Indonesian Regulatory Agency Forms Crypto Asset Committee

The Commodity Futures Trading Regulatory Agency, commonly known as Bappebti, has taken a significant step in overseeing the cryptocurrency industry by establishing a dedicated committee. With responsibilities including the regulation of cryptocurrencies, Bappebti has formed the Crypto Asset Committee under regulations enacted in January.

Crypto assets fall under Bappebti’s jurisdiction as they are considered commodities in Indonesia. Kasan, the head of Bappebti, emphasized the committee’s role in ensuring the smooth operation of the crypto asset industry within the legal framework during the BLK 2024 opening event in Jakarta on May 2.

Representatives from various government ministries, crypto exchanges, clearing institutions, associations, academics, and relevant practitioners make up the Crypto Asset Committee. This diverse composition reflects the committee’s comprehensive approach to analyzing industry reports, managing a central database, assessing crypto asset risks, and proposing additions or removals from the asset list.

The establishment of the Crypto Asset Committee marks a significant milestone in the regulation of the cryptocurrency industry in Indonesia. By optimizing the committee’s role, Bappebti aims to uphold transparency, compliance, and stability within the rapidly evolving crypto asset ecosystem.