The Indonesian government has required all crypto exchanges operating in the country to register with Commodity Future Exchange (CFX), the world's first national crypto assets exchange, to continue their operations.
Indonesia Sets Deadline for Crypto Exchanges to Register with National Stock Exchange
Launched earlier this year, CFX aims to improve the security of the crypto ecosystem and collect transaction data for taxation purposes.
Commodity Future Exchange, which operates similar to traditional stock exchanges such as NASDAQ, focuses specifically on digital assets.
Indonesia's decision to establish a national exchange for crypto assets is in response to significant local demand for cryptocurrencies.
Official data in 2023 shows that Indonesia has more than 18 million registered crypto investors, surpassing the approximately 12 million equity investors in the country.
Crypto exchanges will only be able to obtain a crypto exchange license (PFAK) if they meet all the requirements. The deadline for these potential crypto exchanges to register and comply with the new procedures is set at August 17, 2024.
Failure to register by this specified period will result in automatic inability to operate in Indonesia.
*This is not investment advice.