Under one of the new regulations, two-thirds of the directors of cryptocurrency exchanges must be Indonesian citizens living in the country. Acting Bappebti head Didid Noordiatmoko told lawmakers:
During a parliamentary session in Jakarta on Tuesday, representatives of Indonesia’s Ministry of Commerce and the Commodity Futures Trading Regulatory Agency (Bappebti) said the country is gearing up to release new regulations to tighten regulation of cryptocurrency exchanges.
This way we can at least prevent top management from leaving the country in case of a problem.
In order to store customer funds, cryptocurrency exchanges will also be required to engage a third party. They are also not allowed to reinvest any hoarded cryptocurrency.
The new regulations came after Southeast Asia-focused cryptocurrency exchange Zipmex had to cease withdrawals due to financial difficulties.
After the parliamentary hearing, Jerry Sambuaga, Deputy Secretary of Commerce, told reporters: