Cryptonian

02/26 15:06

Indonesia Targets Mid-2023 for its Crypto Exchange

Indonesia aims to launch its much-anticipated state-backed crypto exchange by mid-2023, according to the country's Commodity Futures Trading Regulatory Agency (Bappebti), which currently oversees digital assets.

In a recent interview, Didid Noordiatmoko, head of Bappebti, said that the new exchange will be established by mid-2023, Bloomberg reported. He added that the exchange will be run by a private-sector company rather than the government.

The plan to establish a state-backed crypto exchange comes as the nascent digital asset industry remains rife with scams and fraud. As reported, the crypto industry lost approximately $4 billion worth of digital assets to hacks, fraud, scams, and rug pulls in 2022, with five major exploits totaling $2,361,000,000 alone.

Furthermore, a number of high-profile crypto companies filed for bankruptcy last year, delivering billions in losses to retail customers. FTX and Singapore-based Zipmex are among the more notable crypto exchanges that failed last year. 

The blueprint of the new state-backed exchange resembles the way stock markets, separating trading, clearing, and custody under official oversight. Private-sector crypto platforms will execute trades on the exchange once it is established. 

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