Indonesia’s financial watchdog, Bappebti, has acknowledged crypto assets as a trading commodity issuing regulation framework No.5/2019, reports KrASIA.
Thus, according to the head of Bappebti, Indrasari Wisnu Wardhana, Indonesia wants to give protection to people "who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers."
Despite Indonesia presented crypto legalization before, now it’s officially presented crypto-related regulation framework. As it states, the regulation will be focused on several requirements for any cryptocurrency traded in Indonesia, for example, they have to pass a risk assessment.
Last year, one of the leading South Korean crypto exchanges, Upbit, begun promoting new trading platforms in Indonesia and Thailand as part of a plan to expand the company's global reach.