Indonesia plans to set up its crypto bourse by the end of 2022

The government of Indonesia has reaffirmed its plans to establish a digital asset exchange. This was first publicly announced in 2021. The establishment of a “crypto bourse”, also known as the cryptocurrency exchange, is expected to take place by 2022.

DealStreetAsia reports that Jerry Sambuaga, Indonesia’s deputy trade secretary, confirmed at the NXC International Summit 2022 Bali that the country still plans to launch a crypto bourse. However, the entire project was delayed by additional preparations.

“We will ensure that all requirements, procedures and necessary steps are met.”

Sambuaga described the necessary preparatory tasks that must be completed before the launch. These include assessing entities that could be included in the bourse and establishing the minimum requirements.

Pang Hue Kai is the CEO of Tokokrypto – one of 25 licensed crypto exchanges for Indonesia. Binance holds a large part of Tokokrypto. This project has been called a bourse project and a catalyst to the Indonesian crypto ecosystem.

In December 2021, the first announcement about a national crypto bourse was made in Indonesia. A joint venture was announced by the venture capital arm of PT Telkom Indonesia, a state-owned telecom company, and Binance, one of the largest crypto exchanges in the world, at that time.

Related: Mastercard and the crypto gateway partner to promote financial inclusion in Indonesia

To diversify its assets, PT GoTo Gojek Tokopedia Tbk purchased a local crypto exchange, PT Kripto Maksima Koin for 124.84 trillion rupiahs (8.38 million).

Data from Indonesia’s Commodity Traders Regulatory Agency (CFTRA) in 2021 shows that the total volume of transactions in crypto assets in Indonesia increased more than 1,000% over 2020 to 859.4 trillion Rupiahs ($57.7 Billion). About 4% of the country’s population (a little less than 11 million) have invested in crypto.