In a recent decision made by the futures regulator, who operates under the ministry of trade for Indonesia, they will regard cryptocurrencies as commodities in terms of regulation.
Indonesia moving ahead with cryptocurrency regulations
Indonesia has recently taken a decision which will treat cryptocurrencies as commodities, the decision is based on a study that suggests the commodities status is a suitable way to regulated cryptocurrencies. The government of Indonesia is also pushing several other regulations out that will affect cryptos. Many of them will be in connection with taxes, trading, and safety.
Other regulations around crypto exchanges and related taxation in the country are also preparing to be revealed by the country-s central bank and its taxation agency, according to Yoga.
“Dharma added that in line with the government’s efforts to issue the regulation, Bappebti also called on existing crypto bourses like Indodax and Crypto Community to submit their proposals on the product specification and the trading procedure,”
“The product specification will, among others, include information about the type of cryptocurrencies and tick size of the trading instrument, while the procedure will include the trading hours and dispute settlement mechanism,”
Regarding taxation, the issue is not fully resolved and is being looked at it after by the Directorate General of Taxes while it is proposed that trading will be subject to a final tax as well as taxes applied on the exchange. Bappebti has also requested exchanges to come out with a framework for how trading will work for better understanding. According to Yoda, the regulations are aimed at preventing money laundering and terrorism-financing.
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