Indonesian Regulator To Rule Crypto Trading on Futures Exchange

August 7, 2018

Indonesian Futures Exchange Supervisory Board (Bappebti), a commodities market regulator under the country’s Ministry of Trade, has officially ruled that cryptocurrencies are commodities that could be traded on futures exchange of the country.

As reported by Jarkata Post in June 2018, the market supervision chief of the agency, Dharma Yoga, confirmed the final decision and stated that the ruling would enter after a four-month examining period.

According to Dharma Yoga, a decree had been signed by the agency to formalize the decision, conceivably opening the way to launch a bitcoin futures product in Indonesia.

Simultaneously, other regulations related to cryptocurrency exchanges and taxation in Indonesia would also be acknowledged by Indonesian central bank and its taxation agency, explained Dharma Yoga.

At the end of last year, the Indonesian central bank proposed that it would banned bitcoin payments in the country, and afterward indicated that it did not accpet the cryptocurrency as one of legal payments. Nevertheless, it did not introduce cryptocurrency exchanges at the moment.

Yoga further stated that, concerning to preparing an extensive regulatory framework, the country’s agency was currently requesting domestic cryptocurrency exchanges to submit its proposals.

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