exchange, Tokocrypto Launches Asia’s First Crypto Hub And Education Epicentre, T Hub, In Bali, Indonesia
Although cryptocurrency exchanges are trying to use strong cybersecurity measures such as eKYC (know your electricity customer) to limit the above-mentioned problems, crypto fraud has reached $14 billion worldwide in 2021 (this number continues to increase over the years) and in Malaysia victims have suffered losses increasingly large amounts.
The cryptocurrency market must somehow continue to grow in this country to solve the financial problems of the more than 55% of the population that is classified as unbanked and unbanked.
Vietnam, where more than 25% of the population owns crypto assets, ranks third in the statistic of the number of crypto holders per country for 2023 (according to Statista’s latest report).
While citizen adoption of cryptocurrency is still high (ranking first in the world), government adoption is not over yet.
The Future Of Cryptocurrency And Blockchain Technology In Indonesia
But according to an article on Minh Ngoc Nguyen’s Statista page, all cryptocurrencies still face the problem of not being recognized as a legal form of payment or a form of ownership in Vietnam, so the exchange of these assets would still must be legal.
Although Vietnamese investors still trade and use crypto assets through international platforms, their activities may be subject to legal penalties and their investments are neither taxable nor protected by Vietnamese law.
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In short, Indonesia’s approval to open a nationwide cryptocurrency exchange is a new step for the global development of the cryptocurrency industry in the Southeast Asian region.
Binance Acquires Indonesian Crypto Exchange Tokocrypto
Although there are still many problems with the law and the adoption of cryptocurrency as a new payment method, people in Southeast Asia in general and Vietnam in particular still strongly believe in the future of decentralized payment via blockchain technology across the region . The company behind the world’s largest cryptocurrency exchange by trading volume and users today announced that it has invested in Tokocrypto, Indonesia’s top regulated cryptocurrency exchange.
The funding will be used to accelerate the growth of Tokocrypto’s business, including new products and services, technological advancements, national expansion and new blockchain initiatives.
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