As part of a broader financial reform launched in Dec. 2022, Indonesia is set to create a national crypto exchange in 2023. This move will be the beginning of an eventual shift of oversight from the Commodity Futures Trading Regulatory Agency of Indonesia to the Financial Services Authority (FSA).
Suminto Sastrosuwito, Director General of Budget Financing and Risk Management, stated, ''...crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.''
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Trading in digital assets is largely legal in Indonesia. With over 275 million people, Indonesia is the world's fourth-most populous country, and this move could boost further adoption of digital assets.
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