The Indonesian Commodity Futures Trading Supervisory Agency (CFTRAT), commonly known as Bappebti, revealed plans to launch a national crypto exchange before the end of July. Speaking at the local newsroom Tempo, the CFTRAT confirmed that the proposed crypto exchange would be released in the coming weeks.
The July 14 pronouncement conveyed by the head of CFTRAT, Didid Noordiatmoko, stated that the crypto transaction in the Southeast Asian country would only be conducted on the national exchange. The chair admitted that the CFTRAT held their meeting on July 13 to expound on the stock exchange rules.
Indonesia Developing National Crypto Exchange
During the meeting, the members presented proposed expedient measures supporting compliance with the Know Your Customers (KYC) regulations. In his statement, Noordiatmoko outlined the KYC procedures proposed by CFTRAT officials.
The executive stated that the CFTRAT team had developed an integrated application that would enable the user to trade on the platform more effortlessly. Futhermore, Noordiatmoko admitted that the CFTRAT had conducted several tests to examine the integrated application’s functionality.
In the interview, Noordiatmoko claimed that the Bappebti collaborated with local traders, exchanges, and depository firms for system integration trials.
Importance of Indonesian National Exchange
Besides the successful system testing CFTRAT head confessed that Indonesia plans to cope with the international market development by imposing new regulations. The executive affirmed that the CFTRAT will adopt restrictive measures to prohibit crypto sales to the public.
He added that the restrictive measures enable the regulators to monitor the price of cryptos. However, the proposed measures and regulatory approach for supervising the national exchange will require CFTRAT approval.
In his intriguing report, Noordiatmoko asserted that the CFTRAT had presented its latest development to the Minister of Trade, Zulkifli Hasan. He anticipates that the minister will support the CFTRAT’s latest project with no objection.
The executive argued that if there is no additional input from the regulators and the public concerning the national exchange project, the CFTRAT will approve the permit. He mentioned that the CFTRAT’s final nod on the national exchange would allow licensed traders to join within a month.
Step Involved in Developing National Exchange
In 2022 the Indonesian financial regulators planned to launch the national exchange officially. Earlier, the Minister of Trade urged the regulators not to rush the launching of the exchange since crypto technology was still a new concept. Such delays compelled the regulators to push the launch to later this year.
Initially the project started in 2021 after Binance Indonesia agreed to launch a joint venture with Hartonos, a family business. At the early development stage of the national exchange, the financial regulators agreed to work with five trusted crypto exchanges.
The national exchange will allow licensed exchanges to facilitate trade activities in Indonesia, and the Ministry of Trade will provide clearing and custodial services.