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Indonesia clears 400 cryptocurrencies for local traders

03:22, 15 August 2022

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Jakarta the center of economics, culture and politics of Indonesia
Government says it is now legal to trade over 380 crypto assets with crypto exchanges – Photo: Shutterstock

Indonesia’s Ministry of Trade recently issued a regulation listing over 380 crypto assets in the List of Established Crypto Assets Traded in the Physical Crypto Asset Market (crypto exchange).

The Commodity Futures Trading Supervisory Agency Regulation Number 11 of 2022 was listed through the Commodity Futures Trading Supervisory Agency (CoFTRA).

Ethereum’s ETH, Tezos (XTZ), Tron (TRX), The Sandbox’s SAND, Polygon (MATIC) and SHIB were included in the newly issued regulation of 383 crypto assets.

ETH to US dollar

Acting chief of CoFTRA Didid Noordiatmoko said in a statement that “this regulation is to accommodate the needs of prospective crypto asset traders, including the crypto asset industry in Indonesia.”

“This is in accordance with the growth in data on the number of customers and the volume of crypto asset transactions that continue to increase, as well as the types of crypto assets that continue to grow,” Didid said.

The acting chief added that the regulation stipulated 383 types of crypto assets that could be traded on the physical market for crypto assets.

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Protecting investors

The news comes after the Indonesian government swung its weight behind the country’s growing crypto sector to protect retail investors.

“This is done to provide legal certainty so that people who will invest get clear information and guidance on each type of crypto asset being traded,” said Didid.

In addition to providing legal certainty, prospective physical crypto asset traders who will list or delist the specified types of crypto assets, must first submit a written notification to the head of CoFTRA.

MATIC to US dollar

The regulation also contains mechanisms and criteria regarding the registration and trading of new crypto assets.

The regulation revokes CoFTRA Regulation Number 7 of 2020, according to a local report, which listed 229 types of crypto assets traded.

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