As a part of its crypto regulation reform Indonesia plans to create a crypto exchange in 2023. This platform is planned to be created and launched before the shift of regulatory power from a commodities agency to a security authority.
Commodity Futures Trading Regulatory Agency of Indonesia indicated that crypto exchange would be started this year in the country as a part of its broader financial reform that was introduced in December 2022.
According to the December 2022 reform, it is planned that in the next two years, Financial Services Authority (FSA) would take away crypto oversight authorities from Bappebti which is a commodity–focused agency.
The Financial Sector Development and Reinforcement bill which is also called P2SK was ratified on December 15, 2022, by the House of Representatives. As a result, became the primary legal reference for the financial service industry.
Furthermore, the head of Financing and Risk Management of the national finance ministry, Suminto Sastrosuwito explained that crypto assets are becoming investment and financial instruments and shall be regulated on par with other financial instruments.
However, in the year 2017, Indonesia imposed a blanket ban on crypto payments even though trading in digital assets has largely remained legal in the country. Noordiatmoko further revealed that the total value of the crypto transactions in the country dropped by 50% in 2022 from 859.4 trillion Indonesian rupiahs to 296.66 trillion.
Alongside, in the December 2022 Governor, the Bank of Indonesia also announced the release of the conceptual design of the digital rupiah, the currency equivalent to Indonesia’s fiat currency which will be launched to the public soon.