2024-05-08 06:38:26 ET
Indonesia has taken a significant step toward tightening its oversight of the cryptocurrency industry with the establishment of the Crypto Asset Committee.
This move by the Commodity Futures Trading Regulatory Agency ( Bappebti ) aims to enhance the monitoring and regulation of cryptocurrencies, now officially recognized as commodities within the country.
Formation of the crypto asset committee
Announced during the BLK 2024 opening event in Jakarta on May 2, the formation of the Crypto Asset Committee is part of Indonesia’s efforts to integrate cryptocurrencies into its legal and regulatory framework.
Bappebti, which oversees commodities trading, has extended its jurisdiction to include crypto assets following regulations enacted in January.
Committee’s role and responsibilities
Kasan, the head of Bappebti, emphasized the committee’s pivotal role in ensuring the smooth operation of the cryptocurrency industry within the bounds of the law.
“This committee will be a driving force, ensuring that the crypto asset industry continues to operate smoothly and remains within the applicable legal framework.”
Diverse representation and authority
The committee boasts a diverse composition, including representatives from Bappebti, various government ministries, cryptocurrency exchanges, clearing institutions, associations, academia, and relevant industry practitioners.
It is tasked with analyzing industry reports, managing a central database of crypto assets, assessing risks associated with these assets, and possessing the authority to propose changes to the asset list.
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