Indonesian authorities have decided to use securities legislation to regulate transactions with digital assets. The relevant decree was signed back in mid-January by Indonesian President Joko Widodo.
Indonesia’s Financial Services Authority (OJK) will be empowered to oversee transactions involving crypto-assets. This was the end of the debate over which category bitcoin and other virtual currencies could be included.
The government proposed to regulate innovative instruments as commodity transactions and transfer the necessary powers to the Commodity Futures Trading Regulatory Agency (CoFTRA).