Indonesia Recognizes Cryptocurrencies Futures Commodities

June 5, 2018

Indonesia's Futures Exchange Supervisory Board, the body regulating commodities market in the country and functions under the Trade Ministry governance, has officially recognized cryptocurrency a commodity that can be traded at the country’s futures exchanges.

According to the message by local news agency Jakarta Post published on June 4, Dharma Yoga, the market supervision council head, confirmed the decision taken and added it became the result of thorough study that took four months.

According to Yoga, the supervision council has already signed a decree that would clear the way to the futures for Bitcoin and other cryptocurrencies in the country. What is more, Indonesia will witness additional legislation coming soon that will define taxation for crypto exchanges.

Remember that at the turn of the last year the country’s central bank officially stated that cryptocurrencies were not legal payment means within the country and all operations are to be executed in local currency. Meanwhile the document did not mention crypto exchanges. Dharma Yoga added, to develop additional rule the country’s regulators plan to ask local exchanges for proposals what this legislation must look like.

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