Indonesia has worked hard to try and introduce a new legislation. It is going to recognise Bitcoin as a trading commodity. The new futures regulatory agency in India is otherwise known as Bappebti and they signed a decree to help make cryptocurrency a legally tradable stock. They are doing this on the stock exchange and they have also said that they are going to release the legislation that is going to regulate it as well as taxation, companies and other issues.
Bappebti has approved a regulation, known as 5/2019. This formally recognises Bitcoin and other digital currencies. The legislation therefore gives certainty to the exchange and it also helps it to operate in the country as well. The new policy outlines a set of requirements that are in regard to any currency that is circulating in Indonesia. More specifically, the currencies however have to comply with any risk assessments and they also need to meet the AML scheme. This is otherwise known as the anti-money laundering scheme. The policy does stipulate that the currency traders who do participate on the market need to work hard to keep transaction histories for the last 5 years. As if that wasn’t enough, they also need to make sure that the server that they are using is in the country.
The head of the Bappepti Indrasari organisation has come out to say that the introduction of the new legislation is great, and that they also want to give protection to those who want to invest in cryptocurrency assets. They want to do this so that they aren’t cheated by sellers who appear to be fraudulent.
At the same time, the BI payment head has stressed that they are still prohibiting Bitcoin as a means of payments. They believe that commodities are not an area of BI, but they remain concerned. Bitcoin brokers in Indonesia have become increasingly displeased about the regulators and the fact that they are following a new capital of requirements.