Indonesian Regulator Forms Cryptocurrency Committee to Monitor Industry Operations and Compliance

The Commodity Futures Trading Regulatory Agency, an Indonesian government agency known as Bappebti that is responsible for overseeing cryptocurrencies, has formed a special committee to monitor the industry.

The Cryptocurrency Committee was created in accordance with the rules adopted in January. Cryptocurrencies fall under Bappebti's jurisdiction because they are considered a commodity in Indonesia.

“This committee will be the driving force to ensure the smooth operation of the crypto industry and compliance with the current legal framework,” said Kasan, head of Bappebti, during the opening of BLK 2024 in Jakarta on May 2. “Therefore, optimizing the role of the Crypto Committee should be key to the implementation of the current crypto ecosystem.”