Indonesia issues new digital currency rules guiding financial industry
Indonesia's Financial Services Authority regulatory guidance intends to serve as a compass for financial institutions exploring virtual asset services for their customers.
Indonesia's Financial Services Authority regulatory guidance intends to serve as a compass for financial institutions exploring virtual asset services for their customers.
Indonesia's Bappebti has requested that the country's Ministry of Finance evaluate the current tax regime for digital currencies to reflect the embrace of digitization.
Indonesia's Bappebti also rolled out its clearing house and a depository for digital assets to accompany the national exchange, a move designed to protect the growing number of digital currency investors from industry-related risks.
Once Indonesia's national exchange goes live, all digital currency transactions must be processed through the exchange, according to Bappebti Chief Didid Noordiatmoko.
The biggest change is removing control of virtual currencies from the Commodity Futures Trading Regulatory Agency of Indonesia and vesting it in the hands of the Financial Service Authority.
The Minister of Trade has said India has no plans to impose a blanket ban on Bitcoin like China did, although the government is looking at more regulations.
The Indonesian Commodity Futures Trade Regulatory Agency has proposed a final income tax on any transaction involving a digital currency, which will apply to the 13 exchanges authorized by the market regulator.
In a move that will propel the country forward in the cryptocurrency space, Indonesia has announced that domestic trading exchanges can accept cryptocurrencies as commodities.