Indonesia's Bappebti, the country’s Commodity Futures Trading Regulatory Agency, has announced the establishment of a new regulatory framework to govern digital assets futures markets, according to Finance Magnates. The framework will require cryptocurrency exchanges operating in the country to register and obtain approval first.
Bappepti chief Indrasari Wisnu Wardhana said that the new regulations are designed to clarify crypto trading’s legality and protect consumers:
“We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers.”
The new framework reportedly sets up regulations that govern crypto futures trading on digital currency exchanges, and formally recognize cryptocurrencies as commodities. It also places a number of financial restrictions on exchanges and clearing house, as well as new system security requirements.
One new restriction is a requirement that traders pay a minimum fee of 1.5 trillion IDR, or roughly $106 million USD, and “maintain a closing capital balance of a minimum of 1.2 trillion IDR ($85 million).” Those capital requirements have already drawn fire from some critics, who have noted that the minimum paid-up capital requirement for crypto is much higher than the 2.5 billion IDR requirement for brokers dealing with other commodities.