Indonesia Establishes New Cryptocurrency Committee
Indonesia has launched a new Cryptocurrency Committee to regulate and monitor the expanding cryptocurrency market. The committee, established under regulator decree No. 01/KEP/01/2024, will analyze market trends, manage a central database, assess risks, and make decisions on virtual coins’ exchange listings.
Key Responsibilities of the Committee
The committee will compile industry reports, evaluate risks, and offer regulatory recommendations for cryptocurrencies. It will oversee the central database, containing information on cryptocurrencies and related transactions. Companies dealing with virtual assets in Indonesia must provide full details of their operations to comply with regulations and increase transparency in the sector.
International Collaboration for Tax Information Exchange
In addition, the Indonesian Directorate General of Taxes (DGT) has partnered with the Australian Taxation Office (ATO) to exchange information on cryptocurrencies. This collaboration will aid in tracking tax obligations for individuals and organizations dealing with cryptocurrencies in both countries, reinforcing the significance of regulating the digital currency market.
