Indonesia accelerated its national crypto exchange launch efforts.
Indonesia is a good region for crypto traders. Here ctizens are allowed to trade & invest in all those cryptocurrencies which are Commodities in nature. Indonesia’s securities & commodities laws are different from the United States of America (USA). More than 5 hundred Crypto assets are treated as commodities officially in this country.
In 2021, Indonesia plans to launch a National crypto exchange, just like national stock exchanges, so that citizens can trade cryptocurrencies without any need to go for local crypto transaction activities, which are not traceable to government agencies.
A local media report confirmed that Indonesia is working hard to bring its national crypto exchange for the citizens and it is expected that they may launch this exchange in the upcoming few weeks.
Media reports confirmed that the country’s Commodity Futures Trading Supervisory Agency (CFTRA) confirmed this news and also said that the national exchange will be the exclusive platform for cryptocurrency transactions in Indonesia.
All the traders will be required to follow all the KYC procedures to use the service of the national crypto exchange, just like the national stock exchange.
Delay & Delay
Initially, the CFTRA agency planned to launch the exchange in late 2022 but later they shifted the launch date to June 2023. So obviously they failed to achieve their goal in the scheduled timeline but now they are optimistic that they are very near to their goal.
To develop & establish this new national crypto exchange, government agencies secured full support from state-backed telecom firm owners and Binance, a major global cryptocurrency exchange. Binance upped its stake in the Indonesian crypto asset trader Tokocrypto in late 2022.
Crypto & Security
In the last month, the American securities regulatory body the SEC sued BinanceUS & Coinbase exchange. In the suits, the SEC body mentioned several flagship assets as a security crypto token.
Following the SEC’s back to back suits against crypto companies, the majority of the crypto traders decided not to trade the mentioned crypto assets but in the same timeframe the Indonesian government agency issued a list of more than 500 crypto tokens, which are the Commodities under Indonesia’s jurisdiction.
Read also: SEC argues no one can use XRP lawsuit court ruling in other cases
Indonesia may launch its “national crypto exchange” this month: Report
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