A specialised committee was established to keep an eye on the cryptocurrency market by the Commodity Futures Trading Regulatory institution, often known as Bappebti, an Indonesian government institution tasked with supervising the sector.
Regulations passed in January gave rise to the Crypto Asset Committee. Since cryptocurrency is seen as a commodity in Indonesia, it is under Bappebti’s authority.
“This committee will be a driving force, ensuring that the crypto asset industry continues to operate smoothly and stays within the applicable legal framework,” Bappebti head Kasan stated on May 2 at the BLK 2024 opening event in Jakarta. “Therefore, optimising the role of the Crypto Asset Committee should be a key focus in implementing the current crypto asset ecosystem.”
Members of the Crypto Asset Committee include academics, practitioners in the field, clearing houses, crypto bourses, ministries, associations, and Bappebti. The committee will oversee a central database, evaluate industry reports, evaluate the dangers associated with crypto assets, and have the power to suggest adding or deleting assets from the list.