The Indonesian Futures Exchange Supervisory Board has legalized cryptocurrencies as commodities that can be traded on the country’s futures exchange. Reportedly, regulations for crypto exchanges and related taxations would soon follow as well.
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 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.
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.
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.
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