The national cryptocurrency exchange announced by the Indonesian government a week ago has begun to function, according to a statement from the country’s Commodity Futures Trading Supervisory Agency, known as Bappebti. The platform will be the only space in the country where the legal exchange of digital assets is allowed.
Bappebti confirmed the opening of the exchange on July 20. In addition, the agency has established a futures clearing house along with the exchange. A clearing house mediates between a buyer and seller, ensuring the transaction goes smoothly.
Previously it was reported that Bappebti would restrict cryptocurrency sales to local transactions while keeping them in line with international market developments. Licensed traders will have one month to join the exchange.
The project has been in the works since at least December 2021. In September 2022, Pang Hue Kai, CEO of Tokokrypto — one of 25 licensed crypto exchanges in Indonesia, partly owned by Binance — called the project “a catalyst for the Indonesian crypto ecosystem.”
The launch, planned for the end of 2022, was delayed to June 2023 due to the process of reviewing potential participants of the exchange. At the time, the country’s Trade Minister Zulkifli Hasan announced that all active crypto exchanges with a national registration could join the exchange.
In 2022, the deputy minister of Indonesia’s Ministry of Trade, Jerry Sambuaga, suggested several policy changes in response to the “interesting year for the development of physical trading of crypto assets”. Among them was a requirement for two-thirds of directors and commissioners at crypto firms to be Indonesian citizens.
The country remains an attractive market for the crypto industry, according to Bappebti data. In 2021, roughly 4% of the country’s population or just under 11 million people, had invested in crypto.
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Not investigating Operation Chokepoint 2.0 would create a dangerous precedent where regulatory bodies can suppress whoever they disfavor, Deaton stressed.
Reform UK is a party that’s vying for attention and is not ashamed of how it gets it.
With political support from Elon Musk this week amplifying Reform UK talking points on his platform X, the party has been able to make a splash in the new year ahead of the government.
Already this month the party has had two conferences in two days, and with only a handful of MPs there is opportunity for all of them to speak. With one notable exception – James McMurdock MP.
Despite being the MP for South Basildon and East Thurrock, he isn’t on the schedule for the East of England conference, with Sky News initially told he wasn’t planning on attending.
When it emerged last July that he had been jailed for attacking someone, he downplayed the incident as a “teenage indiscretion”.
When spotted strolling around the conference on Saturday, Sky News asked Mr McMurdock whether he regretted that term.
The MP would not apologise for the phrase and said he hadn’t lied or ever changed his story.
“I would like to do my best to do as little harm to everyone else and at the same time accept that I was a bad person for a moment back then,” he said.
“I’m doing my best to manage the fact that something really regrettable did happen.”
The MP also wouldn’t say whether the party knew about his conviction prior to becoming a candidate, but leader Nigel Farage has previously said he “wasn’t vetted”.
Mr McMurdock still has not been suspended for the conflicting accounts of what happened and the party hasn’t commented on whether he would pass their new vetting system which they say is now in place for new council candidates.
While speaking to Sky News, Mr McMurdock said he would support that motion, though no Reform MP voted for it in an early day motion when it was laid in parliament.