Indonesia Regulator Forms Crypto Committee to Monitor Industry’s Operation, Compliance

Indonesia’s commodities regulator, Bappebti, has established a new committee dedicated to overseeing the operations and compliance of the crypto industry. The committee will consist of representatives from the regulator, government officials, and industry players. Bappebti, also known as the Commodity Futures Trading Regulatory Agency, is responsible for regulating cryptocurrencies in Indonesia as they are classified as commodities. The Crypto Asset Committee was formed in accordance with regulations introduced in January. Its main objective is to ensure the smooth functioning of the crypto asset industry within the legal framework. The committee will analyze industry reports, manage a central database, assess risks associated with crypto assets, and have the authority to propose additions or removals from the asset list. This move aims to optimize the role of the Crypto Asset Committee in supporting the development of the crypto asset ecosystem in Indonesia.