Indonesia tightens management of crypto transaction floors
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.
Jakarta (VNA) – Indonesia’sMinistry of Trade plans to issue a new rule to manage crypto transactionfloors, requirin♉g two-th꧟irds of directors and commissioners at cryptofirms to be its citizens and reside in the country.
Speaking to thepress following a parliamentary hearing on September 20, DeputyTrade Minister Jerry Sambuaga said the new rule will ban exchange floors from reinvesting crypto assets while requiring that users’ money must be stored inthird-party bank accounts. Up to 11 million people in Indonesia wereholding crypto assets as of late 2021, with the total transaction value of57.37 billion USD. From May 1, Indonesia imposed value added tax on cryptotransactions and income tax on profits from crypto investment./.
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Illustrative image (Photo: VNA) 
