Is it imperative for cryptocurrencies to be regulated by the Indonesian Financial Services Authority (BAPPEBTI)?
In recent years, cryptocurrencies have emerged as a promising new asset class, yet their decentralized nature has posed regulatory challenges for authorities around the world. Indonesia, as a country with a growing interest in blockchain technology and crypto adoption, is no exception. However, there is much debate among market participants and regulators alike on whether cryptocurrencies should be strictly regulated by the Indonesian Financial Services Authority (BAPPEBTI) or whether a more hands-off approach would suffice. While proponents argue that regulation is necessary to protect investors and maintain market stability, others contend that over-regulation could stifle innovation and hinder the growth of the crypto ecosystem. What are your thoughts on this matter? Should cryptocurrencies be mandated to be under the supervision of BAPPEBTI, or should the industry be given more room to self-regulate?
7 answers
StormGlider
Wed Jul 10 2024
This licensing and registration process ensures that cryptocurrency exchanges operate within the legal framework set by the Indonesian government.
MountFujiView
Wed Jul 10 2024
Cryptocurrency exchange and crypto asset regulations in Indonesia are under the authority of the Ministry of Trade, through the Commodity Futures Trading Regulatory Agency (Bappebti).
DondaejiDelightfulCharm
Wed Jul 10 2024
This agency is responsible for overseeing the operations of companies involved in cryptocurrency exchange activities within the country.
Giuseppe
Wed Jul 10 2024
As a result, any business engaging in the exchange of cryptocurrencies in Indonesia is required to obtain a license and register with Bappebti.
BlockchainBaronessGuard
Tue Jul 09 2024
By doing so, it aims to protect investors and consumers from potential risks and scams associated with unregulated cryptocurrency activities.