Indonesia Regulator Forms Crypto Committee to Monitor Industry’s Operation, Compliance

As a seasoned crypto investor with a strong background in financial markets and regulatory compliance, I welcome the formation of Bappebti’s Crypto Asset Committee. This dedicated body is a significant step forward for the Indonesian crypto industry, providing much-needed oversight and ensuring that the sector operates within the legal framework.

Bappebti, the Indonesian government agency in charge of regulating the commodity futures trading sector and cryptocurrencies, established a specialized team to keep a close eye on the crypto industry.

The Crypto Asset Committee came into being in accordance with laws passed in January. In the context of Indonesian legislation, cryptocurrencies are classified as commodities and therefore come under the purview of Bappebti.

As the head of Bappebti, I believe that our Crypto Asset Committee will serve as a crucial engine, enabling the crypto asset industry to run efficiently while adhering to the necessary legal guidelines. Consequently, enhancing the function of this committee should be a top priority in executing the present crypto asset infrastructure.

A Crypto Asset Committee, composed of members from Bappebti, ministries, crypto exchanges, clearing houses, organizations, scholars, and practitioners in the field, will be responsible for examining industry reports, maintaining a central repository, evaluating potential risks related to crypto assets, and holding the power to propose additions or deletions to the asset list.