Bank Indonesia (Photo: Bloomberg) Jakarta (VNA) – Indonesia plans to set up a crypto exchange thisyear before it shifts regulatory powers over such assets from commodity futurestrading 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, cryptooversight will be taken from Bappebti to FSA in the next two years, bywhich time the exchange should be set up.
Indonesiahas been supportive of crypto assets albeit wary of it competing against therupiah, which is the only legal tender in the country. The central bank hasissued a white paper to map out its digitalcurrency while a recently passed lawrecognises cryptocurrency and digital assets as regulated financial securities.
There were16 million crypto investors in Indonesia in the first 11 months of last year, upfrom 11.2 million at the end of 2021. Trading value shrank to about 300trillion rupiah (19.2 billion USD) during that period, a fraction of the 859 trillionrupiah seen in the previous year.
There are currently 383 crypto assets and 10 local coins that can betraded in Indonesia, with another 151 assets and 10 coins under review byBappebti./.
