Indonesia plans to establish a cryptocurrency exchange by the end of 2022


A cryptocurrency stock market is going to be established in Indonesia before the end of this year, according to Jerry Sambuaga, the country’s deputy commerce minister, who was quoted in a media article.

The debut date for the country in Southeast Asia had been previously scheduled as 2021, however owing to the complexity of the procedure, it has been pushed back to the first quarter of 2022.

The minister said that preparations, validations of organisations that would be included, as well as minimum capital requirements, are necessary in order to launch a cryptocurrency stock market.

The Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesia, which is responsible for regulating cryptocurrency trading in the Southeast Asian country of Indonesia, ceased providing registration certificates to cryptocurrency asset dealers one month ago.

There are around 25 crypto trading organisations approved by Bappebti in Indonesia, one of which is the struggling cryptocurrency exchange Zipmex.

According to statistics provided by Bappebti, the total value of cryptocurrency transactions in Indonesia reached 859.4 trillion rupiah (US$57.7 billion) in 2021, an increase from the figure of 64.9 trillion rupiah recorded in 2020.

Also Read: Wall Street veteran M. Purves Feels negative about Bitcoin’s long-term growth

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