24/07/2023 (Indonesia) - Indonesia has set up its own exchange, clearing house, and depository for cryptocurrencies, aiming to create a fair trading ecosystem and ensure customer protection. This was announced by Didid Noordiatmoko, the head of the Commodity Futures Trading Regulatory Agency (Bappebti).
The three new institutions, established based on Bappebti decrees, include PT Bursa Komoditi Nusantara as a crypto asset futures exchange, PT Kliring Berjangka Indonesia as a futures clearing house, and PT Tennet Depository Indonesia for crypto asset storage.
Despite global declines in crypto transactions and prices, Didid remains optimistic about the future of the crypto industry in Indonesia, citing the increasing adoption of blockchain technology by businesses. Crypto trading in Indonesia has surged, with 17.54 million registered users and 141,800 new customers in June 2023 alone.
Christopher Tahir, cofounder of CryptoWatch, and Oscar Darmawan, CEO of Indodax, both expressed support for the initiative. However, they cautioned against high fees, which could drive users to overseas platforms.
Bayo Adhika Putra, a researcher from Tenggara Strategics, advised the government to carefully formulate cryptocurrency regulations and offer competitive advantages to attract users to the government's exchange over private ones.