The market regulator from Indonesia decided to see the cryptocurrencies as commodities. A recent study concludes that cryptocurrencies deserve the commodity status. The Government wants to regulate cryptocurrencies, including trading and taxation.
Exchanges, Wallets and Miners to Be Regulated
There was repression in the past, but in the end Bank Indonesia accepted the cryptocurrencies. Bank Indonesia admitted the cryptocurrencies as an official method of payment. The BAPPEBTI (Futures Exchange Supervisory Board) decided to see the cryptocurrencies as commodities.
“The Head of BAPPEBTI has signed a decree to make cryptocurrency a commodity that could be traded on the exchange,” said Dharma Yoga. He is managing the Board’s Market Supervision and Development Bureau.
In an interview, Dharma Yoga declared that the board took the decision to convert the cryptocurrencies in commodities after a study from last four months.
Very soon, the Government will adopt other regulations regarding the crypto exchanges from the country. The futures regulator works under the Ministry of Trade, known on the most trading platforms as Indodax. The Government decided to regulate also the wallet service and the mining business.
Jakarta to Regulate Cryptocurrencies Taxation
The rules of regulation will aim for taxation and prevent the money laundering and financial terrorism. To prevent all these illegalities, many companies will involve in this regulatory process. Among these companies, we talk about Bank Indonesia, the Financial Services Authority, the Taxation Directorate General, the Financial Transaction Reports and Analysis Centre, and the counterterrorism unit of the National Police.
Dharma Yoga considers that the regulations will stop the loss of funds, the fraud and the hacking of crypto platform. They also are targeting the implementation of explicit services for the futures market.
A few months after the central bank of Indonesia published a complete warning against “any use of virtual currency”, immediately have appeared the news about the regulations of crypto. The officials of Bank Indonesia consider that cryptocurrencies infringe the country’s legislation regarding the regulation of the currencies and, also, the transactions with currencies.