Indonesian Regulator Gives Green Light for Crypto Futures Trading
Indonesia's futures watchdog has reportedly ruled that cryptos are commodities that can be traded on the country's futures exchange.
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 news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.