The Indonesian government is moving ahead with plans to launch a national cryptocurrency exchange and expects to launch the platform in the coming weeks.

Indonesia’s Commodity Futures Trading Regulatory Agency (CoFTRA), also known as Bappebti, plans to launch a national cryptocurrency exchange in July 2023, local news agency Tempo reported. report July 14.

According to reports, Bappebti head Didid Noordiatmoko said that all cryptocurrency trading will only be possible through the upcoming national exchange.

“Yesterday we agreed on the rules for the stock exchange,” the official said, adding that the discussions involved regulation of the know-your-customer (KYC) process. Didid also noted that trading on the exchange will be offered through an integrated application, which CoFTRA has already tested.

“Yesterday we conducted a system integration test between traders, exchanges, clearing houses and custodians,” Didide said, according to the news agency.

The official also reportedly noted that Bappebti plans to limit cryptocurrency sales to local transactions but keep them in line with international market developments. These questions will include questions about cryptocurrency prices, provided they are approved by Bappebti, the report states.

Bappebti also briefed Trade Minister Zulkifli Hasan on the development. According to Didid, if no other instructions are given, Bappebti will sign the license, which will give licensed traders one month to join the exchange.

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As previously reported, Indonesia’s Ministry of Trade aims to launch a national cryptocurrency exchange in June 2023. The previous target was December 2022, but the project was delayed.

The plan began in 2021, when the owner of a state-backed telecommunications company in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. At the end of 2022, Binance increased its stake in Tokocrypto, an Indonesian crypto asset trader.