KONTAN.CO.ID - JAKARTA. The government is still brewing and preparing crypto-asset exchanges to accommodate the high interest and trend in crypto-asset investment. The Commodity Futures Trading Regulatory Agency (Bappebti) is targeting the crypto-asset exchange to be launched this year.

One of the parties who volunteered to become a crypto exchange with Bappebti is the Indonesia Commodity and Derivative Exchange (ICDX).

ICDX Research & Development Manager, Jericho Biere confirmed that his party had completed all requirements from Bappebti.

“ICDX has indeed proposed itself as a crypto exchange at Bappebti. We have complied with the requirements of Bappebti regulations regarding the physical market for crypto assets, but currently, we are still waiting for the finalization stage of a series of inspections by the regulator," said Jericho when confirmed by Kontan.co.id, Wednesday (22/7).

Recently, the Head of Bappebti, Indrasari Wisnu Wardhana, explained that there were already two parties who volunteered to become crypto-asset exchanges. One of them is ICDX.

However, he said Bappebti is still evaluating and verifying the requirements. They don't want to be in a hurry because they want to make sure that the exchange is a party that really understands the rule of the game in crypto assets.

"It is not yet certain whether (the requirements) can be met. Because the crypto-asset industry is digital and IT-based, the standards we set are indeed high. In fact, I admit that it is not easy to fulfill these requirements, but this is because we don't want to be random and try to guarantee the safety of investors,” said Wisnu.

Wisnu continued, the formation of this crypto exchange was carried out in parallel with other supporting infrastructure. In addition to creating a crypto exchange, Bappebti is also designing the presence of a clearing and depository institution that will be able to provide security guarantees for investors.

The Indonesia Clearing House (ICH), which is still in the same group as ICDX, has also volunteered to become an Indonesian crypto-asset clearing institution.

According to Wisnu, the presence of a clearinghouse aims to store 70% of funds or liquidity belonging to licensed crypto traders. Thus, if there is a default from the crypto merchant, the funds will be used to pay for customer funds.

Wisnu added that Bappebti has the authority to freeze or transfer funds that are in the clearing in the event of a default.

"This is to ensure the comfort and peace of crypto customers," he said.