Regulators in Indonesia have finally recognized Bitcoin and other cryptocurrencies as commodities, thus providing legal backing for trading virtual currencies. Consequently, cryptocurrency exchanges in the country now have a set of requirements that must be satisfied before being allowed to operate.
Requirements for Bitcoin Exchanges in Indonesia
The Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti) issued regulation No.5/2019 which includes regulations for cryptocurrency exchanges, as well as, a formal recognition of cryptocurrencies as commodities. Based on the new ruling, virtual currency trading is now legalized in the country.
As part of the new set of laws, Bitcoin exchanges must employ the services of IT security experts and keep records of their transactions for a minimum of five years. Also, one of…