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Indonesian regulators recommend that a majority of cryptocurrency exchange management consists of

The deputy minister for commerce in Indonesia, Jerry Sambuaga, has suggested a rule that may mandate greater citizen representation in the management of the nation’s cryptocurrency exchanges.

According to a report printed by Bloomberg on Wednesday, the authorized dispute involving Terra co-founder Do Kwon could have had an impact on the planned modifications to the nation’s cryptocurrency legal guidelines. Although authorities issued a warrant for his arrest and Interpol reportedly placed Kwon on its Red Notice record, the South Korean nationwide departed the nation for Singapore in April and his present whereabouts are unknown as of the time of writing.

In response to the “interesting 12 months for the development of physical buying and selling of crypto assets” in the nation, Sambuaga submitted a letter to the legislative assembly on Tuesday that included Indonesian regulatory officials, suggesting several policy reforms. One of the proposed rules states that “Indonesian residents and domiciled in Indonesia” must make up a minimal of two-thirds of the administrators and commissioners of crypto companies.

Didid Noordiatmoko, the interim head of Indonesia’s Commodity Futures Trading Regulatory Agency, was quoted as saying that the restriction was meant to stop executives at cryptocurrency firms “from fleeing the country if any issue happens.” Sambuaga also suggested that crypto companies have a minimal capital requirement of 100 billion rupiah, or about $6.7 million at the time of publication, and that person funds be stored in third-party monetary establishments or futures clearing houses. These proposals are in addition to the citizen rule.

Sambuaga estimates that 11 million Indonesians, who have a population of around 275 million, invested in cryptocurrencies in 2021. As of April 2022, according to the country’s Commodity Futures Trading Regulatory Agency, there have been 25 registered cryptocurrency exchanges, including local Zipmex and Upbit offices.

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  • Indonesian regulators suggest that a majority of cryptocurrency exchange leadership consists of natives
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