Indonesia makes moves to reform national regulation of the crypto industry, aims to create a crypto exchange this year
The head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Didid Noordiatmoko, stated that a national crypto exchange should be set in 2023 before the regulatory change.
Currently, crypto assets in Indonesia are traded alongside commodity contracts under the supervision of Bappebti. However, the country has a set of planned crypto regulation reforms coming in the next few years.
Suminto Sastrosuwito, a head of Financing and Risk Management of the national finance ministry, explained that crypto assets have become investment and financial instruments rather than commodities. Therefore, the Financial Services Authority (FSA) shall obtain regulatory power over virtual currency assets until 2025.
The country wants to establish a crypto exchange before the changes come into legal force.
It was previously reported by Reuters, that the Indonesian trade ministry plans to issue a new rule requiring two-thirds of the board of directors and commissioners of crypto asset exchanges to be Indonesian citizens and reside in the country.
Besides, as of August 15, 2022, there is a moratorium in Indonesia on the issuance of new crypto exchange licenses. The moratorium is intended to allow the regulator to focus on improving the governance of already registered crypto exchanges.
Indonesia has been supportive of crypto assets trading, although the rupiah remained the only legal tender in the country. Bank Indonesia is also exploring the opportunity to issue an Indonesian CBDC titled “Digital Rupiah”.