The crypto-stock exchange launch in Indonesia which was initially planned to roll out by end of 2021 has once again been postponed till June 2023.
According to a Friday report from CoinDesk Indonesia, Indonesia has postponed the launch of a crypto-stock exchange for firms dealing in digital assets until later this year.
According to the newspaper, Indonesia’s commerce minister Zulkifli Hasan said on Thursday that he intended to open the exchange before June 2023 but wouldn’t “rush” it if it wasn’t ready.
The platform was supposed to be launched by the end of 2021, but the administration ultimately decided to wait until the end of last year.
According to Indonesia’s deputy trade minister Jerry Sambuaga, developing a bourse that includes authorized digital asset businesses with the goal of safeguarding customers “requires numerous preparations.”
Online speculative trading has made Indonesia one of the region’s fastest crypto adopters, but the growing backlogs suggest the government may have taken on the enormous job of creating a “crypto stock” market.
Additionally, the nation recently established a new framework for financial laws that shifts responsibility for crypto oversight from the commodities regulator to the Financial Services Authority, OJK, which may complicate how crypto assets are categorized under national legislation. Prior to the regulatory shift, the commodities regulator halted the licensing of cryptocurrency enterprises last August.
