Indonesia Regulator Forms Crypto Committee to Monitor Industry’s Operation, Compliance
The committee was established by the Commodity Futures Trading Supervisory Agency, known as Bappebti, because crypto is considered a commodity in Indonesia.
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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.
Not all leading candidates have been vocal about crypto – but scattered remarks offer clues about where the industry might be headed under their leadership.
The thieves allegedly tapped into utility poles of a state-owned energy firm to power mining operations.
The government wants to use the crypto bourse to make the ecosystem safer and gather transaction data for tax purposes.