Bank Indonesia (Photo: Bloomberg) Jakarta (VNA) – Indonesia plans to set up a crypto exchange this year before it shifts regulatory powers over such assets from commodity futures trading supervisory body Bappebti to Financial Services Authority (FSA).
Head of Bappebti Didid Noordiatmoko said on January 4 that as a part of a broader financial reform, crypto oversight will be taken from Bappebti to FSA in the next two years, by which time the exchange should be set up.
Indonesia has been supportive of crypto assets albeit wary of it competing against the rupiah, which is the only legal tender in the country. The central bank has issued a white paper to map out its digital currency while a recently passed law recognises cryptocurrency and digital assets as regulated financial securities.
There were 16 million crypto investors in Indonesia in the first 11 months of last year, up from 11.2 million at the end of 2021. Trading value shrank to about 300 trillion rupiah (19.2 billion USD) during that period, a fraction of the 859 trillion rupiah seen in the previous year.
There are currently 383 crypto assets and 10 local coins that can be traded in Indonesia, with another 151 assets and 10 coins under review by Bappebti./.
