Indonesia to set up cryptocurrency exchange to reform crypto regulation

Hull Invest

Indonesia plans to launch a domestic cryptocurrency exchange in 2023 as part of regulatory reforms. adoption in the Indonesian House of Representatives on December 15, according to report From Bloomberg.

This reform included a shift in regulatory oversight for the domestic industry. Before the reform, his Bappebti, a commodity-focused agency, had jurisdiction over the Indonesian cryptocurrency space.

This new policy gave the Financial Services Authority (FSA) the legal backing to regulate the industry for the next two years. With this reform, Indonesia aims to accept cryptocurrencies and provide related services to its citizens.

Besides introducing a domestic cryptocurrency exchange, Indonesia is also working on introducing a Central Bank Digital Currency (CBDC). In December last year, Bank Indonesia, through its Governor, clearly Virtual rupiah pilot design. Indonesia’s top financial institution has asserted that the virtual rupiah will be available soon.

In the first 11 months of 2022, Indonesia has 16 million cryptocurrency investors, up from 11.2 million at the end of 2021. However, last year, the transaction volume fell from Rp859 trillion to about Rp300 trillion ($19.2 billion), which he achieved a year earlier.

In 2017, the Indonesian government banned cryptocurrency payments However, the legal premise of trading virtual assets is allowed.

Countries preparing for 2023 cryptocurrency regulation

countries such as Morocco, Nigeria and Israel are working to introduce crypto regulation in 2023. Attention is paid to the regulatory frameworks of countries such as the United States and the United Kingdom. In the United States, the cryptocurrency community pays attention to fixing the Lummis-Gillibrand cipher Specification this year.

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