The Indonesian Ministry of Commerce said it plans to issue a new rule that affects the governance of crypto exchanges.
The rules, which were planned to be published as a precautionary measure, came after the Zipmex events. Zipmex stopped withdrawals last month. The parent company, Zipmex Pte, was subsequently granted quarterly creditor protection by Singapore. For these and similar reasons, the Indonesian government is also introducing new regulations for the precautionary crypto sector.
Indonesia Brings New Rules for Crypto Exchanges
The Indonesian Ministry of Commerce has announced that crypto exchanges will issue a new rule that requires two-thirds of the board and commission members to be Indonesian citizens and reside in the country.
According to the document released by the ministry, crypto exchanges will also be prohibited from using a third party to store customer funds, and exchanges from reinvesting in stored crypto assets.
The Commodity Futures Trading Regulatory Authority (Bappebti) said it will publish the new rules soon.
Didid Noordiatmoko, acting chairman of Bappebti, said at the parliamentary session that two-thirds of the board being Indonesian and resident in the country could prevent senior management from fleeing when something goes wrong in the stock market.
Regarding the new rules, Deputy Secretary of Commerce Jerry Sambuaga told reporters:
“We do not want to carelessly allow exchanges, so only those that meet the requirements and are reliable will remain in the country”
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