Indonesia is contemplating a national crypto stock exchange this year, Bloomberg reported.
Bappebti, the country’s Commodity Futures Trading Regulatory Agency, has been overseeing crypto trading to date. But the Financial Services Authority or Otoritas Jasa Keuangan is expected to assume the supervision of such assets in the next two years.
There are currently over two dozen licensed crypto trading firms in Indonesia, and the agency has been tightening regulations on such companies. Last year, Bappebti required crypto trading platforms to have 100 billion rupiah (US$6.5 million) in paid-up capital, increasing the amount from 50 billion rupiah (US$3.3 million).
The country also has plans to roll out a digital rupiah, which can be used to make purchases in the metaverse.
While cryptocurrency is not considered legal tender in Indonesia, it can be traded in the commodity futures market for investment purposes.
See also: Indonesia’s crypto exchanges face fuzzy future amid new regulations
Editing by Eileen C. Ang
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