Indonesia Now Recognizes Crypto as Trading Commodity

Indonesia has introduced new legislation that recognizes Bitcoin and other cryptocurrencies as a trading commodity. According to a February 15 KrASIA report, this gives legal certainty to cryptocurrency exchanges that have been already operating in the country.

Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti, approved regulation No. 5/2019 on February 15, listing a set of requirements for any cryptocurrency that circulates in Indonesia.

Cryptocurrencies will now have to comply with specific risk assessment, anti-money laundering (AML) and combating the financing of terrorism  (CFT) requirements. According to the new policy, cryptocurrency traders will now have to keep transaction histories for at least five years and have a server located inside the country.

The new legislation comes less than a year after Bappebti signed a decree to make cryptocurrency a commodity future legally tradable. In June 2018, the agency stated that the Indonesian government would soon release corresponding legislation regulating currency exchange companies, taxation, and other related issues.

Leave a Comment