Indonesia Eyes Government-Controlled Crypto Stock Exchange

• Indonesia will open a crypto stock market by the end of 2022.
• Only around 4% of the population has been actively involved in crypto trading.

In Indonesia, there has been a significant improvement for crypto fans. A cryptocurrency stock exchange is planned for launch in the nation.  Deputy Trade Minister Jerry Sambuaga reportedly said that Indonesia will open a crypto stock market by the end of 2022.

According to reports, the minister has said that there are necessary preparations, entity validations, and minimum capital requirements to launch a crypto stock exchange. The Southeast Asian country is debating opening a crypto exchange. The initial launch date of 2021 was pushed back to the first quarter of 2022. This was as a result of complications encountered during the preparation phase.

Surge in Crypto Activities

Zipmex, a struggling cryptocurrency exchange, is one of approximately 25 regulated crypto trading businesses operating in the nation. The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) regulates the industry. Furthermore, Bappebti reports that in 2021 the total value of cryptocurrency transactions in Indonesia increased from 64.9 trillion rupiahs in 2020 to 859.4 trillion rupiahs. Only around 4% of the population has been actively involved in crypto trading.

Additionally, the nation has seen a rise in the number of initiatives using non-fungible tokens (NFTs) and celebrity coins in recent years. GoTo Gojek Tokopedia (GoTo), an Indonesian tech giant, recently entered the cryptocurrency market by acquiring a local cryptocurrency exchange named Kripto Maksima Koin. Moreover, this $8.38M purchase is seen to be an attempt by the organization to broaden its revenue base and clientele.

In 2021, the e-commerce website Tokopedia and the ride-hailing service Gojek merged to become the new company GoTo. Furthermore, the firm claims to contribute more than 2% to Indonesia’s GDP and raised over $1 billion in an initial public offering (IPO) in April.

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