Indonesia intends to establish a cryptocurrency exchange during the current year, as the supervision of that exchange will be transferred by the Financial Services Authority instead of the Commodity Authority.
According to Arabia Net, cryptocurrencies are currently traded in Indonesia alongside commodity contracts and are regulated by the Commodity Futures Trading Regulatory Agency.
In a move towards broader reform of the financial sector, the Financial Services Authority will assume regulatory authority over crypto assets over the next two years at a time when a cryptocurrency exchange will be established.
Indonesia has 16.4% of cryptocurrency owners.
Bitcoin, Ether, Cardano, and Polkadot are some of the legal digital assets in Indonesia.
Currently, Bitcoin is the most popular cryptocurrency in the country and remains the digital currency with the highest transaction values among Indonesian investors.
