Indonesia Launches National Crypto Exchange and Clearing House

The Indonesian Commodity Futures Trading Supervisory Agency (Bappebti) recently announced that it has launched the country's official cryptocurrency trading institutions, including: a cryptocurrency exchange, PT Bursa Komoditi Nusantara; a futures clearing house, PT Kliring Berjangka Indonesia; and a crypto asset storage manager, PT Tennet Depository Indonesia. The long-awaited market has been operational since July 17, according to the announcement.

The crypto trading institutions are jointly operated by the Commodity Futures Trading Supervisory Agency (CoFTRA), The Indonesia Financial Services Authority (OJK), the central bank and the Ministry of Finance, to help the local industry run smoothly and mitigate crypto-related risks.

Didid Noordiatmoko, Head of Bappebti, said in a statement: "The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers."

Noordiatmoko added: "By their nature, crypto assets can experience a very drastic increase or decrease in value in a short time. For this reason, a good understanding in the community is needed, including the benefits and the potential risks of trading the digital assets."

The government had initially planned to launch the platform by the end-2021, but subsequently delayed it to the end of last year. In February, Indonesia again delayed the launch​ of the platform to this June.