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Indonesia Wants its Citizens to Run Domestic Crypto Exchanges

Indonesian officials have said that at least two-thirds of directors and commissioners on cryptocurrency exchanges must be Indonesian residents.

September 21, 2022
2 minutes
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Indonesia is tightening its rules on cryptocurrency exchanges, requiring them to be mostly led by Indonesian citizens. This is to protect consumers and ensure that they are getting the best possible service.

Indonesian officials have said that at least two-thirds of directors and commissioners on cryptocurrency exchanges must be Indonesian residents. The officials made the remarks during a parliamentary hearing in Jakarta on Tuesday.

"We can at least stop them from fleeing the country if any problem arises," said the agency's acting head Didid Noordiatmoko. He didn't say when the revised regulation would be issued.

The government is tightening the rules on crypto founders as authorities in Asia struggle to get them to cooperate with investigations. For example, Do Kwon, co-founder of the Terraform Labs ecosystem that's at the center of the $60 billion crypto collapse, has left Singapore as South Korean prosecutors seek Interpol's help to arrest him.

Jerry Sambuaga, Indonesia's Deputy Trade Minister, has announced plans to revise the country's rules on imported goods. According to Sambuaga, the new rules will make it easier for Indonesian businesses to import goods from abroad.

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