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As many as 25 local companies that handle cryptos will be initially listed at Indonesia crypto stock exchange. All of them have obtained a license from the country’s top financial regulatory body, the Commodity Futures Trading Regulatory Agency.
Before the end of this year, Indonesia is planning to launch its own crypto stock exchange. According to Jerry Sambuaga, the Deputy Minister of Trade in Indonesia, creating a regulated digital asset platform is a part of the country’s strategy to protect consumers despite their increased interest in cryptocurrencies.
Initially, a crypto stock exchange was supposed to launch last year. However, the launch was delayed. Another delay took place at the beginning of this year. As Jerry Sambuaga has explained, establishing such a platform takes time as there are numerous requirements and things to check on.
“We will make sure that every requirement, procedure, and necessary step has been taken. 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.”
As many as 25 local companies that handle cryptos will be initially listed on the Indonesia crypto stock exchange. All of them have obtained a license from the country’s top financial regulatory body, the Commodity Futures Trading Regulatory Agency (also known as Bappebti).
Indonesia Attracting Crypto Investors
Back in 2018, the Ministry of Trade Regulation formally authorized crypto asset trading and decreed it lawful. In 2019, the Indonesian Commodity Futures Trading Regulatory Agency legalized Bitcoin (BTC) as a commodity. Since then, the crypto sector in Indonesia has gained popularity, with the government examining its prospect as a potential investment instrument.
According to data from the Blockchain Association of Indonesia, the number of investors in crypto has increased by 280% since 2020, from 1.5 million to 4.2 million, with a daily trading volume reaching as much as $117.4 million. As of the press time, there are more than 15 million digital currency users in Indonesia.
Further, according to data from Bappebti, in 2021, crypto transactions in Indonesia totaled 859.4 trillion rupiahs (or $57.7 billion), up from 64.9 trillion rupiahs in 2020. A day-to-day trading volume is reportedly reaching $117.4 million.
As of now, only about 40% of Indonesia’s population has invested in cryptocurrency. But there is certainly much more space for the growth of the sector in the country. Since the beginning of Covid-19, the number of crypto traders in Indonesia has seen a 62% increase. And this spike is definitely not showing any signs of slowing down.