Indonesia Will Use its Securities Legislation to Regulate Cryptocurrencies

The president of Indonesia, Joko Widodo, has signed a decree that will allow the Indonesian authorities to use the current securities laws to regulate transactions with digital assets.

The Financial Services Authority of Indonesia will be empowered this way to oversee transactions involving crypto assets. This decision has put an end to the discussion about which category Bitcoin and other virtual currencies can be included in.

The government has proposed to regulate innovative instruments as transactions with goods and transfer the necessary powers to the Commodity Futures Trading Regulatory Agency (CoFTRA).