Indonesia Will Soon Have A Crypto Exchange, CoFTRA: Ready To Launch In Late July

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indonesia will soon have a crypto exchange coftra ready to launch in late july 0806eed

DIKSIA.COM - JAKARTA, The Commodity Futures Trading Regulatory Agency () has announced plans to launch Indonesia's , which is set to take place in late July 2023.

“The progress of the is still on track, no later than early July it can be launched,” said the head of CoFTRA's Office of Development and Market Development, Tirta Karma Senjaya.

Although there is no exact date yet, according to the official CoFTRA website, the process of exchange launch in Indonesia has reached 95 percent at the moment. CoFTRA also claims to have completed the process of integrating the exchange, clearing, custodian and trader systems.

In addition, CoFTRA has appointed a limited liability company to oversee various exchange members. FYI, the launch of this crypto exchange has actually been delayed than promised.

initially estimated that the Indonesian crypto exchange launch would be completed by early June 2023. However, as a number of crypto traders who wanted to register as members of the crypto exchange encountered administrative problems, the launch of this project had to be postponed.

With the presence of the crypto exchange, CoFTRA hopes that the supervision of crypto and digital assets in Indonesia can be carried out effectively, especially with regard to listing.

Prior to the launch of the crypto exchange, CoFTRA is known to have repeatedly tightened rules, including by blocking 1,075 website domains featuring illegal commodity futures trading (PBK) companies in the first half of 2023.

By working with the Ministry of Communications and Informatics, CoFTRA stated that these efforts were made to minimize the increase of illegal CPB investment offers in Indonesia.

Currently, the number of crypto assets legalized by Bappebti has increased to 501 assets. Meanwhile, the number of crypto investors in Indonesia saw a sharp increase to 17.4 million people last May.

This number increased by 0.87 percent compared to last April, when there were only about 17.25 million people, and a 23.23 percent increase compared to the same period in 2022, when the number of crypto investors was only about 3.28 million people.

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