Indonesia plans to tighten oversight of crypto market, task OJK with regulation

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JAKARTA : Indonesia plans to move the regulation, supervision and oversight of cryptocurrency investments to the Financial Service Authority (OJK) to better protect investors, its finance minister said on Thursday.Currently, the Trade Ministry and the Commodity Futures Trading Regulatory Agency jointly ov

JAKARTA : Indonesia plans to move the regulation, supervision and oversight of cryptocurrency investments to the Financial Service Authority to better protect investors, its finance minister said on Thursday.

The use of cryptocurrency assets as a means of payment is illegal in Indonesia, but transactions for investment are allowed in the commodities market. The new bill would empower OJK to regulate and supervise"digital asset activities, including crypto assets and financial sector technology innovation," Sri Mulyani added.

 

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