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Indonesia has launched the worlds first state-backed cryptocurrency exchange, supervised by the Commodities Futures Trading Supervisory Agency.

The bourse will list licensed crypto companies and aims to strengthen the regulatory environment for the countrys booming cryptocurrency sector. While the use of cryptocurrencies as a payment medium is currently prohibited, investments in cryptocurrency are allowed. Indonesia saw a significant increase in crypto trading in 2021, reaching $56 billion.

The new exchange requires businesses to obtain a crypto exchange provider (CEP) license and meet certain criteria. Indonesias fintech industry is competitive, with P2P lending and e-payment platforms dominating. Foreign fintech firms can fill the financing gap for underbanked adults. The country has a high smartphone penetration rate and a growing middle class, making it a potential battleground for digital payment apps.

Indonesia Launches Worlds First State-Backed Cryptocurrency Bourse (aseanbriefing.com)

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ASEAN Briefing features business news, regulatory updates and extensive data on ASEAN free trade, double tax agreements and foreign direct investment laws in the region. Covering all ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam)

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Indonesia opens world's first state-backed cryptocurrency trading ... - Thailand Business News