Talking Indonesia

The cryptocurrency market in Indonesia is booming. In 2022, the country recorded 14 million cryptocurrency investors, much higher than the number of Indonesians who invest in the stock market. Last month, President Joko Widodo signed off on a new law that aims to provide greater clarity on how cryptocurrency is regulated. The new law transfers cryptocurrency regulatory powers from the commodities watchdog Bappebti (Badan Pengawas Perdagangan Berjangka Komoditi) to the Financial Services Authority (Otoritas Jasa Keuangan, OJK), effectively switching the classification of cryptocurrency from commodities (like gold or coal) to securities.  This is part of a larger plan in which Indonesia hopes to set up a national cryptocurrency exchange. The exchange will cover existing exchanges and function as a national custodian and clearing house for cryptocurrency in Indonesia, adding another layer of protection for cryptocurrency users in Indonesia. But the exchange has been delayed by various obstacles. Will this new