Indonesian authorities plan to launch a national platform for trading cryptocurrencies in July 2023. Tempo, the local news agency, reports.
The country’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) will permit operations with digital assets only through the state platform.
On July 20, BAPPEBTI announced the launch of the state cryptocurrency exchange.
«[…] we have agreed on the exchange’s operating rules. The KYC principle is regulated there», — said BAPPEBTI.
The regulator also conducted tests of the system integration among traders, exchanges, the clearing house and the depository. The agency sent a notice to Indonesia’s Ministry of Trade outlining its plans — if approved, the regulator will sign the authorization granting licensed traders a month to join the platform.
Initially, the crypto exchange was slated to open in 2021, but the project was postponed. In September 2022, authorities announced its launch.
In Indonesia VAT is charged on digital asset transactions and capital gains tax on such investments at 0.1% in both cases. The legislation bans using them as a means of payment.
In February 2023, President Joko Widodo signed the Financial Sector Development and Strengthening Law. Under the document, oversight of the digital asset industry would be assigned to the Financial Services Authority.
This adjustment points to a change in the authorities’ approach to sector oversight — regulators will begin treating cryptocurrencies as securities, rather than as exchange-traded commodities.