Before officially launching the crypto exchange, Bappebti posted crypto’s total transaction value of about US$4.4 billion in January – June 2023.
Heaptalk, Jakarta — Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) of the Ministry of Trade has officially established a crypto exchange through a Decree of the Head of Bappebti Number 01/BAPPEBTI/SP-BBAK/07/2023 dated on July 17th, 2023 concerning Approval as a Crypto Asset Futures Exchange to PT Bursa Komoditi Nusantara.
Concurrently, this agency also stipulated PT Kliring Berjangka as Guarantee and Settlement of Crypto Asset Physical Market Trading, following the Decree of the Head of Bappebti Number 01/BAPPEBTI/SP-LKBAK/07/2023 dated July 17th, 2023. Besides, this crypto agency also mandated PT Tennet Depository Indonesia as the manager of the crypto asset storage through the decision of the Head of Bappebti No. 01/BAPPEBTI/SP-PTPAK/07/2023.
“The establishment of exchanges, clearing, and managers of crypto asset storage as evidence of Indonesia’s government effort to create an equitable and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for society as customers,” The Head of Bappebti, Didid Noordiatmoko, said.
He further elaborated on the establishment of crypto exchanges, carried out during the transitional period of the Financial Sector Development and Strengthening Law (UU P2SK), focused on maintaining Indonesia’s crypto industry, which is also expected to contribute to the economy through the country’s revenues.
The physical trading of crypto assets progress
In June 2023, Bappebti recorded the addition of 141.8000 crypto asset customers, with the number of registered customers reaching 17.54 million people. The result shows that public interest in crypto asset trading continues to grow.
Regarding the transaction value, the agency noted that the physical trading of crypto assets increased by 9.3% and reached US$597 million, or approximately Rp8.97 trillion, in June 2023, compared to the previous month. However, the most traded types of crypto assets cover Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB). With these numerous crypto assets, Bappebti posted a total transaction value of about US$4.4 billion in January – June 2023, equal to Rp66.44 trillion. This amount decreased by 68.65% compared to a similar period last year.
According to Didit, the decline was caused by several issues, including the global crypto market that experiences a dwindle in trading volume, the potential for a low liquidity crisis which harmed nutrient stability and market efficiency, and selling pressure soaring which impacts crypto asset price correction. Also, the Federal Reserve Policy of the United States government regarding interest rate increases has transformed people’s behavior from those who previously chose to transact digital assets into savings schemes.
“Nevertheless, in terms of utilizing blockchain technology, I realize diverse technology companies such as Meta, Google, and Twitter plan to integrate blockchain technology into their business activities,” concluded Didit.
