Indonesia’s market regulator, The Commodity Futures Trading Supervisory Agency (Bappebti) has considered cryptocurrency as a commodity and allowed its futures trading.
The decision to allow futures trading of cryptocurrencies was followed by a four-month-long study by the regulator into the subject, according to a local investor publication. The regulator’s market supervision chief, Dharma Yoga said that the agency has formally signed the decree to make cryptocurrency a commodity that could be traded at the stock exchange.
Yoga further announced that Bappebti is also considering to bring in more regulations in the crypto wallets and mining companies in order to establish cryptocurrencies as commodities. According to Yoga, it will need open cooperation from Bank Indonesia (BI) and the Financial Services Authority (OJK).
Other regulations around crypto exchanges and related taxation in the country are also preparing to be revealed by the country-s central bank and its taxation agency, according to Yoga.
“Dharma added that in line with the government’s efforts to issue the regulation, Bappebti also called on existing crypto bourses like Indodax and Crypto Community to submit their proposals on the product specification and the trading procedure,”
Yoga stated.
“The product specification will, among others, include information about the type of cryptocurrencies and tick size of the trading instrument, while the procedure will include the trading hours and dispute settlement mechanism,”
Regarding taxation, the issue is not fully resolved and is being looked at it after by the Directorate General of Taxes while it is proposed that trading will be subject to a final tax as well as taxes applied on the exchange. Bappebti has also requested exchanges to come out with a framework for how trading will work for better understanding. According to Yoda, the regulations are aimed at preventing money laundering and terrorism-financing.
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