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Rules On Bitcoin Futures Are Published In Indonesia

15:03 19/02/2019
Indonesian Authorities Publish Rules For Crypto Traders

The Commodity Futures Trading Regulatory Agency (Bappebti) at the Indonesian Trade Ministry has developed a regulatory document on operations with futures contracts for crypto, the press service of the department reports.

 

In accordance with the new document, companies that are involved in crypto trading should apply for a permit from the regulatory financial authority.

 

The new regulatory act includes the recognition of cryptocurrency as a commodity for trading on futures exchange markets, as well as some technical details regarding the placement of crypto futures contracts on exchanges.

 

The provisions of the rules state that trading platforms and clearing houses that intend to work with crypto futures should pay 1.5 trillion Indonesian rupees ($106 million) for permit and have at least 1.2 trillion rupees ($85 million) on their balance sheets. Besides, the document requires from crypto traders and custodial service providers to pay 1 trillion rupees ($71 million) for permission to offer crypto futures and have 800 billion rupees ($57 million) on the account.

 

Among other provisions of the rules, security requirements should be mentioned — at least three company employees must be certified as information security specialists (CISSP). Companies need to comply with AML and anti-terrorist financing rules.

 

As previously reported, Indonesian crypto traders expressed dissatisfaction with the decision of the Agency because of the high payment for allowing bitcoin futures trading.

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