Indonesia’s Regulator Establishes Cryptocurrency Committee

Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has established a cryptocurrency committee to oversee the industry’s operations and compliance. This was reported by CoinDesk.

Digital assets fall under the jurisdiction of Bappebti, as they are considered a commodity in Indonesia.

“Optimizing the role of the Committee should become a key focus in implementing the current cryptocurrency ecosystem,” said Bappebti head Didid Noordiatmoko.

The committee will analyze industry reports, manage a central database, assess the risks of instruments, and have the authority to propose their inclusion or exclusion from listings.

The structure will include representatives from Bappebti, various government ministries, crypto exchanges, clearing institutions, associations, academics, and practitioners.

In April, Microsoft committed $1.7 billion to develop new infrastructure for artificial intelligence and cloud computing in Indonesia.