The Indonesian authority reportedly resumed its plan to form a crypto assets exchange, initially disclosed to the public last year. 

Specifically, the so-called “crypto bourse” is scheduled to be rolled out by the end of this year.

Per DealStreetAsia, Indonesian Deputy Trade Minister Jerry Sambuaga reportedly shared confirmation at the NXC International Summit 2022 in Bali, revealing that the nation is going forth with its plan to roll out the crypto bourse, but the entire initiative hit a postpone because of extra preparations. 

“We will make sure that every requirement, procedure and the necessary steps have been taken.”

Sambuaga further mentioned the inevitable preparatory tasks prior to the introduction, nominally running assessments for which establishments “could be included in the bourse”, as well as deciding the lowest requirements for them. 

Pang Hue Kai, the Head of Tokokrypto – among the 25 licensed crypto exchanges in Indonesia, with a major share in the possession of Binance – reportedly regarded the initiative as a catalyst for the Indonesian crypto ecosystem.

Initial details of the nationwide crypto bourse reportedly surfaced in December last year. At the time, it was reported that the venture capital division of state-owned telecommunication firm PT Telkom Indonesia and crypto exchange Binance were to shake hands to work on a joint venture.

In an effort to achieve diversification for its assets, Indonesian tech firm PT GoTo Gojek Tokopedia Tbk finalized the acquisition of a local crypto exchange, PT Kripto Maksima Koin, for 124.84 billion rupiahs ($8.38 million).

Per insights from Indonesia’s Commodity Futures Trading Regulatory Agency, the overall transaction volume of crypto assets in Indonesia in 2021 surged over 1,000% compared with 2020, rising to 859.4 trillion rupiahs ($57.7 billion). Approximately 4% of the nation’s population, which is a little under 11 million people, have been investing in crypto.