Indonesia is poised to make a landmark move in the digital asset space, with plans to officially launch its national cryptocurrency exchange within the coming weeks. This initiative marks a pivotal step in the country’s broader strategy to regulate and formalize crypto trading under a unified, government-backed framework.
The Commodity Futures Trading Regulatory Agency (CoFTRA) confirmed that final preparations are underway to roll out the platform, which will become the sole authorized exchange for cryptocurrency trading in the country. Didid Noordiatmoko, Head of CoFTRA, announced that the agency has completed the selection process for companies designated to participate in the exchange ecosystem. This centralized model aims to enhance oversight, reduce market fragmentation, and protect retail investors.
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Transition from Commodity to Securities Oversight
A major structural shift is also on the horizon: regulatory authority over digital assets is expected to transition from commodity-focused bodies to the Financial Services Authority (Otoritas Jasa Keuangan, or OJK). This realignment reflects Indonesia’s commitment to integrating crypto assets into its mainstream financial system.
Since late last year, following legislative reforms passed by parliament, Indonesia has been working toward listing digital assets on its national securities exchange. As of mid-June, CoFTRA finalized key regulatory requirements, including Know Your Customer (KYC) protocols and anti-money laundering standards. The agency has also approved an integrated clearing and custody system that will underpin the new exchange’s operations.
Trade Minister Zulkifli Hasan has been briefed on the progress. Unless objections arise, CoFTRA will proceed with launching the platform and onboarding licensed traders. Originally slated for 2023, the launch was delayed to ensure proper infrastructure and public readiness—particularly important given that many Indonesians remain unfamiliar with digital assets.
Five of the more than two dozen registered crypto exchanges in Indonesia are expected to become core partners in this government-supported venture. The long-term vision includes full regulatory migration to OJK within two years, ensuring consistent supervision across financial instruments.
In a related development, OJK recently appointed Hasan Fawzi—former director at Indonesia’s Bond Pricing Agency—as head of fintech and crypto regulation. He will be supported by Lodewik Paulus Agusman, with both appointments approved by the OJK board. Their leadership is expected to accelerate the development of a robust regulatory framework for digital financial assets.
Indonesia is also advancing its central bank digital currency (CBDC) initiative, with a white paper for the digital rupiah published last year. This positions the nation as a regional leader in both crypto regulation and monetary innovation.
Global Context: Russia Shifts Focus from National Exchange to Regulation
While Indonesia moves forward with its national crypto exchange, Russia has taken a different path. In May, reports suggested Moscow was planning a unified crypto exchange under the Moscow Exchange. However, by June, lawmakers had paused this initiative.
Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, confirmed that the government has shelved plans for a state-run platform. Instead, it will focus on regulating existing private exchanges—a decision met with resistance from some officials but ultimately backed by the Ministry of Finance, which deemed a national exchange impractical.
Despite abandoning the exchange model, Russia remains committed to building regulatory infrastructure for digital assets. Lawmakers are exploring ways to supervise local platforms while managing risks related to sanctions and illicit finance. A proposed bill on CBDCs is also being considered as part of broader amendments to existing crypto legislation.
Notably, while Russia’s central bank favors strict oversight of crypto trading platforms, its CBDC project remains in early stages without a clear rollout timeline. This contrast highlights differing national strategies: Indonesia prioritizes infrastructure creation alongside regulation, whereas Russia emphasizes control over existing market activity.
These developments reflect a growing global trend—governments seeking to balance innovation with investor protection and financial stability.
TASE Explores Crypto Access Through Non-Bank Members
Beyond Southeast Asia and Eastern Europe, Israel’s Tel Aviv Stock Exchange (TASE) is also evolving its approach to digital assets. Last year, TASE unveiled a five-year strategy aimed at accelerating growth in its digital asset markets. Central to this plan is integrating blockchain technology and offering a suite of crypto-related services.
In early 2024, TASE released a public consultation draft proposing to allow Non-Banking Members (NBMs)—licensed financial institutions outside traditional banking—to offer crypto trading services to their clients. This would enable NBMs to act as intermediaries between customers and regulated crypto platforms.
How the Proposed System Would Work
Under TASE’s framework:
- Clients deposit fiat currency into their NBM account.
- The NBM transfers funds to a pooled account at a licensed crypto trading provider.
- Trades are executed using these pooled funds, with positions recorded in the client’s NBM ledger.
- When selling crypto, proceeds are returned in fiat and credited back to the client’s NBM account.
Crucially, NBMs must partner with two separate licensed entities: one for trading execution and another for secure digital asset custody. This separation enhances security and reduces counterparty risk.
Consumer Protection Through Smart Regulation
In November 2023, Israel’s Ministry of Finance published a 109-page policy paper titled “Regulation of the Digital Assets Industry – A Policy Roadmap.” Authored by Chief Economist Shira Greenberg, it synthesizes findings from Israel’s central bank and capital markets regulators.
The report argues that while current regulations treat crypto similarly to traditional assets, policymakers must account for the unique nature of blockchain-based finance—decentralization, volatility, and technological complexity.
TASE’s proposed rules aim to align with international standards, attract foreign investment, and foster innovation—all while safeguarding consumers. Earlier this month, Israeli lawmakers held an initial reading of a bill that would exempt foreign investors from capital gains tax on crypto profits. This amendment to the Income Tax Ordinance supports national efforts to position Israel as a fintech-friendly jurisdiction.
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Frequently Asked Questions (FAQ)
Q: When will Indonesia’s national crypto exchange launch?
A: The exchange is expected to go live within the coming weeks, pending final approval from the Trade Minister.
Q: Will individuals still be able to use private crypto exchanges in Indonesia?
A: No—once operational, the national exchange will be the only legally permitted platform for cryptocurrency trading in the country.
Q: What is the role of OJK in Indonesia’s crypto plans?
A: OJK will eventually assume full regulatory oversight of digital assets, transitioning authority from commodity regulators to a unified financial services framework.
Q: Why did Russia abandon its national crypto exchange plan?
A: Russian authorities deemed the idea impractical and opted instead to regulate existing private platforms under central bank supervision.
Q: Can non-bank firms in Israel already offer crypto trading?
A: Not yet—the proposal is still under public consultation and requires board and regulatory approval before implementation.
Q: Is Indonesia developing a central bank digital currency?
A: Yes—the digital rupiah project is ongoing, with a white paper already published and pilot phases anticipated in the near future.
The global landscape for crypto regulation is rapidly evolving. From Jakarta to Tel Aviv and Moscow, governments are crafting distinct models to harness innovation while ensuring compliance and stability. As these frameworks mature, they set important precedents for how nations can responsibly integrate digital assets into their economies.
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