fbpx

Indonesia wants its citizens to lead domestic crypto exchanges

INDONESIA will require its domestic cryptocurrency exchanges to be mostly led by its citizens as it tightens rules to protect consumers.

At least two-thirds of directors and commissioners on crypto bourses must be Indonesians residing in the country, said officials from the trade ministry and commodity futures trading regulatory agency at a parliamentary hearing in Jakarta on Tuesday. “That way, at least we can stop them from fleeing the country if any problem arises,” said the agency’s acting head Didid Noordiatmoko. He didn’t say when the revised regulation would be issued.

The government is tightening the rule as authorities in Asia struggle to get crypto founders to cooperate with investigations. For example, Do Kwon, co-founder of the Terraform Labs ecosystem that’s at the center of the $60 billion crypto collapse, has left Singapore as South Korean prosecutors seek Interpol’s help to arrest him.

Indonesia’s Deputy Trade Minister Jerry Sambuaga detailed other planned revisions to the rule.

Minimum capital requirement for crypto exchanges will be gradually doubled to 100 billion rupiah ($6.7 million) in line with their growth. Exchanges will be banned from reinvesting crypto assets and users’ money must be stored in third-party bank accounts were among the planned revisions to the rule. Bloomberg News

Total
0
Shares

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Previous Article

Dragons wreak havoc in MOA

Next Article

Union wants high pay for low-paid bankers

Related Posts

Read more

PICC: What it takes to be a National Cultural Treasure

THE Philippine International Convention Center (PICC), Asia’s first convention center, has reached another milestone in its 46 years of existence. The National Museum of the Philippines has officially declared it as a National Cultural Treasure (NCT). The PICC complex is itself a work of art by National Artist for Architecture Leandro V. Locsin.