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Indonesia
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Exchanges will now have until the last week of November to meet new requirements.
Crypto Exchange Binance subsidiary Tokocrypto has obtained a full license as a Physical Crypto Asset Trader from Indonesia’s Commodity Futures Trading Regulatory Agency, known as Bappebti.
The committee was established by the Commodity Futures Trading Supervisory Agency, known as Bappebti, because crypto is considered a commodity in Indonesia.
Indonesian President Joko Widodo warned the Financial Transaction Reports and Analysis Centre (PPATK) to monitor the use of crypto and non-fungible tokens (NFTs) for money laundering during a speech last Wednesday at the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention at the State Palace, Jakarta.
The initiative is aimed at combating fraud and will kick in at the start of next year.
The country’s registered crypto investors also surged to 19 million users last month.
This is part of the preparations for the transition of crypto supervision to OJK by January 2025.
Crypto is classified as a commodity in Indonesia and is subject to VAT and income tax.
During the presidential campaign, vice-presidential candidate Gibran discussed crypto and blockchain as a means to expand job opportunities for the country’s younger generation.