Indonesia is drawing on stock market structure to improve crypto trading and mitigate risks exposed by the collapse of the FTX digital-asset exchange.

A key issue with the plan is the proposed state-backed crypto exchange, where private sector platforms would execute trades, according to the Commodity Futures Trading Regulatory Agency, which currently oversees digital assets.

“The difficult part is that we cannot find a benchmark for this kind of crypto exchange,” Noordyatmoko, the head of the agency, said in an interview. “It could be a first.” Other planned state-backed bodies will handle clearing and custody to protect assets and avoid any recurrence of the alleged fraud on FTX, he said.