18.09.2019

Indonesia Passes Rules, for Trading, of Cryptocurrency Futures

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

An Indonesian financial watchdog has set out new regulations for the trading of crypto assets on futures exchanges in the country.

The Commodity Futures Trading Regulatory Agency (Bappebti), an agency under Indonesia’s Ministry of Trade, announced the new rules Monday, stating that cryptocurrency futures exchanges must be registered and approved before operating.

Indonesia Passes Rules, for Trading, of Cryptocurrency FuturesThe agency has also confirmed that crypto assets are officially recognized as commodities that can be traded on the country’s futures exchange – a decision first reported last June.

The agency’s chief Indrasari Wisnu Wardhana said in Monday’s statement that the regulations have been put in place to provide legal certainty to the crypto futures sector, as well to protect consumers and investors.

In a document detailing the full rules and registration requirements, Bappebti said that futures exchanges and clearing houses dealing in crypto assets must have paid-up capital of at least 1.5 trillion Indonesian rupiahs ($106 million) and must maintain a closing capital balance of at least 1.2 trillion Indonesian rupiahs ($85 million).

They are also required to have “good level of system security” and a minimum of three employees who are Certified Information System Security Professionals (CISSP). They must also undergo a risk assessment process, the agency said, including confirming anti-money laundering (AML) and combating the financing of terrorism (CFT) compliance.

Bappebti has also set out rules for futures traders and storage services providers of crypto assets, stating that both must also be approved before operating and both must maintain minimum paid-up capital of 1 trillion Indonesian rupiahs ($71 million) and a minimum closing balance of 800 billion Indonesian rupiahs ($57 million).

The agency clarified that the new rules do not apply to initial coin offerings (ICOs). Using cryptocurrencies as a means of payment is reportedly still barred in the country.

According to Reuters, the country’s crypto traders are unhappy that the watchdog has set the minimum capital so high, arguing it will hold back development of the nascent market.

The CEO of digital asset trader Indodax, Oscar Darmawan, told the news source that the “very large” capital requirement is above what is required for launching a rural bank and far higher than the 2.5 billion rupiah ($177,000) minimum paid-up capital for futures traders of more traditional commodities.

3 thoughts on “Indonesia Passes Rules, for Trading, of Cryptocurrency Futures

  1. Thanks , I’ve recently been looking for info about this subject for a long time and yours is the greatest I’ve found out so far. However, what in regards to the conclusion? Are you positive concerning the source?

  2. I have been surfing online more than 3 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. Personally, if all web owners and bloggers made good content as you did, the net will be much more useful than ever before.

  3. you are really a good webmaster. The web site loading speed is amazing. It seems that you are doing any unique trick. Moreover, The contents are masterpiece. you’ve done a magnificent job on this topic!

Leave a Reply

Your email address will not be published. Required fields are marked *

Our website uses cookies to improve performance and improve site performance. By continuing to work with the site, you agree to our use of cookies and privacy policy.

To accept