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Indonesian Regulator Issues New Rules For Cryptocurrency Trading

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Indonesian financial regulator announced new rules for trading cryptocurrencies and digital gold assets on futures exchanges.

The country's Ministry of Trade, through the Commodity Futures Trading Regulatory Agency or CoFTRA, known as Bappebti, issued four rules related to the implementation of trading crypto assets. As per the new rules, cryptocurrency futures exchanges must be registered in the country and approved before operating.

According to the rules, crypto assets are recognized as commodities that can be traded on the country's futures exchange.

Bappebti said futures exchanges and clearing houses dealing in crypto assets must have paid-up capital of at least 1.5 trillion Indonesian rupiahs. They must maintain a closing capital balance of at least 1.2 trillion Indonesian rupiahs.

Further, futures traders and storage services providers of crypto assets must also be approved before operating. They need to maintain minimum paid-up capital of 1 trillion Indonesian rupiahs and a minimum closing balance of 800 billion Indonesian rupiahs.

CoFTRA head Indrasari Wisnu Wardhana said, "These regulations will be the legal basis for trading crypto assets as a commodity which can be the subject of a futures contract, and / or other derivative contracts traded on the exchange futures. In addition, it is also to facilitate the growth and development of the physical gold trading industry digital through the futures exchange."

In the country, the use of cryptocurrencies as a means of payment has been barred by the central bank.

Recently, Venezuela issued a decree establishing a legal framework for cryptocurrencies in the country.

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