In 2023, Indonesia plans to open its own national cryptocurrency exchange. Over the past few months, the Asian country has been changing its financial regulations. Didid Noordiatmoko, the agency’s acting chief, declared on Wednesday that the FSA will take over regulation of the assets over the following two years, by which time the exchange is most likely to be established.
The above-mentioned action is a component of a larger financial reform program that the country started in December of last year. Regulators recently disclosed their intention to open a national cryptocurrency exchange in 2023.
Despite being wary of cryptocurrencies competing with the rupiah, the only legal tender in the nation, Indonesia has been supportive of cryptocurrencies. A recently passed law classifies cryptocurrencies and other digital assets as regulated financial securities. Moreover, the central bank has published a white paper outlining its digital currency.
These changes show that the country wants to encourage innovation and make sure its financial system meets international standards.
