Mr. Bappebti, the Indonesian Trade Ministry’s Futures Exchange Board Supervisory, has signed a decree to transfer the status of cryptocurrency to commodity that is legally tradable on the stock exchange, as reported on 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.

It was also mentioned that the government is planning to release corresponding legislation on cryptocurrency exchange regulation. It includes bullet points of taxation, anti-money laundering activity and terrorism financing.

Bappebti, which will work with crypto exchanges on regulation by asking them to advance reports on product analytics and trading procedures, will also collaborate with BI (Bank of Indonesia) and a variety of government financial, tax, and police agencies.

On the other hand, the country’s central bank, BI, does not yet recognize cryptocurrencies as payment instruments, and its lack of crypto recognition led to two Indonesian crypto exchanges closure last fall.

Sources:

https://cointelegraph.com/news/reports-crypto-now-considered-a-commodity-on-indonesia-s-stock-exchange