Indonesia plans to empower the Financial Services Authority (OJK) to regulate cryptocurrency investments and market supervision. After the FTX crisis to protect investors
The country’s trade department currently oversees the digital asset industry in partnership with the Commodity Futures Trading Regulatory Agency. However, Indonesia’s Finance Minister Sri Mulyani Indrawati said the country would transfer powers to OJK to protect the interests of consumers.
Indonesia’s plan Influenced by the latest events in the industry that saw the collapse of FTX, one of the largest crypto exchanges in the world. The incident resulted in another bloodshed following the collapse of Terra in May.
The finance minister told parliament that Indonesia needs to impose strict regulations to protect all financial sector technology innovations. This includes digital assets.
“We need to create robust and reliable investor governance and protection mechanisms. Especially for high-risk investment tools,” Indrawati said at a parliamentary hearing on Thursday.
She added that the Crypto industry has experienced “recent turbulence,” referring to FTX, which started last week.
as of June The country has approximately 15.1 million investors engaged in digital assets, compared to 9.1 million in traditional stock exchanges.
Indonesia Prepares to Tighten Crypto Regulations After FTX Crisis to Protect Investors appeared first on Bitcoin Addict.