To address the risks posed by the fallen cryptocurrency firm FTX, Indonesia has proposed launching a National Digital Asset Exchange.
The launch date of the national exchange was originally scheduled for December 2022, but the date was delayed for undisclosed reasons.
According to Zulkifli Hasan, the Minister of Trade, the exchange will be operational by June 2023.
The new exchange will separate trading, clearing, and custody under official oversight, similar to how stock markets separate trading, clearing, and custody.
The state-backed crypto exchange will have control over private sector platforms, according to the Commodity Futures Trading Regulatory Agency.
According to Noordyatmoko, the agency’s head, “the difficult part is not finding a benchmark for this kind of crypto exchange”. He added that other state-backed bodies would handle clearing and custody to protect assets and prevent further fraud.
Moreover, Vincent Thong Ming, the Content Manager at the Metaverse Gaming platform Avacado DAO, said that the authority recognizes tokens’ legitimacy as financial and investment instruments in the country by establishing the national exchange and accepting tokens as securities.
