Indonesia's Bappebti also rolled out its clearing house and a depository for digital assets to accompany the national exchange, a move designed to protect the growing number of digital currency investors from industry-related risks.
Once Indonesia's national exchange goes live, all digital currency transactions must be processed through the exchange, according to Bappebti Chief Didid Noordiatmoko.
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The license acquired by Alchemy Pay and Berkah Digital is a Payment Service Provider - License Category 3, which allows digital currency service providers to dabble in mainstream financial services in Indonesia.
Project Garuda's second phase will explore CBDC usage in the tokenization and settlement of securities transactions.
Indonesia had previously earmarked December 2022 as the launch date of the national exchange, but several undisclosed reasons forced regulators to postpone the launch.
The new regulation signed into law on January 12 indicates that digital assets could be treated as securities, which meant they would be subject to securities-related mandates and restrictions.
The biggest change is removing control of virtual currencies from the Commodity Futures Trading Regulatory Agency of Indonesia and vesting it in the hands of the Financial Service Authority.
Bank Indonesia will launch its digital rupiah under Project Garuda, which will be trialed in three phases, with wholesale CBDC a priority, as stated in the white paper.
To uphold accountability, Indonesia is looking to appoint natives as directors of digital asset exchange firms, ensuring stakeholders of rapid action should the sector run into financial woes.
