The Indonesian authorities plan to launch a national cryptocurrency trading platform in July 2023. This is reported by the local agency Tempo.
The country’s Commodity Futures Trading Regulatory Authority (BAPPEBTI) will only allow digital asset transactions through the state-owned platform.
«[…] we agreed on the rules of the exchange. The KYC principle is regulated there,” BAPPEBTI noted.
The regulator also conducted tests of system integration between traders, exchanges, a clearing house and a depository. The agency sent a notice of its plans to the Indonesian Ministry of Commerce – if approved, the regulator will sign a permit that will give licensed traders a month to join the platform.
Initially, the crypto exchange was going to open in 2021, but the project was postponed. In September 2022, the authorities announced its launch.
Indonesia imposes VAT on transactions with digital assets and income tax on capital gains from such investments at rates of 0.1% in both cases. Legislation prohibits the use of them as a means of payment.
Recall that in February 2023, President Joko Widodo signed the Law on the Development and Strengthening of the Financial Sector. According to the document, the authority to oversee the digital asset industry will be given to the Financial Services Authority.
This adjustment indicates a change in the authorities’ approach to controlling the industry – supervisors will begin to consider cryptocurrencies as securities, and not as commodities.
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2023-07-14 16:47:50
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