On June 9, 2023, the regulatory body for Indonesia, Bappebti, published a list of 501 digital assets classified as commodities. The latest list of cryptocurrencies, including more than 501 commodities, starkly contrasts the more cautious approach taken by the US SEC, potentially ushering in a new era of international trade regulation.
Bappebti instructed cryptocurrency exchanges to halt trading FTT following the collapse of FTX. Regulators in Indonesia differ from those in the US, who have designated more than 30 crypto assets as securities. The regulator’s decision followed a thorough evaluation process under numerous local legislation.
For instance, it includes the government regulations for putting commodity futures trading into practice and modifications to the Commodity Futures Trading Supervisory Agency Regulation Number 11 of 2022. Indonesia favors de-dollarization initiatives and the BRICS nations’ aspirations to boost non-U.S. fiat currencies.
In April, The Bank of Indonesia’s governor, Perry Warjiyo, stated that just like BRICS, Indonesia had started to diversify its usage of currency in the form of LCT, and actually, Indonesia is closer to home.
The view of Indonesia on cryptocurrencies is consistent with Chinese court decisions that have classed non-fungible tokens (NFTs) and digital currencies as property. For instance, a judge in Hong Kong decided that digital currency should be regarded as “property” during a court case in April involving the since-discontinued crypto exchange Gatecoin.
Many industry experts believe that Indonesia’s current position on cryptocurrency adoption will pave the way for a widespread shift in regulation across the region and the globe. It exhibits a sophisticated regulatory strategy that could compel other countries, including the US, to adopt it.
Indonesia Updates List of Crypto Assets to 501 Commodities
Indonesia’s progressive position contrasts with the US SEC’s more cautious approach to cryptocurrency regulation. The US organization still needs to give a complete list of the digital assets that are acceptable for sale. As a result, businesses and dealers are in flux, which can impede the sector’s growth.
The recently published list includes 501 coins declared tradeable in Indonesia’s cryptocurrency market. The Bappebti document, prepared by the Indonesian regulatory agency, recognizes cryptocurrencies as tradable assets. However, this is only a snippet of over 501 cryptocurrencies mentioned in the paper.
- USD Coin (USDC)
- Cardano (ADA)
- The Sandbox (SAND)
- Litecoin (LTC)
- Binance USD (BUSD)
- Ripple (XRP)
- Solar (SXP)
- EOS (EOS)
- Bitcoin Cash (BCH)
- Nano (XNO)
- Dogecoin (DOGE)
- SOLANA ( SOL)
- Protocol (ZRX)
- Tron (TRX)
- Binance Coin (BNB)
- TrueUSD (TUSD)
Regarding the adoption of cryptocurrencies, Indonesia has been more tolerant than most countries. Following changes in regulatory authorities, it revealed ambitions to start a cryptocurrency exchange earlier this year. A proposal for a national crypto asset exchange was delivered in February.
The Indonesian government’s move to increase the number of tradable tokens demonstrates a forward-thinking attitude towards crypto assets. The future appears bright for Indonesian bitcoin enthusiasts as the country considers regulating measures relating to cryptocurrencies.
Since Indonesia has taken the initiative to categorize 501 crypto assets as commodities, many other nations may follow Bappebti’s lead.