Indonesia to Tighten Rules for Crypto Exchanges
The Indonesian government has reiterated the necessity for cryptocurrency exchanges to register with the Commodity Futures Exchange (CFX), a national trading platform established in 2023. Exchanges that fail to register will be compelled to cease their operations in Indonesia.
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The Indonesian government has reiterated the necessity for cryptocurrency exchanges to register with the Commodity Futures Exchange (CFX), a national trading platform established in 2023. Exchanges that fail to register will be compelled to cease their operations in Indonesia.
“If they do not register by the specified time, they will automatically be unable to operate in Indonesia,” emphasized Robby Bun, the chairman of the country’s crypto asset trade association, Aspakrindo.
This move is designed to bolster the government's control over cryptocurrency trading and the broader digital market. Registered exchanges will be required to provide comprehensive transaction reports, aiding the government in monitoring financial flows and verifying tax compliance.
The deadline for crypto exchanges to register is August 17, 2024.
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