Indonesia’s Futures and Commodity Trading Regulatory Agency (Bappebti) plans to launch an Indonesian crypto exchange by the end of this month.
While the United States is cracking down on crypto assets, other countries are exploring ways to regulate. Indonesia took a step ahead with a national crypto exchange.
Indonesia Begins Testing Crypto Exchange
According to Tempo.co, Bappebti is preparing for the launch of the Indonesian crypto exchange this month. The exchange was supposed to be launched by December 2022, but there were several delays.
However, the regulators have now finished conducting system integration tests between traders, exchanges, clearing, and depository.
The community calls it a bold step. A Twitter user wrote:
“Small yet flexible victories triumph over big and clumsy:
While the USA adds pressure to the crypto industry and its leaders, like Coinbase, Indonesia takes a bold step forward by launching its national crypto exchange.
Embracing the new financial era.”
But there are also some limitations with the launch of the exchange. All cryptocurrency transactions in the country would have to make using the national exchange
In June, the Indonesia allowed the trading of 501 cryptocurrencies, including Bitcoin, Ethereum, Solana, and Chainlink.
What are the nine best platforms to stake Ethereum? Learn more here.
It is worth noting that the Financial Services Authority of Indonesia banned financial firms from marketing or facilitating crypto trading in January 2022.
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