Indonesian authorities will set up a platform for trading cryptocurrencies before the end of the year. According to Jerry Sambuaga, Deputy Secretary of Commerce at DealStreetAsia, the initiative aims to protect investors in the face of growing interest in digital assets.

Initially, the crypto exchange was to be launched in 2021, but the project was delayed.

Sambuag meticulously explained the decision in the preparation of all processes – the selection and verification of participants for compliance with the requirements.

According to local regulator BAPPEBTI, by June, the number of cryptocurrency users in the country reached 15.1 million people. The turnover of digital assets for 2021 amounted to 859.4 trillion rupees ($57.6 billion).

Pang Hue Kai, CEO of Tokocrypto (one of 25 regulated platforms in the country), described the project as a catalyst for the Indonesian crypto ecosystem. It expects investors to grow, including institutional ones.

Previously, Jump Capital experts included Indonesia among the most promising countries for cryptocurrencies.

Recall that from May 1, the country will levy VAT on transactions with crypto assets and an income tax of 0.1% in both cases on capital gains from such investments.

The legislation equates digital currencies to the exchange of goods, but prohibits their use as a means of payment.

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