2024

Future

Bitcoin

when

<p>The post <a href="https://coinpedia.org/cryptocurrency-regulation/crypto-regulations-in-indonesia-in-2024/" rel="noopener noreferrer nofollow">Crypto Regulations In Indonesia In 2024</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Indonesia’s crypto market is developing at a very fast pace. The cryptocurrency market in Indonesia has grown significantly in recent years, reaching US$577.6 million in revenue in 2024. The country has become a hotbed for various technological adoption in the last few years. It saw a surge in the global crypto adoption index, rising from 20th to 7th place in 2023. With rising demand, the authorities in Indonesia are showing interest in regulating the crypto space for the well-being of the investors. Recently, a new crypto regulatory framework has been passed by the government in Indonesia.&nbsp;</p>
<p>In this module by Coinpedia, we will understand the latest crypto regulations in Indonesia in a step-by-step manner.</p>
<h2 class="wp-block-heading" id="h-crypto-adoption-in-indonesia"><strong>Crypto adoption in Indonesia</strong></h2>
<p>The crypto market in Indonesia has grown in recent years and it has become a hotbed for various digital assets. Indonesia saw a surge in the global crypto adoption index, rising from 20th to 7th place in 2023. This rapid increase shows the great interest and acceptance of crypto in developing countries like Indonesia.</p>
<p>In a recent report by Coinfest Asia, Indonesia has emerged as a key global crypto player and its potential over the next five years is very striking. <a href="https://indonesiacrypto.network/" rel="noopener noreferrer nofollow">Indonesia’s crypto market</a> is dynamic and filled with a young, tech-savvy population. The number of crypto account holders in Indonesia has already surpassed those with stock market accounts to more than 16 million users.&nbsp;</p>
<p>Indonesia became the first nation to launch its National Crypto Exchange PT Bursa Komoditi Nusantara, also known as the Commodity Futures Exchange in July 2023. Indonesia’s National Crypto Exchange is not willing to compete with global giants like Binance or Coinbase.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="h-crypto-regulations-in-indonesia-in-2024"><strong>Crypto Regulations in Indonesia in 2024</strong></h2>
<p>The current regulations functional in Indonesia are as follows:</p>
<ul>
 <li>Bappebti Regulation No. 8/2021 on Guidelines for Conducting Crypto Asset Physical Market Trading on Commodity Exchanges as amended by Bappebti Regulation No. 13 of 2022.</li>
 <li>Bappebti Regulation of the Commodities trading supervisory agency number 4 of 2023 concerning an amendment to the regulation of the commodities trading supervisory agency number 11 of 2022 concerning the determination of list of crypto assets traded in the physical market of crypto assets.&nbsp;</li>
 <li>Law No. 4 of 2023 on the Development and Strengthening of the Financial Services Sector (the Financial Omnibus Law).</li>
</ul>
<p>The crypto regulator in Indonesia is the Commodity Futures Trading Regulatory Agency, known as Bappebti, which is under the supervision of the Indonesian Ministry of Trade and regulates futures trading, including crypto-asset trading. With the enactment of Law 4/2023, regulatory authority over crypto-assets will be transferred to the Financial Services Authority, or OJK, by January 2025.</p>
<p>According to the Ministry of Trade Regulation, crypto business regulations state that trading is legal in Indonesia. Indonesia forbids the use of crypto as money but permits trading as commodities. 229 crypto assets have received approval from Indonesia’s Commodity Futures Trading Regulatory Agency to be traded in the region.&nbsp;</p>
<p>To set up a crypto business in Indonesia, an investor must become a certified Crypto-Asset Physical Trader and fulfil the following requirements:</p>
<ul>
 <li>Possess a paid-up capital of not less than IDR 50 billion.</li>
 <li>Maintain equity not less than IDR 40 billion.</li>
 <li>Obtain a PSE accreditation from the Ministry of Communication and IT (Electronic System Provider or Penyelenggara Sistem Elektronik).</li>
 <li>Have a business plan and financial predictions for the upcoming 24-month period.</li>
 <li>The prerequisites system set out by Bappebti must be followed.</li>
</ul>
<p>The cryptocurrencies must stick to the nation’s regulations for risk assessment, Anti-money laundering, and countering the financing of terrorism. The rule states that Bitcoin dealers must maintain the transaction history for at least five years, maintain a server in the nation, and allow crypto trading on an Indonesian futures exchange as commodities and not some payment instruments.&nbsp;</p>
<p>In March 2024, Indonesia’s finance regulator issued new crypto regulations! The OJK collaborated with Malaysia, Singapore, and Dubai to develop a framework for crypto policy. The Financial services authority, <a href="https://coinpedia.org/crypto-live-news/indonesias-finance-regulator-ojk-issues-new-crypto-regulation/" rel="noopener noreferrer nofollow">OJK has issued new regulations </a>to implement technological innovation in the crypto sector, which will apply to crypto starting January 2025. This includes guidelines on protecting customers, setting up testing spaces (sandbox) for new technology, and reporting the outcome of these tests. OJK is working closely with the current crypto regulator, Bappebti and Bank Indonesia, to create a transition team to manage the shift in digital financial supervision.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="h-legal-status-overview"><strong>Legal Status Overview</strong></h2>
<p>Indonesia has legalized crypto as a commodity that can be traded on licensed platforms but has banned its use as a payment method.&nbsp;</p>
<figure class="wp-block-table">
 <table>
  <tbody>
   <tr>
    <td>Bitcoin</td>
    <td>Legal, but only as a commodity</td>
   </tr>
   <tr>
    <td>NFTs</td>
    <td>Legal</td>
   </tr>
   <tr>
    <td>Mining</td>
    <td>Legal</td>
   </tr>
   <tr>
    <td>Trading</td>
    <td>Legal</td>
   </tr>
   <tr>
    <td>DeFi</td>
    <td>Legal</td>
   </tr>
  </tbody>
 </table>
</figure>
<h2 class="wp-block-heading" id="h-crypto-taxation-laws"><strong>Crypto Taxation Laws</strong></h2>
<p>The country currently taxes crypto as commodities but it might change in 2025 when oversight falls under the financial services authority, OJK. Crypto is treated as a commodity and is therefore subject to value-added tax and income tax. In 2022, Indonesia announced the imposition of an income tax of 0.1 per cent on crypto income and VAT on crypto purchases.&nbsp;</p>
<h2 class="wp-block-heading" id="h-future-prospects-and-challenges"><strong>Future Prospects and Challenges</strong></h2>
<p>Cryptocurrency and blockchain technology are rapidly evolving fields that have the potential to transform the global economy. As one of the largest economies in Southeast Asia, Indonesia is well-positioned to play a major role in shaping the future of these technologies. The Indonesian government has created a suitable regulatory environment for cryptocurrency and blockchain development. The launch of the bourse for crypto in Indonesia by the Commodities Futures Trading Regulatory Agency (Bappebti or CoFTRA) states the government’s support for the growth of the cryptocurrency market in the country. The policy, combined with a growing population of tech-savvy young people, has created a favorable ground for innovation in the crypto arena.</p>
<p>On July 20, 2023, Indonesia inaugurated a national platform for crypto assets, serving as a trading venue and a clearing house. This super initiative aims to furnish regulatory authorities with comprehensive transaction records, enhancing their oversight capabilities. This establishment marks the world’s pioneering example of a government-supported cryptocurrency exchange. The oversight of this novel venture is entrusted to the Bappebti!</p>
<p>With so much positive development in Indonesia, we can call it a hot seat for crypto in upcoming years!</p>
<h2 class="wp-block-heading" id="h-conclusion"><strong>Conclusion</strong></h2>
<p>After ranking 7th on the global crypto adoption index, we are optimistic that Indonesia is going up from here when it comes to cryptocurrency! Future has a lot more in store for the ones who wish to explore the place for crypto-related activities.&nbsp;</p>

Crypto Regulations In Indonesia In 2024

목차

CoinPedia News

2024년 3월 21일에 게재된 다른 기사

ONDO Hits All-Time High! Why ONDO Price is Rising?

Top Cryptocurrency Projects Shaping 2024's Landscape

Analyst Scofield Predicts Major Gains for Select Altcoins

Altcoins Regain Momentum As RUNE And STX Price Surge! What’s Next?

DEX Volumes Surge on Fantom, Will FTM Lead The Bull Run in 2024?

5 Best Meme Coins to Buy in 2024, Which is Your Choice?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!