Indonesia approves legalization of cryptocurrency futures trading

4 June 2018

Futures Exchange Supervisory Board of Indonesia, which is regulating commodity markets and operates under the administration of the Ministry of Trade, established a ruling to allow trading of cryptocurrencies across the nation, as they are recognized as commodities and may be listed by the country’s futures exchange.

Reports provided by the local media reveal that Dharma Yoga, head of market supervision at the Board, made a confirmation of the decision taken by the regulator, and added that the guidance was provided after 4 months of thorough examination of the question.

Yoga said that the regulator has approved the resolution to document the ruling, which means a green light for starting Bitcoin futures trading in Indonesia. Yoda added that the central bank and the taxation authority will further announce other regulations associated with the cryptocurrency exchanges and taxation of this activity.

Last year the central bank of Indonesia pushed a proposal to ban Bitcoin transactions across the country, while further stating that the cryptocurrency will not be accepted as a legal way of payment.

Yoga noted that proper implementation of the decision requires a regulatory framework, and the Board asked local cryptocurrency exchanges to make their proposals on future regulatory practices.

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