"Doesn't Malaysia act like Indonesia in the future?"
After several delays, Indonesia's new cryptocurrency-backed exchange and clearinghouse has finally been announced to have started operations from July 17, 2023, the country's commodity regulator reported.
Initially, the Indonesian government planned to start operations at the end of 2021 but unfortunately that dream was not achieved, therefore they intended to launch it in February this year and again failed.
The platform is the same as traditional securities markets such as the New York Stock Exchange (NYSE), Nasdaq, Tokyo Stock Exchange and so on compared to government-approved cryptocurrency exchanges such as Binance or Coinbase.
Like to be informed that the establishment of exchanges, clearing houses and digital asset storage managers can prove that the government is now in the process of creating a fair and equitable crypto trading ecosystem.
The process is aimed at ensuring legal certainty and prioritizing the protection of customers, said Didid Noordiatmoko, the Indonesian Commodity Futures Trading Supervisory Body (Bappebti).
Bappebti will sign an agreement with the central bank, the Financial Services Authority (OJK) and the Ministry of Finance in developing the platform that can help local industries run smoothly and reduce crypto-related risks.
It is well known that Indonesia has successfully emerged as a fast user of digital assets following the government increasingly showing interest in developing the crypto market to benefit the local economy and the country's global exposure.
