Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.

Indonesia Plans to Tighten Crypto Regulation

Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.

One of the new rules requires two-thirds of directors of crypto exchanges to be Indonesian citizens residing in the country. Didid Noordiatmoko, acting head of Bappebti, told parliament:

That way, at least we can prevent the top management from fleeing the country if any problem arises.

The new measure followed the financial trouble faced by Southeast Asia-focused crypto exchange Zipmex, which had to halt withdrawals.

Crypto exchanges will also be required to use a third party to store client funds. They will additionally be prohibited from re-investing stored crypto assets.

Deputy Minister of Trade Jerry Sambuaga told reporters after the parliamentary hearing:

We don’t want to give permits (to exchanges) carelessly, so only for those that meet the requirements and are credible.

He noted without giving a specific timeframe that Bappebti will issue the new rules soon.

Sambuaga also confirmed that the Indonesian government is still planning to launch a crypto asset bourse this year. The bourse launch has been delayed several times.

Indonesia allows the trading of crypto assets as commodities but does not recognize crypto as a payment instrument. In April, the Indonesian Directorate General of Taxes said it had set both income tax (PPh) on capital gains from crypto investments and value-added tax (VAT) on crypto purchases at 0.1%.

Crypto transactions in Indonesia increased 1,224% to 859.4 trillion rupiahs ($57.5 billion) in 2021 from 64.9 trillion rupiahs in 2020, according to Bappebti. In the first six months of this year, there were 15.1 million crypto users in Indonesia, transacting cryptocurrencies worth 212 trillion rupiahs.

NEWS RELATED

Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar

A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira ...

View more: Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar

Indonesia's Cosmart raises $5M Seed funding from Lightspeed, East Ventures, and Vertex Ventures Southeast Asia & India

Cosmart, an Indonesian membership-driven ecommerce platform for essential goods, announced Monday that it raised $5 million in an oversubscribed seed funding from Lightspeed, East Ventures, and Vertex Ventures Southeast Asia & India. The round also witnessed participation from seasoned angel investors – Henry Hendrawan and Albert Lucius, Cosmart said ...

View more: Indonesia's Cosmart raises $5M Seed funding from Lightspeed, East Ventures, and Vertex Ventures Southeast Asia & India

Japanese Gaming Giant Sega to Launch First Blockchain Game

Sega, one of the largest Japanese gaming companies, has announced that it will launch its first blockchain game in collaboration with Double Jump Tokyo, another Japanese development company. The game, which is based on Sega’s Sangokushi Taisen franchise, will be built using Oasys, a Japanese scaling-focused project, to support ...

View more: Japanese Gaming Giant Sega to Launch First Blockchain Game

The weekend stadium tragedy underscores the danger of watching soccer in Indonesia

People lay flowers during a candle light vigil for the victims of Saturday’s soccer riots outside Kanjuruhan Stadium where it broke out, in Malang, East Java, Indonesia, Sunday, Oct. 2, 2022. Trisnadi/AP hide caption toggle caption Trisnadi/AP SEOUL, South Korea — Gaining the right to host next year’s Under-20 ...

View more: The weekend stadium tragedy underscores the danger of watching soccer in Indonesia

US Senator Says 'I Love That Bitcoin Can't Be Stopped' Citing Concerns About National Debt and Inflation

U.S. Senator Cynthia Lummis says she loves that bitcoin cannot be stopped and that governments cannot just confiscate the cryptocurrency. “It’s actually comforting to know that bitcoin is there,” she said, citing concerns about the national debt and inflation. U.S. Senator: Bitcoin Is Something Governments Cannot Take U.S. Senator ...

View more: US Senator Says 'I Love That Bitcoin Can't Be Stopped' Citing Concerns About National Debt and Inflation

CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What's a Security or Commodity

The chairman of the Commodity Futures Trading Commission (CFTC) says his agency and the Securities and Exchange Commission (SEC) “have to rely on 70-year-old case law to determine what’s a security or a commodity.” He stressed that the SEC and CFTC are working together to regulate the crypto space, ...

View more: CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What's a Security or Commodity

SEA roundup: VinFast partners with Renesas for automobile semiconductor

Japan-based companies eyeing opportunities in Southeast Asia are expanding their investments, while Shopee’s financial challenges are beginning to bite as the company continues its global layoffs. VinFast partners with Renesas for advanced automobile ICs According to Renesas’ press release, VinFast and Renesas announced a strategic collaboration in which Renesas ...

View more: SEA roundup: VinFast partners with Renesas for automobile semiconductor

Robert Kiyosaki Predicts US Dollar Will Crash by January — Suggests Buying Bitcoin

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the U.S. dollar will crash by January next year after the Federal Reserve pivots. He named bitcoin as one of the investments to buy as the Fed continues to raise interest rates. Robert ...

View more: Robert Kiyosaki Predicts US Dollar Will Crash by January — Suggests Buying Bitcoin

9 Out of the Top 12 Crypto Assets Are Down 70% to 90% Lower Than the All-Time Highs Recorded Last Year

Report: CME Group to Face off With FTX After Filing for Futures Commission Merchant Status

Indonesian cops broke FIFA rules against tear gas, set off stampede that killed at least 125

'Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks’ Credit Default Insurance Nears 2008 Levels

Indonesian soccer stampede one of many crowd-crush tragedies in recent history

UK Regulator: Crypto Firms Undeterred by Strict Regulation — 'They Know We Have a Good System'

Clubs, Players Take to Twitter to React to the Indonesian Soccer Match Stampede That Killed At Least 174 People

RLWC 2021: CoinEx Cheers for Athletes as the Exclusive Cryptocurrency Trading Platform

Ruble Surges Against Greenback, Ethiopian Birr Exchange Rate Gap Widens; Kiyosaki: The 'End Is Here' for Fake Money — Week in Review

At least 174 people die in football stadium crush in Indonesia following ticket oversell

US Tennis Player Serena Williams' VC Firm Leads Ugandan Fintech's $12.3 Million Pre-Series A Funding Round

Kenyan Central Bank Raises Key Rate by 75 Basis Points

OTHER NEWS

Breaking thailand news, thai news, thailand newsVerified News Story Network