Indonesia is set to release new regulations to tighten regulation of crypto-exchanges. The revised regulatory framework requires that two-thirds (or more) of crypto exchange directors must be Indonesian citizens who reside in Indonesia.
Indonesia plans to tighten crypto regulation
Officials from Indonesia's Ministry of Trade and Commodity Futures Trading Regulatory Agency, (Bappebti), said Tuesday that they are preparing new regulations to tighten regulation of crypto exchanges.
Two-thirds must be Indonesian citizens who reside in Indonesia to serve as directors of crypto exchanges. Didid Noordiatmoko was the acting head of Bappebti.
This way, we can at least prevent top management fleeing the country in the event of a problem.
This new measure was taken in response to the financial difficulties faced by Zipmex, a crypto exchange that focuses on Southeast Asia. It had to stop withdrawals.
Additionally, crypto exchanges will be required to use third parties to store client funds. Additionally, they will be forbidden from investing in crypto assets that have been stored.
After the parliamentary hearing, Jerry Sambuaga, Deputy Minister of Commerce, told reporters:
We do not want to issue permits (to exchanges), so we will only give permissions to those who meet the requirements and are credible.
Without stating a time frame, he said that Bappebti would soon issue the new rules.
Sambuaga confirmed that the Indonesian government still plans to launch a crypto asset exchange this year. The launch of the bourse has been repeatedly delayed.
Although Indonesia allows crypto assets to be traded as commodities, it does not recognize crypto payments as an instrument of payment. The Indonesian Directorate General of Taxes stated in April that it had established both income tax (PPh), on crypto capital gains, and value-added taxes (VAT) for crypto purchases at 0.1%.
According to Bappebti, crypto transactions in Indonesia rose 1,224% to 859.4 Trillion Rupiahs ($57.5 Billion) in 2021, up from 64.9 Trillion rupiahs by 2020. Bappebti reports that 15.1 million people used crypto to transact cryptocurrencies in Indonesia over the first six months. This is a total of 212 trillion rupees.
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Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
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External Links
finance.yahoo.com
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
How To
The best place online to buy silver and gold
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By: Kevin Helms
Title: Indonesia to Tighten Crypto Regulation With Stricter Rules for Exchanges
Sourced From: news.bitcoin.com/indonesia-to-tighten-crypto-regulation-with-stricter-rules-for-exchanges/
Published Date: Fri, 23 Sep 2022 03:30:34 +0000
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