Indonesia Eyes Government-Controlled Crypto Stock Exchange

Electronics Giant LG to Launch Hedera-Based Crypto Wallet
  • Indonesia will open a crypto stock market by the end of 2022.
  • Only 4% of people have actively engaged in cryptocurrency trading.

In Indonesia, there has been a significant improvement for crypto fans. The nation is preparing to build a cryptocurrency stock exchange. 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 first quarter of 2022 was being chosen as the new debut date for 2021. This was due to difficulties that arose during the planning stage.

Surge in Crypto Activities

One of the roughly 25 regulated crypto trading companies operating in the country is the struggling cryptocurrency exchange Zipmex. 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 4% of people have actively engaged in cryptocurrency 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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Indonesian IT Giant Acquires Local Crypto Exchange For $8.38M

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.