As reported in the local news sourse, the positive decision towards crypto trading follows a 4-month research by the regulator into the subject before the regulator enclosed that cryptocurrencies like Bitcoin have to be classified as commodities. Dharma Yoga, the agency’s market supervision chief, stated that the agency had signed a formal decree “to make cryptocurrency a commodity that could be traded at the bourse”.
In the near future supporting regulations of cryptocurrency exchanges, wallet providers and mining companies, taxation and prevention of money laundering and terrorism financing via cryptos will also take place, according to Yoga. The issuance of these regulations will comprise a number of other authorities including Bank Indonesia (BI), the country’s central bank, and the Financial Services Authority (OJK), the country’s financial regulator.
These events come despite the central bank prohibiting cryptos as a payment means late last year. Bank Indonesia confirmed that stance and warned “all parties not to sell, buy, or trade virtual currency” in January. The cryptocurrency adopters in Indonesia haven’t been discouraged in a flourishing market that sees INDODAX, one of the country’s largest cryptocurrency exchanges, on track to have more registered customers than the country’s national stock exchange.
Yoga also stated that the authority is calling on exchanges like INDODAX to give reports on product specification and training procedures to help develop a more advanced regulatory framework.