Good News, Minister of Trade Zulhas Will Launch Crypto Exchange Before June 2023

JAKARTA - The Minister of Trade Zulkifli Hasan targets the Commodity Futures Trading Supervisory Agency (Bappebti) to launch a crypto exchange before June 2023. He said crypto exchanges are urgently needed.

Zulhas, Zulkifli Hasan's nickname, said that crypto exchanges must have been formed before the Financial Sector Strengthening and Development Law (UU) took effect. Because, when the P2SK Law comes into effect, crypto supervision will be handed over to the Financial Services Authority (OJK).

"Hopefully the crypto exchange will also be launched before June because after all it is embraced", he told reporters at the Ministry of Trade, Jakarta, Thursday, January 19.

Zulhas said the government had six months to prepare a Government Regulation (PP) relating to the transition of crypto asset supervision to the OJK. Because of that, Zulhas targets the Head of Bappeti to complete the formation of the crypto exchange during this transition period.

Furthermore, Zulhas admitted that he often gets questions about crypto exchanges, especially from young people. He said they asked for certainty about the establishment of a crypto exchange.

"I asked Mr. Didid and all staff to really work hard so that it can be shown that CoFTRA can work well, can handle the problems that are developing rapidly right now", he said.

As previously reported, CoFTRA admitted that they had not succeeded in building a crypto exchange according to the 2022 target. There were various reasons why CoFTRA failed to build a crypto exchange. However, CoFTRA is targeting that this year a crypto exchange can be formed.

Acting Head of Bappebti Didid Noordiatmoko said, throughout 2022, Bappebti has built a governance system for crypto asset regulations. Starting from exchanges, custodians, clearing houses, asset trading, and customers.

However, Didid said, until the end of 2022 the crypto exchange that was expected to be formed soon had not been realized. Didid explained that one of the main obstacles faced by CoFTRA in building a crypto exchange was the difficulty in finding a good comparison of crypto exchanges.

Meanwhile, Didid continued, the government wants the Keto asset institution in Indonesia to run well and not face problems when crypto is growing rapidly.

“The problem is that we have difficulty finding benchmarking. Which country already has a good crypto exchange? We find it difficult to find a benchmark with Indonesia. So this causes a delay", he said in a press conference, Wednesday, December 4.