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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Frequently Asked Questions
Is gold a good choice for an investment IRA?
If you are looking for a way to save money, gold is a great investment. It can be used to diversify your portfolio. But gold has more to it than meets the eyes.
It has been used as a currency throughout history and is still a popular method of payment. It's often referred to as “the world's oldest currency.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. Because it is rare and difficult to make, it is extremely valuable.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. The value of gold rises as a consequence.
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This is why investing in gold makes sense for individuals and businesses. If you invest in gold, you'll benefit whenever the economy grows.
In addition to earning interest on your investments, this will allow you to grow your wealth. If gold's value falls, you don't have to lose any of your investments.
Is buying gold a good retirement plan?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. Owning gold stocks should work well if you need cash flow from your investment.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
What precious metal should I invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. If you are looking for quick profits, gold might not be the right investment. If patience and time are your priorities, silver is the best investment.
If you don’t want to be rich fast, gold might be the right choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Is it possible to hold a gold ETF within a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
An IRA traditional allows both employees and employers to contribute. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
Also available is an Individual Retirement Annuity. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs do not have to be taxable
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
- 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
The best place online to buy silver and gold
Understanding how gold works is essential before you buy it. It is a precious metal that is very similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They are not exchangeable in any currency exchange system. A person can buy 100 grams of gold for $100. Each dollar spent earns the buyer 1 gram gold.
Next, you need to find out where to buy gold. You have a few options to choose from if you are looking to buy gold directly through a dealer. You can start by visiting your local coin shop. You can also go to a reputable website such as eBay. Finally, you can look into purchasing gold through private sellers online.
Individuals who sell gold at wholesale and retail prices are called private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. That means you would get back less money from a private seller than from a coin shop or eBay. This option is often a great one for investors in gold, as it gives you greater control over the item's value.
Another option for buying gold is to invest in physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks charge higher interest rates than those offered by pawn shops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold is also easy. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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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