Indonesia Regulator Forms Committee to Ensure Crypto Industry Compliance

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As a long-term crypto investor with a deep interest in the Asian market, I find Indonesia’s recent regulatory steps towards cryptocurrencies quite encouraging. The establishment of the Crypto Asset Committee under Bappebti is a significant move to ensure industry compliance and optimize the role of cryptocurrency within the legal framework.

Indonesia’s Commodity Futures Trading Regulatory Agency, referred to as Bappebti, has announced the formation of a committee specifically tasked with overseeing the cryptocurrency market within the country. This new Crypto Asset Committee was established under a decree issued in January.

Indonesia Committee to Enforce Crypto Compliance

At a May 2 gathering in Jakarta, Bappebti head Kasan expressed the objective was to maintain industry adherence.

As a researcher studying the crypto asset industry, I would emphasize the importance of effectively utilizing the Crypto Asset Committee to ensure a seamless operation of the industry while adhering to legal requirements. Consequently, optimizing the function and influence of this committee is crucial in establishing an efficient and compliant ecosystem for crypto assets.

The role of the Crypto Asset Committee involves evaluating cryptocurrencies, examining relevant reports, and maintaining a primary database. Overseeing the database entails adding or deleting crypto assets based on specific requirements. Members of the committee consist of delegates from various parties such as Bappebti, crypto exchanges, academia, government ministries, clearing institutions, and other concerned stakeholders.

As a crypto investor, I’ve noticed that the Indonesian government is taking active steps to regulate the cryptocurrency sector. In March, the Financial Services Authority (OJK) made an announcement requiring all companies providing crypto services in the country to go through a regulatory sandbox before obtaining licenses. Part of these regulations stipulates that every cryptocurrency exchange must register with CFX, Indonesia’s crypto futures exchange.

As a researcher studying the regulatory landscape of cryptocurrencies in Indonesia, I’ve come across the current role of Bappetbi, which involves regulatory and oversight functions for the crypto sector. However, it is important to note that starting from January next year, these responsibilities will be taken over by the OJK.

Crypto Regulations in Indonesia

Indonesia is expected to give greater focus to its domestic cryptocurrency market as interest in it grows significantly. Based on Bappebti’s data, crypto transactions reached a record high of 30 trillion Indonesian Rupiah, equivalent to approximately $1.92 billion, during February. Additionally, there was a notable increase of around 170,000 new investors in February, bringing the total number to 19 million. Bappebti attributes this trend to the overall surge in the crypto market, with Bitcoin (BTC) and several other altcoins experiencing rallies during that period.

Crypto supporters in the country are upbeat about the sector’s future due to the February presidential election outcome. The victor, Prabowo Subianto, who is pro-crypto, secured almost 60% of the votes. His vice president-elect, Gibran Rakabuming Raka, who is also a crypto advocate and the son of the incumbent President Joko Widodo, shares this view. Throughout their campaign, they pledged to advance the industry, focusing on tax compliance and fostering young blockchain talent.

In the realm of Southeast Asian nations, countries such as Thailand are keeping a close eye on the cryptocurrency industry. For illustration, the Deputy Secretary-General of Thailand’s Securities and Exchange Commission (SEC), Anek Yooyuen, expressed concern over crypto advertisements broadcasted by exchanges. Yooyuen stated that certain promotional offers allured users who might not fully grasp investment risks. In response to this issue, the SEC has decreed that all advertising and sales promotions must adhere to approved guidelines. Additionally, crypto trading platforms are obligated to incorporate investment risk warnings in their marketing campaigns.

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2024-05-08 15:48