Indonesia’s Ministry of Trade plans to issue a new rule to manage crypto transaction floors, requiring two-thirds of directors and commissioners at crypto firms to be its citizens and reside in the country.

Illustrative image (Photo: VNA)

Speaking to the press following a parliamentary hearing on September 20, Deputy Trade Minister Jerry Sambuaga said the new rule will ban exchange floors from reinvesting crypto assets while requiring that users’ money must be stored in third-party bank accounts.

Up to 11 million people in Indonesia were holding crypto assets as of late 2021, with the total transaction value of 57.37 billion USD.

From May 1, Indonesia imposed value added tax on crypto transactions and income tax on profits from crypto investment.

Source: VNA