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Indonesia to Tighten Rules for Crypto Exchanges, Ensure More Local Control

crypto asset
Bitcoin.

KONTAN.CO.ID - JAKARTA. Indonesia's trade ministry plans to issue a new rule governing crypto asset exchanges, requiring two-thirds of the board of directors and commissioners to be Indonesian citizens and reside in the country, a deputy minister said Tuesday.

The measure comes following financial issues faced by Southeast Asia-focused cryptocurrency exchange Zipmex, which temporarily prevented users from withdrawing funds.

"We don't want to give permits (to exchanges) carelessly, so only for those that meet the requirements and are credible," deputy trade minister Jerry Sambuaga told reporters after a parliamentary hearing.

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