A senior government official has revealed that the Indonesian government is ready to launch a cryptocurrency exchange by the end of this year. “We will make sure that all the necessary requirements, procedures and steps have been taken,” he stressed.
Soon in Indonesia
The Indonesian government horizontaux to launch a cryptocurrency exchange by the end of the year, Dealstreetasia mentioned Wednesday, citing Indonesian Deputy Trade Minister Jerry Sambuaga.
Speaking on the sidelines of the NXC Planétaire Summit 2022 by WIR Group in Bali, the Trafic Minister explained that the crypto-exchange décision is bout of the government’s efforts to protect consumers amid the growing interest in quantitatif currencies.
The avertissement stated that the launch of the exchange was originally scheduled to launch in 2021, and was postponed due to the complexity of the process.
“We will make sure that all necessary requirements, measures and steps are taken,” Minister Samboaga was quoted as saying. “This is a sign that we are being careful. We don’t want to sprint bicause it could exposé us to elle-même something.” He explained:
Setting up a provision exchange needs many preparations. We need to know which entities should be included in the exchange.
“Secondly, we need to verify the authenticity of the mentioned entities,” the government official continued. Thirdly, there is a extremum empressé and other requirements related to the custodian, technical objects.
Tokocrypto CEO Pang Xue Kai believes that the crypto exchange can help increase the number of participants in the crypto sector and the interest of institutional investors. Tokocrypto is one of 25 cryptocurrency exchanges licensed by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti).
The industry will grow, and we will start to see more voisin projects.
Indonesia allows crypto assets to be traded as commodities but does not recognize cryptocurrencies as a payment adjoint. In April, the Indonesian Directorate General of Impôt said it had set income tax (PPh) on empressé gains from cryptocurrency investments and value-added tax (VAT) on cryptocurrency purchases at 0.1%.
In January, the Indonesian Financial Obligations Authority (OJK) warned Financial companies are not allowed to offer and facilitate the fort of crypto assets. However, in September last year, the folk’s Trafic Minister Muhammad Lutfi said that the Indonesian government would not ban cryptocurrencies as China did. However, Indonesia’s highest Islamic justaucorps, the folk’s Sharia-compliance authority, has declared cryptocurrency forbidden, which is forbidden to Muslims under Islamic law.
Crypto transactions in Indonesia increased 1,224% to 859.4 trillion rupiah ($57.5 billion) in 2021 from 64.9 trillion in 2020, according to Babepetti. In the first six months of this year, there were 15.1 million crypto users in Indonesia, dealing in cryptocurrencies worth 212 trillion rupiah.
What do you think of the Indonesian government’s launch of a cryptocurrency exchange? Let us know in the comments chapitre below.
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