Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.
Indonesia Plans to Tighten Crypto Regulation
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.
One of the new rules requires two-thirds of directors of crypto exchanges to be Indonesian citizens residing in the country. Didid Noordiatmoko, acting head of Bappebti, told parliament:
That way, at least we can prevent the top management from fleeing the country if any problem arises.
The new measure followed the financial trouble faced by Southeast Asia-focused crypto exchange Zipmex, which had to halt withdrawals.
Crypto exchanges will also be required to use a third party...
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