According to Foresight News, the Indonesian government has announced that cryptocurrency exchanges operating in the country must register on the newly launched Commodity Future Exchange (CFX) by August 17, 2024, or they will not be allowed to conduct business in Indonesia. The aim of the CFX is to make the crypto ecosystem safer for investors, and the government's plan indicates that the exchange is also expected to help track digital asset transactions for taxation purposes.
Official data from 2023 reveals that there are over 18 million registered cryptocurrency traders in Indonesia, compared to around 12 million stock traders. The introduction of the CFX is a significant step for the country's growing crypto market, as it seeks to provide a more secure and regulated environment for investors and traders alike.