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Indonesia Launching New Crypto Stock Exchange at the End of This Year

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Joyashree Dey Follow

INDIA

Sep, 05 2022

Sep, 05 2022

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The government of Indonesia is launching a crypto bourse by the end of 2022 as part of efforts to safeguard buyers in the midst of rising interests in digital currencies, said a senior executive on August 31. 


Initially the government’s target was to launch the crypto stock exchange last year but then postponed it to the first half of this year before leaving the plan an in-between state because of the intricacy of the process. 


“We will make sure that every requirement, procedure, and the necessary steps have been taken,” said Indonesia’s deputy trade minister Jerry Sambuaga, noting that the delay cannot be attributed to any significant problem.  


“This is proof that we are being careful. We don’t want to be hasty as it may cause us to miss something. Creating a bourse needs many preparations. We need to see which entities should be included in the bourse. Secondly, we need to validate the said entities. Thirdly, there is minimum capital and other requirements related to custodian depository, technical things,” he said on the sidelines of NXC International Summit 2022 by WIR Group in Bali. 


The CEO of Tokocrypto, Pang Xue Kai said independently that a bourse can be a catalyst for the entire Indonesian crypto ecosystem which prompts more participants, more communities, and interest from institutional investors. “The industry will grow, we’ll start seeing more local projects,” Kai told reporters at the same event.  


Among the 25 crypto exchanges, the Indonesian commodity futures trading regulatory agency, known as Bappebti granted licenses Tokocrypto to trade crypto assets. Indonesia doesn't perceive cryptocurrency as a payment instrument yet just as a trading commodity.  


Recently Indonesia’s listed tech group GoTo obtained a crypto exchange PT Kripto Maksima Koin as part of efforts to be a “diverse money management hub”.  

 


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Joyashree Dey

CBW - External Analyst

INDIA

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