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Indonesia bans cryptocurrency related to financial firms

Indonesia bans cryptocurrency related to financial firms

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Answer Indonesia bans cryptocurrency related to financial firms

Indonesia’s Financial Services Authority has warned several financial firms against cryptocurrencies, as the crypto-trading industry continues to grow in Southeast Asia’s largest economy, according to a report. Reuters.

Regulators have banned financial institutions from nearly all operations used in cryptocurrencies, including the use, marketing and facilitation of trading digital assets, according to the official statement republished on Instagram.

The reason for the additional regulation of operations with digital currencies is the volatile nature of cryptocurrencies.

The main objective of the regulator is to reach out to amateur investors who may underestimate the risks associated with investments in cryptocurrencies.

The regulator has previously warned citizens about Ponzi scheme scams in the crypto market.

Read:Iran Recognizes Crypto, Bitcoin and Cryptocurrency Mining Industry

Previously, the central banks of Thailand and Singapore issued similar warnings to their citizens.

Cryptocurrency and digital asset trading in Indonesia has been on the rise since 2021.

The transaction volume in the country has reached nearly $60 billion. Back in 2020, the trading volume of the country’s cryptocurrency market in 2020 was around 60 trillion rupiah, according to the ministry’s data.

Officially, Indonesian financial regulators allow cryptocurrency to be sold on commodity exchanges.

The exchange process is supervised by the Ministry of Commerce and the Commodity Futures Trading Regulatory Agency.

More oversight and regulation is expected in the market after the creation of the digital futures platform, which is expected to be launched in the first quarter of the year.

Starting a separate exchange of digital assets will allow the regulator to more effectively oversee the industry.

Read:US Treasury allows blockchain and digital stablecoins in bank payments

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