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Indonesia to set up cryptocurrency exchange


The Indonesian government plans to build its envisioned “cryptocurrency stock exchange” by the end of 2022, DealStreetAsia The country’s deputy trade minister, Jerry Sambuga, was quoted as saying.

The exchange was originally scheduled to launch in 2021, but was delayed due to the “complexity” of the process, the report said.

The exchange aims to exclusively list companies in the digital asset industry and is limited to those that have been licensed by Indonesia’s financial regulator, the Commodity Futures Trading Regulator, or Bappebti.

As interest in digital currencies rises, the Indonesian government sees exchanges as a means of protecting consumers, the report said.

many requests

“Creating an exchange requires a lot of preparation,” Sambuaga said.

“We need to see which entities should be included in the exchange. Second, we need to validate the aforementioned entities. Third, there are minimum capital and other requirements for custodians, depositaries and technical things,” he added.

Indonesia allows crypto-assets to be traded as commodities, but does not recognize crypto as a payment instrument. In April, Indonesia’s General Tax Administration said it had set the capital gains tax on crypto investments and the VAT on crypto purchases at 0.1 percent.

No crypto ban like in China

Still, the situation of crypto users in Indonesia remains confusing. The country’s Financial Services Authority, OJK, has warned that financial firms are not allowed to offer and facilitate the sale of crypto assets.

However, the country’s trade minister, Muhammad Luthfi, said in September last year that the Indonesian government would not ban cryptocurrencies like China did.

Nonetheless, Indonesia’s top Islamic body, the country’s authority to abide by Sharia law, has declared a shrine or ban on cryptocurrencies for Muslims under Islamic law.

According to data from Bappebti, crypto transactions in Indonesia grew by 1,224% from 64.9 trillion rupees in 2020 to 859.4 trillion rupees ($57.7 billion) in 2021. In the first six months of this year, Indonesia had 15.1 million crypto users, trading 212 trillion rupiah worth of cryptocurrencies.



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DealStreetAsia quoted the country’s deputy trade minister, Jerry Sambuaga, as saying that the Indonesian government plans to establish its envisioned “cryptocurrency stock exchange” by the end of 2022. The exchange was originally scheduled to launch in 2021, but was delayed due to the “complexity” of the process, the report said. The exchange aims to exclusively list companies in the digital asset industry and is limited to those that have been licensed by Indonesia’s financial regulator, the Commodity Futures Trading Regulator, or Bappebti. The Indonesian government sees exchanges as a means to protect consumers’ interest in digital currencies…

The Indonesian government plans to build its envisioned “cryptocurrency stock exchange” by the end of 2022, DealStreetAsia The country’s deputy trade minister, Jerry Sambuga, was quoted as saying.

The exchange was originally scheduled to launch in 2021, but was delayed due to the “complexity” of the process, the report said.

The exchange aims to exclusively list companies in the digital asset industry and is limited to those that have been licensed by Indonesia’s financial regulator, the Commodity Futures Trading Regulator, or Bappebti.

As interest in digital currencies rises, the Indonesian government sees exchanges as a means of protecting consumers, the report said.

many requests

“Creating an exchange requires a lot of preparation,” Sambuaga said.

“We need to see which entities should be included in the exchange. Second, we need to validate the aforementioned entities. Third, there are minimum capital and other requirements for custodians, depositaries and technical things,” he added.

Indonesia allows crypto-assets to be traded as commodities, but does not recognize crypto as a payment instrument. In April, Indonesia’s General Tax Administration said it had set the capital gains tax on crypto investments and the VAT on crypto purchases at 0.1 percent.

No crypto ban like in China

Still, the situation of crypto users in Indonesia remains confusing. The country’s Financial Services Authority, OJK, has warned that financial firms are not allowed to offer and facilitate the sale of crypto assets.

However, the country’s trade minister, Muhammad Luthfi, said in September last year that the Indonesian government would not ban cryptocurrencies like China did.

Nonetheless, Indonesia’s top Islamic body, the country’s authority to abide by Sharia law, has declared a shrine or ban on cryptocurrencies for Muslims under Islamic law.

According to data from Bappebti, cryptocurrency transactions in Indonesia will grow from IDR 64.9 trillion in 2020 to IDR 859.4 trillion ($57.7 billion) in 2021. In the first six months of this year, Indonesia had 15.1 million crypto users, trading 212 trillion rupiah worth of cryptocurrencies.



Support ASEAN News

Investvine has been the unanimous voice of ASEAN news for over a decade. From breaking news to exclusive interviews with key ASEAN leaders, we bring you authentic and engaging coverage for free – the stories that matter.

Like many news organizations, we are struggling to survive in an age of reduced advertising and biased journalism. Our mission is to transcend today’s challenges and map the world of tomorrow through clear, reliable reporting.

Support us now with a donation of your choice. Your contribution will help us understand important ASEAN stories, reach more people, and elevate the diverse voices of this dynamic and influential region.



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