The Indonesian Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) has signed a decree to make cryptocurrency a commodity legally tradable on a stock exchange, local news outlet The Jakarta Post reports today, June 4.
According to Dharma Yoga, head of Bappebti market supervision and development bureau, the Future Exchange Supervisory Board decided to allow crypto to trade as a commodity as a result of a four month study into cryptocurrencies.
Dharma also noted that the Indonesian government will soon release corresponding legislation on regulating currency exchange companies, taxation, and combating money laundering and terrorism financing.
Bappebti, which will work with crypto exchanges on regulation by asking them to advance reports on product specification and trading procedures, will also collaborate with BI and a variety of government financial, tax, and police agencies.
On the other hand, the country’s central bank, Bank Indonesia (BI), does not recognize cryptocurrencies as payment instruments, and its lack of crypto recognition led to two Indonesian crypto exchanges shutting down last fall. More recently, in mid-January Bank Indonesia had also issued a warning to all citizens against using cryptocurrencies, citing their high risk.