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Indonesia launches a state-backed cryptocurrency exchange, partnering with leading private sector exchanges like Indodax, enhancing market transparency and safeguarding investors amid global crypto disruptions and local scams.
This move by the government comes at a crucial time, as the global crypto industry has faced several setbacks, including the breakdown of international exchange FTX in 2022. In addition, Indonesia has suffered from crypto scams, leaving countless retail investors entangled in an app-based trading scandal.
Angela Ang, a distinguished senior policy adviser at TRM Labs in Singapore, reinforces the importance of Indonesia's latest initiative. With the occurrences of high-profile failures in the previous year, regulators worldwide are now prioritizing safeguarding consumers. Against this backdrop, it is no surprise that Indonesia has embraced a more proactive approach.
The Indonesian Crypto Asset Futures Exchange, inaugurated on July 28, is distinct from clearing and custody functions, which public authorities will supervise. Consequently, the Indonesian government has unparalleled visibility into crypto trading activity and transaction records within its borders.
However, this approach has drawn criticism from some industry participants who argue that it exceeds regulatory boundaries and stifles innovation. Nevertheless, experts agree that Indonesia's state-backed exchange is an encouraging indication of the government's ongoing commitment to fostering the growth of the crypto sector.
Patrick Kim, the CEO of Uppsala Security, a global cybersecurity firm, sees this initiative as a crucial first step in developing safeguards for Indonesia's cryptocurrency market and substantially enhancing investor protection.
Kim commends the government's move, highlighting the prospective benefits, stating, "The exchange is excellent as it establishes a solid framework for the crypto market before opening it up to more competition. Retail crypto users can now receive assistance, a kind of support that is scarce in most markets today."
Launching the state-backed exchange is just one facet of Indonesia's crypto asset market comprehensive overhaul. With this bold step, Indonesia aims to create an optimal environment for seamless crypto trading while ensuring the highest level of transparency and safeguarding investor interests.
Photo: Aviv Rachmadian/Unsplash
