The long-awaited Nasdaq-style national bourse for crypto has been operational since July 17, according to an official announcement from Thursday.

Indonesia’s stock market and clearing house for digital assets is finally operational after multiple delays, according to a Thursday announcement from the country’s commodities regulator.

The government had initially planned to start operations by the end of 2021, but subsequent delays, the most recent in February, saw the launch pushed back. The long-awaited Nasdaq-style bourse for crypto has been operational since July 17, according to the announcement.

“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), said in a statement to the press.

Bappebti will work with the country’s Financial Services Authority (OJK), the central bank and the Ministry of Finance in running the platform, CoinDesk Indonesia reported. According to Noordiatmoko, the crypto exchange is designed to help the local industry run smoothly and mitigate crypto-related risks.

Indonesia has emerged as a fast adopter of crypto assets, with the government showing interest in growing the sector to benefit the local economy and the country’s global exposure.

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Indonesian regulators have decided to tighten rules for crypto exchanges in the wake of a global search operation for Do Kwon, co-founder of embattled crypto platform Terra.

Regulators in Indonesia are introducing a new rule requiring domestic cryptocurrency exchanges to be mostly led by its citizens, according to a Bloomberg report.

The new rule would require at least two-thirds of directors and commissioners on crypto trading platforms to be Indonesians residing in the country, officials from the country’s trade ministry and commodity futures trading regulatory agency said at a parliamentary hearing in Jakarta.

“That way, at least we can stop them from fleeing the country if any problem arises,” said the agency’s acting head Didid Noordiatmoko, according to the report.

Noordiatmoko didn’t say when the revised regulation would be issued, but revisions are to be made to Indonesia’s existing guidelines for operating crypto exchanges.

The regulator’s comments closely follow a South Korean effort to launch a worldwide search operation for Terra Co-Founder Do Kwon by asking Interpol to issue a ‘Red-Notice’ for him. Four months after the $40 billion Terra ecosystem collapsed, authorities in South Korea issued an arrest warrant for South Korean native Kwon on charges of fraud. Kwon has since tweeted that he is not on the run.

Additional revisions to the rules include gradually doubling the minimum capital requirement for crypto exchanges to 100 billion rupiah ($6.7 million) in line with their growth, banning exchanges from reinvesting crypto assets, and storing users’ money in third-party bank accounts, according to Indonesia’s Deputy Trade Minister Jerry Sambuaga.

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The exchange previously raised $35 million in a Series A extension last August.

Indonesian cryptocurrency exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital and investment advisory firm Northstar Group, according to a press release provided to CoinDesk. Lightspeed led Pintu’s $35 million Series A extension in August.

Pintu plans to use the capital to build out new features, including additional supported tokens and blockchains and products. The exchange doubled the size of its team to 200 last year and plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.

“The numbers of crypto investors in Indonesia have doubled from 6 million in the beginning of 2021 to over 12 million in February 2022 – which is about [twice] the number of public equity investors in the country,” Pintu Chief Marketing Officer Timothius Martin told CoinDesk in an email.

“Despite the rapid growth, however, the Indonesian market is still relatively new to crypto,” he continued. “This makes education about crypto investment a key pillar to support the growth of the market.”
Launched in April 2020, the beginner-friendly Pintu mobile app supports the purchase and sale of bitcoin (BTC), ether (ETH) and 50 other cryptocurrencies. The app has a number of payment integrations to make it easier for users to deposit and withdraw funds. Features include Pintu Earn – offering up to 15% annual percentage yield (APY) – and Pintu Staking for staking of the native Pintu token.

The exchange also offers Pintu Academy, an educational platform that teaches beginning crypto traders how to invest while managing risks.

Pintu’s total user base has more than doubled in the last six months, says Martin, from 2 million in December to almost 5 million in May.
Pintu is registered and licensed by the Bappebti regulatory agency and works closely with the government to abide by its legal framework.

“Crypto adoption is happening everywhere, and Indonesia has proven itself to be one of the world’s most rapidly growing markets for crypto assets,” Pantera partner Paul Veradittakit said in the press release. ”Crypto is a global asset class, and Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers.”

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