Indonesia officially legalizes cryptocurrencies

A win for the crypto community as Indonesia officially recognizes Bitcoin and cryptocurrencies as commodities, thereby offering legal support for the trading of digital assets, BlockOneDaily reports:
The Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti) has issued regulation No.5/2019 which includes regulations for cryptocurrency exchanges and offers recognition of digital assets as commodities, effectively legalizing the trade of cryptocurrencies in the country.
As is usually the case, along with legal recognition comes with a string or two attached. In this case, cryptocurrency transactions now have to fulfill a set of requirements before being able to function. Exchanges must implement the services of IT security experts and keep details of their transactions for a minimum of 5 years. Additionally, exchanges must have their servers based in the country and must have clearly defined organizational structures with separate divisions like legal, IT, client support etc.
Indrasari Wisnu Wardhana, Bappebti CEO stated:
“We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers.”

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