Indonesian Regulator Gives Green Light for Crypto Futures Trading

Indonesian Regulator Gives Green Light for Crypto Futures Trading

Ledger Nano S - The secure hardware wallet

Indonesia’s Futures Exchange Supervisory Board (Bappebti), a commodities market regulator under the country’s Ministry of Trade, has reportedly ruled that cryptocurrencies are commodities that can be traded on the country’s futures exchange.

According to a Jarkata Post report on Monday, the agency’s market supervision chief, Dharma Yoga, has confirmed the decision and said the ruling came after a four-month study period that examined the issue.

According to Yoga, the agency has now signed a decree to formalize the decision, potentially clearing the way for the launch of a bitcoin futures product in Indonesia.

Meanwhile, other regulations around cryptocurrency exchanges and related taxation in the country will also be revealed by the country’s central bank and its taxation agency, Yoga said.

The central bank, Bank Indonesia, suggested late last year that it would prohibit bitcoin payments in the country, and subsequently stated it does not recognize the cryptocurrency as a legal payment method. However, it did not mention cryptocurrency exchanges at the time.

Yoga further indicated that, in order to prepare a comprehensive regulatory framework, the agency is now requesting domestic cryptocurrency exchanges to submit regulatory proposals.

Indonesian rupiah via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/indonesian-regulator-gives-green-light-for-crypto-futures-trading/

Please follow and like us:
Ledger Nano S - The secure hardware wallet

Leave a Reply

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