Indonesia’s government plans to establish a “crypto stock” exchange by the end of 2022, according to a report by DealStreetAsia, citing a minister.
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The exchange will list companies in the digital asset industry, such as some of the 25 exchanges that have been granted licenses by Indonesian financial watchdog Bappebti.
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The Indonesian government sees the exchange as a means of protecting consumers as interest in digital currencies has risen, the report said, citing comments made by deputy trade minister Jerry Sambuaga on Wednesday.
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“Creating a bourse needs many preparations,” he said. “We need to see which entities should be included in the bourse. Secondly, we need to validate the said entities. Thirdly, there is a minimum capital and other requirements related to custodian, depository, technical things.”
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Crypto transactions in Indonesia totaled 859.4 trillion rupiah ($57.6 billion) in 2021 with the number of users reaching 15.1 million as of June this year, according to Bappebti.
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Earlier this week, Indonesia’s biggest tech company GoTo Gojek Tokopedia (GOTO) moved into the crypto industry with the purchase of local exchange Kripto Maksima Koin, one of the 25 firms to have been granted licenses by Bappebti.
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Indonesia’s Ministry of Trade did not immediately respond to CoinDesk’s request for further comment.
Read more: Indonesian Exchange Pintu Raises $113M to Meet Country’s Crypto Boom
