Indonesia's New Crypto Exchange Opens After Long Delays

Indonesia's new exchange and clearinghouse for cryptocurrencies is finally operational after multiple delays, according to a Thursday announcement from the country's commodities regulator.

The government had initially planned to start operations by the end of 2021, but subsequent delays, the most recent in February, saw the launch pushed back. The long-awaited market has been operational since July 17, according to the announcement.

The platform is more like a traditional securities market – the New York Stock Exchange, Nasdaq, Tokyo Stock Exchange, etc. – than newfangled crypto exchanges like Binance or Coinbase, given that it's government-approved.

"The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers," Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), said in a statement.

Bappebti will work with the country's Financial Services Authority (OJK), the central bank and the Ministry of Finance in running the platform, CoinDesk Indonesia reported. According to Noordiatmoko, the crypto exchange is designed to help the local industry run smoothly and mitigate crypto-related risks.

Indonesia has emerged as a fast adopter of crypto assets, with the government showing interest in growing the sector to benefit the local economy and the country's global exposure.

Read more: Indonesia Delays Crypto-Stock Exchange Launch Again, This Time Until June: Report