Indonesia recognized crypto as trading commodity
In a further victorious march of crypto regulations across the world, Indonesia has released a new legislation, which recognizes Bitcoin (BTC) as a trading commodity.
Indonesia’s Commodity Futures Trading Regulatory Agency, called Bappebti, first signed a decree to make cryptocurrency a commodity legally tradable on exchanges, which happened back in June 2018. Seven months later, on February 15th, Bappebti has officially approved the new legislation, which gave the full legal certainty to a multitude of cryptocurrency exchanges operating in the country.
According to the new legislation, cryptocurrency exchanges have to comply with a wide range of international Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, as well as combating the financing of terrorism (CFT) requirements. One of the significant changes that the new legislation brings is the requirement for cryptocurrency traders to keep their transaction histories for at least five years and have a server located inside the country.
One of the main goals for introducing the legislation is to protect consumers from fraudulent activities, Head of Bappepti Indrasari Wisnu Wardhana stated.