Indonesia: Cryptocurrencies to be Considered as Commodities

After a study conducted in Indonesia, concluding the cryptocurrencies should be considered as products, the government will be working on a new law considering cryptocurrencies as commodities.

Jakarta goes further and should authorize cryptocurrency related activities such as cryptoexchange platforms and cryptomining.

The new legislation will cover typical cryptocurrency questions as taxation and prevention of the money laundering and terrorism financing.

Other institutions as the FSA, (Financial Services Authority), the central bank, or the Directorate General of Taxes will be implied in the preparation of this regulation.

This is why a certain number of other institutions will be implied in their preparation and the process of regulation. Among these organizations, there are in particular the FSA (Financial Services Authority), the central bank and the head office of the taxation.

The regulation would introduce also measurements to prevent the flight of funds, or the exchange platforms hacking. The country would also consider the installation of service compensation for the futures market.