Indonesian cryptocurrency assets traded alongside commodity contracts
Before giving the Financial Services Authority and the Commodities Agency regulatory control over such assets, Indonesia intends to establish a cryptocurrency exchange this year.
Currently, the Commodity Futures Trading Regulatory Agency, or Bappebti, regulates the trading of both commodities and cryptocurrency assets in Indonesia.
The agency will assume regulatory authority over the next two years.
Didit, acting head of Bappebti, stated: “As part of a larger reform of the financial sector, the FSA will take over the responsibility to supervise assets over the next two years, by which time the exchange should be in place.”
Although it concerns competition with the rupiah, which is the only legal cash in the nation, Indonesia supports crypto assets.
In addition, a recently established law recognizes cryptocurrencies and digital assets as regulated securities, and the central bank has published a white paper defining its digital currency.
There are presently 383 cryptoassets and 10 local coins available for trading in Indonesia, and Bappebti is considering 151 additional assets and 10 further coins.