Bappebti in Indonesia takes proactive measures by establishing a dedicated committee to regulate the crypto industry.
The Crypto Asset Committee includes stakeholders like government ministries and crypto exchanges.
In response to the surge in global crypto interest, regulatory bodies in many countries are tightening their oversight to prevent violations. Recently, the Indonesian government’s Commodity Futures Trading Regulatory Agency, known as Bappebti, has taken a proactive step by forming a dedicated committee to monitor the crypto industry.
The committee, formed under January regulations, includes representatives from Bappebti, and government ministries because cryptocurrencies are considered commodities in Indonesia.
Further, the committee will ensure compliance with Indonesia’s legal framework, analyze industry reports, manage a central database, assess risks, and propose asset additions or removals. This move highlights Indonesia’s proactive approach to regulating cryptocurrencies as commodities, aiming to maintain market stability while facilitating growth.