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Indonesia Considers Cryptocurrency as a Сommodity

04.03.2019

Indonesian financial regulator Bappebti approved the draft law No. 5/2019, equating digital assets to commodities. This not only put cryptocurrencies such as Bitcoin and EDC at the same level as traditional assets but also opened up broad prospects for their development. Due to this, Indonesia is one step ahead of many European countries.

Thus, a couple of years ago, representatives of the Central Bank of Indonesia put forward offers to formally ban payments using Bitcoin. Everything changed in 2018. The country’s central bank set a goal to legalize cryptocurrency, as well as to issue the digital equivalent of the Indonesian rupiah. It is quite natural that a question about the legal certainty of cryptocurrencies arose, and the regulator aimed at creating a comprehensive regulatory framework.
In early 2019, this process was partially completed. In the final version of the draft law, Bappebti promoted anti-fraud policies to fully protect investors.

Thus, together with the new status of tokens, a set of requirements for cryptocurrencies and exchanges, which are planning to trade in digital futures, was issued as follows:

– Cryptocurrencies must meet the requirements of KYC and AML. Projects need to undergo a risk assessment of possible money laundering and terrorist financing.

– For crypto exchanges, maintaining the highest degree of cybersecurity is essential. Thus, at least three CISSP certified professionals must be on the team of each futures trading platform. Regular audits, a clear infrastructure, and technical support are among other requirements for exchanges.

In addition, the main thing is that now the trade in crypto futures has ceased to be an unattainable dream in Indonesia which opens up new opportunities for traders, creating new crypto startups and provides strong market support.

The EDC project team evaluates the legalization of cryptocurrencies as commodity futures as one of the most important stages in the development of the Indonesian crypto market. Against the background of these positive achievements, many coins strengthen their positions.

As a reminder, EDC is not just a cryptocurrency, which fully meets all the requirements mentioned above, but a reliable multi-functional blockchain platform. EDC Blockchain is a promising investment tool for tokenization and promotion of your business which contributes to the popularization of your tokens, and therefore the entire crypto market. Within the framework of the selected package, EDC offers its users to easily create cryptocurrencies for your startups that fully comply with the requirements of KYC and AML. To do this, you can use the coin constructor in your personal account.

The company has been working successfully for quite a long time in the markets of Southeast Asia (including Indonesia), as well as in Chinese and Latin American marketplaces.

Studying the issue of legalization, Bappebti’s foresight becomes clear. The high minimum capital needed to trade commodity futures will serve as an excellent fraud prevention tool that will benefit both investors and many cryptocurrency projects.

There is a high probability that 2019 becomes a favorable period for the world crypto market, bringing the total adoption of cryptocurrencies closer.

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