Indonesia’s government is steadily progressing towards its plan to launch a national crypto exchange platform in the coming weeks.

Didid Noordiatmoko, the head of the Commodity Futures Trading Supervisory Agency (CFTRA) also known as Bappebti, announced that the exchange will be operational by July 2023. He added that all cryptocurrency transactions will be allowed only through the national platform.

The agency has already conducted system integration tests between traders, exchanges, clearing and depository. Moreover, the CFTRA will be implementing KYC procedures and restricting crypto sales to local transactions in line with international market developments.

Didid further mentioned that Bappebti has already informed the Trade Minister Zulkifli Hasan about the development. After the agency signs the permit, licensed traders will get a month to join the exchange.

The initial target set by Indonesia’s Ministry of Trade was to launch the national crypto exchange in December 2022, but it was delayed to June 2023. The initiative began in 2021 with a joint venture between a state-backed telecom firm and Binance to launch a joint crypto exchange. Later, Binance increased its shareholding in Indonesian crypto asset trader Tokocrypto.