Indonesia: Laws Related to Token Sales, Blockchain, and Digital Proof

The Bank of Indonesia had, last year, banned all cryptocurrencies as a payment instrument late 2017 and warned “all parties not to sell, buy, or trade virtual currency.” CNN. Cryptocurrencies are not legal tender in the country and only cryptocurrency transactions between individuals are allowed in Indonesia. Commercial establishments such as banks, e-commerce websites and other financial institutions are prohibited from using cryptocurrencies for transactions and as a form of payment in the country. IBC Group Indonesia

Regulations on ICOs in Indonesia:

However, in June 2018, Indonesia’s markets regulator, the Future Exchange Supervisory Board (BAPPEBTI) which lies under the Ministry of Trade, signed a decree to allow cryptocurrency trading on futures exchanges as a commodity after a four month study assessing the same. CNN. It is important to note that as per the new regulation, funds will have to be stored in a derivative clearing house or BAPPEBTI-appointed bank instead of a cryptocurrency exchange. Crypto Disrput

Given the June 2018 is recent announcement it is expected that the Indonesian government will in the coming months set up rules and regulations regarding mining, platforms, wallets, exchanges, taxation, and trading. The policy is set to be drafted in consultations with the Directorate General of Tax, national police and Indonesian Financial Transaction Reports and Analysis Center. Additionally, the country’s popular crptocurrency marketplace such as INDODAX would also be participating by submitting their proposals regarding different aspects like the trading procedures and the dispute settlement mechanism news.bitcoin




-Crypto Disrput

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