Indonesia Plans to Launch a Crypto Exchange Later This Month
The Indonesian authorities announced in September 2022 that they planned to launch a national cryptocurrency trading platform. This will happen in July 2023.
The Commodity Futures Trading Regulatory Authority (BAPPEBTI) stated that they would only allow digital asset transactions through a state-owned platform which would include rules regarding Know Your Customer (KYC).
BAPPEBTI has conducted tests to integrate traders, exchanges, a clearing house, and a depository and sent notice of plans to the Indonesian Ministry of Commerce. If accepted, a permit will be signed, granting licensed traders a month to join the platform.
In February 2023, President Joko Widodo signed the Law on the Development and Strengthening of the Financial Sector, which gave the Financial Services Authority oversight of the digital asset industry.
The authorities are now treating cryptocurrencies as securities rather than commodities.
A Value Added Tax (VAT) and income tax on investments in digital assets are both imposed at a rate of 0.1%, while the use of cryptocurrency as payment is prohibited.
