Indonesia announced that the nation would soon launch a cryptocurrency exchange in 2023.
The new move is a part of a broader financial reform launched by the nation in December 2022.
The country would implement the new decision prior to the transfer of the regulatory powers of crypto assets from Bappebti to FSA.
Reportedly, Indonesia has decided to launch a cryptocurrency exchange in 2023 prior to the shift of the regulatory powers of digital assets from the commodities agency to the Financial Services Authority (FSA).
At present, crypto asset trading in the Southeast Asian nation is regulated by Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti.
Notably, on January 4, Didid Noordiatmoko, the head of Bappebti stated that as a part of a broader financial reform launched in December 2022, the nation intends to set up a crypto exchange this year.
Subsequently, the total control of the cryptosystem will be taken from Bappebti, the commodity-based agency to FSA. In addition, on December 15, the House of Representatives ratified the Financial Sector Development and Reinforcement bill (P2SK) to become the primary legal reference in the financial service sector.
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