Indonesia Launching its National Digital Asset Exchange in June
The regulators in Indonesia plan to release a National Digital Asset Exchange (NDAE) in June to improve the performance of the crypto industry. The proposed NDAE system will improve the regulation of private crypto operators. A recent announcement by the Indonesian Minister of Trade, Zulkifli Hasan, confirmed that the NDAE system would be completed in June.
The system will assist the Indonesia crypto supervisor in addressing the prolonged ripple effect caused by the collapse of FTX.
What Caused the Delays in Launching the NDAE System?
The 2022 crypto market meltdown and harsh macroeconomic impulses, dragging the prices to a dribbling momentum, compelled the regulators to make bold moves. The regulators in Indonesia joined the world to regulate the crypto space by developing a National Digital Asset Exchange. The regulators proposed that the new system start operating in December last, which was postponed to 2023 due to unknown reasons.
After a long silence, the Minister of Trade, Zulkifli Hasan, announced at the crypto literacy event in Jakarta that the system would be released in June. Additionally, Hasan revealed plans to equip the Indonesians with trading skills.
Feature of National Digital Asset Exchange
The proposed system will control trading activities in the Indonesian market. The developers of the NDAE system have integrated emerging technologies to enable regulators to execute trade clearance and custodial services more effectively. The new system has replicated the approach used in the stock market to monitor all trading activities.
Furthermore, the proposed system challenges the regulators to adopt stricter regulations in monitoring private crypto firms. The Indonesian Commodity Futures Trading Regulatory Agency (CFTRA) tasked the state-owned crypto firms to oversee the operation of the private firms.
A statement issued by the head of CFTRA, Didid Noordiatmoko, revealed that benchmarking for the regulation of private crypto firms failed to bear fruits, and the authority had to seek alternative options. Noordiatmoko mandated the state-owned organization to executive roles in clearing and custodial services to protect investors and mitigate crypto fraud.
Elsewhere, the content manager of metaverse gaming company Avocado DAO Vincent Thong Ming, acknowledges the regulators’ effort in developing the new system. Ming argued that activating the NDAE platform and issuing tokens as securities demonstrates the legitimacy of the regulators in Indonesia.
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