The digital currency in Indonesia will be considered as base products, confirms a new decision by the financial regulator in the country. It comes after a study concluding that the crypto-currency deserve the status of a product. The government should prepare for broader regulation covering other aspects in the field of crypto-currencies, including trade and taxation.
Below is a video in English explaining these facts :
The exchange platforms, and the mining of crypto-currencies should be regulated
Despite the measures of repression in the past, and the reluctance of the central bank of indonesia, the crypto-currencies have finally been recognized by the executive power in Jakarta. According to local media, the supervisory Board of trade futures contracts in the country has decided to submit the crypto-currency to trade futures. This therefore means that they will be considered as goods.
This institution has signed a decree to crypto-currencies, a commodity that could be exchanged. This decision was taken after a study conducted by the council in relation to the market of the virtual currency during the last four months. The indonesian government will therefore adopt soon additional devices governing the operation of platforms for exchange of crypto-currencies in the country. The regulatory framework will also cover the activities of service providers and portfolio companies to mine for crypto-currencies.
Rules covering taxation
The new rules will tackle issues of taxation and for the prevention of money laundering and financing of terrorism. This is why a number of other institutions will be involved in their preparation and the regulatory process. These agencies include the FSA, the central bank and the directorate general of taxation.
Source : Pixabay. Indonesia wants to regulate the market of crypto-currencies and develop a tax system.
The regulation would introduce measures to prevent the theft of funds from the misappropriation or piracy of platforms crypto. The country is also gearing up the implementation of clearing services for the futures market.
Source : NewsBitcoin