In a statement made by Indonesian government officials, it was stated that new rules will be introduced regarding the functioning of cryptocurrency exchanges in the country. Making a statement on the subject, the government official stated that as a rule, it will be brought as a rule for people in the managerial position of the stock exchanges operating in the country to be Indonesian citizens and live in Indonesia. Accordingly, businesses that are not Indonesian citizens, with two-thirds of the board and commission members of cryptocurrency exchanges, will not be able to operate in the country.
It is stated that this last step was taken due to the financial problems faced by Zipmex, the leading cryptocurrency exchange in the country, as a result of stopping users from withdrawing money. Deputy Secretary of Commerce Jerry Sambuaga told reporters about the planned new rules:
"We do not want to carelessly allow cryptocurrency exchanges. That's why we only want to work with those who meet the requirements and are reliable."
Sambuaga added that these rules will be published by the ministry's Commodity Futures Trading Regulatory Authority (Bappebti) shortly. Didid Noordiatmoko, vice-president at Bappebti, said the new rule, that two-thirds of the board resides in the country, could prevent senior management from running away when something goes wrong in the stock market. Sambuaga also stated that the initiative to officially launch a crypto-asset exchange in Indonesia could be completed within this year. In fact, the plan to open a stock market in the country is not a new decision. As it will be remembered, the opening of a crypto money exchange was planned for 2021. However, this decision was later postponed to the first quarter of 2022 due to various reasons.
Data shared by Bappebti states that cryptocurrencies are growing in popularity in Southeast Asia's largest economy. It is even stated that the total crypto-asset trading volume increased by more than 1,000% in 2022 compared to 2021, reaching $57.37 billion. The increase in the popularity of cryptocurrencies and the significant investments have also directed tax authorities to this area. In their statement, tax officials state that the performance of the taxes the country receives from these transactions has increased.
According to Yon Arsal, who is in charge of the country's tax affairs, Indonesia has generated significant revenue since the introduction of fintech and cryptocurrency transaction taxes introduced in May. As it will be remembered, the Indonesian finance ministry introduced a 0.1% value-added tax on crypto asset purchases in May 2022. Arsal, on the other hand, said that after this decision, the amount of tax obtained was approximately 6.8 million dollars.