Indonesia tightens supervision on crypto asset trading

February 15, 2022 | 17:47

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The Indonesian Ministry of Trade's Commodity Futures Trading Regulatory Agency (Bappebti) is tightening the supervision of crypto asset trading in order to ensure that investors receive clear information on every traded crypto asset.

Indonesia tightens supervision on crypto asset trading

Illustrative image (Photo: https://www.medcom.id/)

Jakarta – The Indonesian Ministry of Trade's Commodity Futures Trading Regulatory Agency (Bappebti) is tightening the supervision of crypto asset trading in order to ensure that investors receive clear information on every traded crypto asset.

In a statement announced on February 13, Acting Head of Bappebti Indrasari Wisnu Wardhana stressed that every crypto asset product should be registered with the agency and any type of crypto asset that do not comply with the agency’s regulations cannot be traded in Indonesia

Previously, Bappebti had issued a regulation on determining the list of crypto assets that could be traded in the crypto asset physical market in 2020, and another one that lists the conditions of crypto assets that could be traded in the market in 2021.

Indonesians could invest in crypto asset types that have been determined by the agency's regulations, he noted.

He urged the public to understand the mechanism and the risk before choosing to invest in crypto assets.

In January, the Trade Ministry of Indonesia reported that the value of crypto transactions in the Southeast Asian country could triple to 2.5 quadrillion rupiah (180 billion USD) this year as more Indonesians become aware of digital assets.

According to the Bappebti, the number of crypto investors in Indonesia rose to 11.2 million last year from only 4 million in 2020.

As of January 2022, Indonesia has 11 cryptocurrency trading platforms licensed by Bappebti.

VNA

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