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The Indonesian government has taken a significant step in regulating the cryptocurrency sector by forming the Crypto Asset Committee under Bappebti, the Commodity Futures Trading Regulatory Agency. This strategic move, following regulations enacted in January, positions cryptocurrencies firmly under the purview of Bappebti, which recognizes them as commodities.
Chaired by Kasan, the head of Bappebti, the committee was unveiled at the BLK 2024 event in Jakarta on May 2. Kasan emphasized the committee’s pivotal role in ensuring that the crypto asset industry operates seamlessly within legal boundaries, highlighting the importance of optimizing its function to support the current crypto ecosystem effectively.
Comprising representatives from various government ministries, crypto exchanges, clearing institutions, and the academic sector, the Crypto Asset Committee is tasked with analyzing industry reports, managing a central database, assessing risks associated with crypto assets, and proposing changes to the asset list. This initiative underscores Indonesia’s commitment to facilitating a regulated and thriving crypto market.
