• Indonesia plans to launch a crypto exchange in 2023.
• The country is shifting the regulatory oversight over crypto to the Financial Services Authority.
• The shift in regulatory authorities will affect the 383 crypto assets and 10 local coins currently available in Indonesia.
As the world continues to evolve, so does the financial sector, and Indonesia is no exception. In 2023, the country is set to launch its own crypto exchange, marking a major shift in the country’s crypto industry.
The shift in regulatory oversight of crypto to the Financial Services Authority (FSA) signals a move away from the current Commodity Futures Trading Regulatory Agency (Bappebti), which has been in charge of crypto assets for several years. Didid Noordiatmoko, the acting head of Bappebti, stated that the FSA will assume regulatory power over crypto assets from the commodities agency over the next two years.
In addition to the launch of the exchange, the FSA will also be responsible for the 383 crypto assets and 10 local coins which are currently available in Indonesia. Bappebti is currently reviewing another 151 assets and 10 local coins. The country has 16 million crypto investors, with more rushing in despite an industry-wide downturn.
The shift in regulatory authorities is expected to have a positive impact on the crypto industry in Indonesia. An official from Indonesia’s Ministry of Finance stated that the shift of regulatory power from commodities to securities agency was warranted due to the status of crypto assets as investment vehicles. He added: „In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.“
The launch of the crypto exchange in 2023 is set to usher in a new era of growth and development within the Indonesian crypto industry. With the new regulations in place, the country hopes to create a safe and secure environment for the trading of crypto assets. It is also hoped that the exchange will bring much needed liquidity and stability to the market, as well as provide investors with a greater range of options when it comes to investing in crypto.