Indonesia’s trade ministry is closer to launching its highly anticipated crypto exchange before June 2023. The trade minister, Zulkifli Hasan, made this disclosure at press time, stating that the ministry is working on plans to start up the bourse after failing in its initial plan to roll out the exchange by the end of last year.
Zulkifli disclosed that the government is carefully reviewing its intended partners for the bourse. He also announced that the ministry has five physical crypto asset traders that meet its criteria. The five physical crypto traders of the 25 trading firms in Indonesia that the trading ministry considers are registered with the Commodity Futures Trading Regulatory Agency (Bappebti) and will likely form the ministry’s crypto exchange.
The five crypto asset traders handle trading in the country. However, the trading ministry will take over when its plans fully materialize. It will then audit the existing crypto framework and continue regulating the exchange.
Zulkifli Calls for Calm in the Bourse Process
The trade minister has urged Indonesians to be patient with the procedures it implements to create the crypto bourse. He has encouraged them to remain calm, as a drift from the right calls will be detrimental to the ministry and crypto enthusiasts in the country.
The crypto bourse has taken a long time to materialize amidst rising interest in crypto assets in the country. The exchange was initially intended to launch in 2021 but was halted due to its complexity. The launch also suffered a setback as it was rescheduled to debut by the end of 2022, raising concerns for Indonesians.
“The government does not want this to take a massive toll on the public because people do not know much. They think can make a huge profit by buying coins. Even though the Indonesia Crypto Asset Trading Association says it can bring huge profit, but also a huge loss.” Zulkifli said.
Indonesia Relaxes Ban on New Exchanges
Indonesia recently released its ban on licensing new exchanges in the country. The ban came following the FTX collapse, which left the crypto industry in shambles. To stop such occurrences, the government banned licensing for new exchanges.
The prohibition didn’t go down well with Indonesians, as they declared it was making the crypto bourse project difficult. Zulkifli, however, stated that the move was to clear regulations in the country.
