Summary:

• The Indonesian government has announced plans to roll out a national crypto exchange by June 2023.
• The crypto bourse is currently undergoing review and five active, registered exchanges have been identified from the list of 25.
• The new timeline comes after delays in the licensing of new exchanges and other official delays.

National Crypto Exchange to Launch in Indonesia by June 2023

The crypto landscape in Indonesia could see a national crypto exchange before the end of June this year. Initially planned to launch before the end of 2022, the government says the cryptocurrency exchange will include five active and licensed platforms.

Delays Led to Push Back in Launch Timeline

The latest timeline comes after new developments (authorities suspended the licensing of new exchanges) and other official delays forced relevant government bodies working on the project to push back its launch from December 2022. In December, lawmakers in Indonesia’s House of Representatives passed an omnibus law that provides regulatory oversight for crypto exchanges.

Review Currently Ongoing for Crypto Exchanges

A review of digital asset exchanges earmarked to join the national crypto exchange is ongoing. The Indonesian Trade Minister Zulkifli Hasan has said that it is important for everything to be done properly before launching so as not to harm people who are still learning about crypto trading.

Growing Crypto Community in Indonesia

Indonesia is one of the countries with a rapidly growing community around cryptocurrencies. Local authorities are encouraging banks and businesses across different sectors to use digital currencies as payment methods and increase their adoption in everyday life.