Indonesia Launches VVS Crypto Exchange and Clearing House

Cryptocurrencies Now Available In Indonesia

The Indonesian government’s launch of a national cryptocurrency exchange has been confirmed by the Commodity Futures Trading Supervisory Agency (CFTRA). The platform is the only legal way to exchange digital assets within the country.

The CFTRA announced the opening of the exchange on July 20, as well as the establishment of a Futures Clearing House. The clearing house will act as a mediator for buyers and sellers, ensuring successful transactions. Licensed traders have one month to register for the exchange.

The project has been in the works since December 2021, and Tokokrypto CEO Pang Hue Kai has expressed enthusiasm for the initiative, calling it “a catalyst for the Indonesian crypto ecosystem”.

Voyager Crypto, Unfi Crypto, WLuna Crypto, Wax Crypto, Unbiased Crypto, VVS Crypto, Stacks Crypto, Starlink Crypto, and The Hideaways Crypto are among the many cryptocurrencies now available on the Indonesian exchange.

Unbiased Crypto Exchange in Indonesia

The launch of the crypto exchange in Indonesia, which was planned for the end of 2022, was delayed to June 2023 due to the process of reviewing the potential participants. At the time, Trade Minister Zulkifli Hasan announced that all active crypto exchanges with a national registration could join the exchange.

In 2022, Jerry Sambuaga, the deputy minister of Indonesia’s Ministry of Trade, proposed several policy changes to facilitate the “interesting year for the development of physical trading of crypto assets”. One of the requirements was that two-thirds of directors and commissioners at crypto firms should be Indonesian citizens.

The country remains an attractive market for the crypto industry, as, according to CFTRA data, in 2021 roughly 4% of the population, a little under 11 million people, were investing in crypto such as Vgx Crypto, Starlink Crypto, Unbiased Crypto, VVS Crypto, The Hideaways Crypto, Stacks Crypto, WLuna Crypto, UNFI Crypto, Voyager Crypto Update, and WAX Crypto.