Cryptocurrency regulations in Indonesia – Japan Security Token Business Association  
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Cryptocurrency regulations in Indonesia

Contents

1 Cryptocurrency in Indonesia
2 Government’s attitude towards cryptocurrency
3 Cryptocurrency growth prospect in Indonesia
4 ICO in Indonesia
5 References

1 Cryptocurrency in Indonesia

Some Indonesians work in countries with higher average wage and send money to home, but on average money transfer fee is more than 6%. Cryptocurrency transfer fee is free, so it is used by households with family members work abroad.

2 Government’s attitude towards cryptocurrency

The government mandated cryptocurrency industry to follow the regulations for payment services and not the regulations for commodity.
In October 2018 the government banned payment with cryptocurrency but allowed trading of cryptocurrencies.
In February 2019 the government recognized cryptocurrencies such as Bitcoin as commodities.
The government imposes requirements such as a minimum paid-up capital requirement for exchanges and payment services that handle crypto-assets and hire at least three certified information security experts.

3 Cryptocurrency growth prospect in Indonesia

Citizens have access to Bitcoin and other cryptocurrencies through many cryptocurrency exchanges, and cryptocurrency is used for money transfer.
The high minimum working capital requirement for cryptocurrency exchanges with futures hinders growth prospect of cryptocurrency in Indonesia.
There is a friction with securities companies, and they might ry to obstruct growth of the cryptocurrency industry.
The government is cautious in determining its attitude towards cryptocurrency taking into consideration factors such as the friction with the securities industry.
The government has recognized cryptocurrency as commodity and slowly moving towards accepting cryptocurrency.
However, we have yet to see any announcement regarding STO  February 18th 2019.

4 ICO in Indonesia

The government has not made any comments regarding legislations on ICO 政
However, it has issued a warning of fraud to investors.

5 References

Indonesia’s regulations
Indonesia recognizes BTC
Indonesia ICO market
IBC group STO and ICO

インドネシアにおける暗号通貨の規制動向