Indonesia, a country that counts over 17,000 islands and 275 million people within its borders, plans to launch a national cryptocurrency exchange in 2023. The move comes as the country is moving its oversight of crypto from a commodities commission to a securities agency.
According to Bloomberg, the number of active crypto traders in Indonesia boomed from 11.2 million in 2021 to 16 million in the first 11 months of 2022. Currently, traders can exchange 383 crypto assets and 10 local coins, with another 151 assets and 10 coins under review from the commodities commission.
The exchange of oversight powers between the commodities commission (known as Bappebti) to the securities agency will occur over the next two years. By then, Indonesian traders will likely have access to the newly launched national cryptocurrency exchange. The move to change oversight powers comes amid an overhaul of financial regulations in the country.
Not all is positive on the Indonesian cryptocurrency front, however. Bloomberg reports that cryptocurrency trading volume fell in 2022 in the country, from 859 trillion rupiah to 300 trillion rupiah ($19.2 billion). Of course, the cryptocurrency market has slumped into a bear market, likely causing some people to leave the scene temporarily.
Indonesia is one of the few countries in the world with a firm regulatory protocol surrounding cryptocurrency. Also, like many countries, it has experimented with a roll out of a central bank digital currency. Its announcement of the impending launch of a national cryptocurrency exchange is a good sign the country is continuing its push into Web3.
Geographical Entities Ape into Web3
While Indonesia’s move to create a national cryptocurrency exchange is big news, it is not the only geographical entity entering Web3. In 2022, we wrote many stories about cities and even entire countries investing in the next iteration of the internet. Here are three.
First, in December, the Crown Prince of Dubai, Sheikh Hamdan, approved the latest phase of the “Dubai Metaverse Strategy.” The goal is to make Dubai one of the top metaverse economies in the world.
Next, three months ago, Japan’s Prime Minister, Fumio Kishida told the country that the government will invest in a myriad of Web3 technologies. In his speech, he noted that some jurisdictions are already using Web3 tech and teased the possibility of blockchain IDs.
Lastly, 10 months ago, the government of South Korea pledged to invest 224 billion won ($186.7 million) in the metaverse. For South Korea, the goal is to create a metaverse ecosystem that will support the growth of non-fungible tokens and digital content in the country.
Indonesia’s impending national cryptocurrency exchange is a bullish sign for the Web3 industry and shows that some countries are still innovating in the field. Here at Rarity Sniper, we’ll pay close attention for further developments in the story.