Indonesia bans financial firms from facilitating crypto sales

Indonesia’s Financial Services Authority (OJK) has warned that financial firms are not allowed to offer and facilitate sales of crypto assets.

OJK highlighted the ever fluctuating nature of crypto assets. As such, people buying into the digital assets should fully understand the risks, it warn.

The Central Banks of Thailand and Singapore had given out similar warnings.

Data from Indonesia’s Trade Ministry has it that crypto assets are surging in Indonesia, with total 2021 transactions reaching 859 trillion rupiah ($59.83 billion), up from just 60 trillion rupiah in 2020.

While Cryptocurrencies can not be legally used for payments in the Indonesia, the country allows sales of crypto assets in the commodities exchange.

The trade ministry and the Commodity Futures Trading Regulatory Agency, which supervises trading in Cryptocurrencies is currently facilitating the set up of a separate bourse for digital assets, called the Digital Futures Exchange.

Officials say the Digital Futures Exchange will be launched in the first quarter.