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

Indonesian commodity regulator Bappebti has established a committee dedicated to monitoring the crypto industry.

The committee will include regulators, government and industry representatives.

The Commodity Futures Trading Regulatory Authority, an Indonesian government agency known as Bappebti whose responsibilities include overseeing cryptocurrencies, has created a special committee to monitor the industry.

The Crypto Asset Committee was established under regulations that came into force in January. Cryptocurrency falls under Bappebti’s jurisdiction because crypto is considered a commodity in Indonesia.

“This committee will be a driving force to ensure that the crypto asset industry continues to operate smoothly and remains within the applicable legal framework,” Bappebti chairman Kasan said at the BLK 2024 launch event in Jakarta on May 2. Optimizing the role of the CryptoAsset Committee should be a key focus in the implementation of the current cryptoasset ecosystem.”

The Crypto Asset Committee includes representatives from Bappebti, various government ministries, crypto exchanges, clearing institutions, associations, academics and relevant practitioners. The committee will analyze industry reports, manage a central database, assess crypto asset risks, and have the authority to recommend assets to be added or delisted.