Indonesia tightens management of crypto transaction floors

Jakarta – Indonesia’s Ministry of Trade plans to issue a new rule to manage crypto transaction floors, requiring two-thirds of directors and commissioners at crypto firms to be its citizens and reside in the country.

Speaking to the press following a parliamentary hearing on September 20, Deputy Trade Minister Jerry Sambuaga said the new rule will ban exchange floors from reinvesting crypto assets while requiring that users’ money must be stored in third-party bank accounts.

Up to 11 million people in Indonesia were holding crypto assets as of late 2021, with the total transaction value of 57.37 billion USD.

From May 1, Indonesia imposed value added tax on crypto transactions and income tax on profits from crypto investment.

Indonesia’s parliament on August 30 passed a law cementing the country’s membership of the Regional Comprehensive Economic Partnership (RCEP), making it the latest Southeast Asian nation to join the world’s biggest trade bloc.

Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan has said Indonesia's Travel and Tourism Development Index score increased, from 4.2 to 4.4 and rose from the 44th ranking to 32nd.

Indonesia could potentially record higher inflation than economic growth in the third quarter of this year, said Coordinating Minister for Economic Affairs, Airlangga Hartarto on September 14.