Indonesia's securities regulator, which recently began to oversee the cryptocurrency market, has unveiled new rules for cryptocurrencies to be approved for listing on crypto exchanges.
Among other things, cryptocurrencies must operate on public, accessible distributed ledger technology, have a clear utility or be backed by assets with measurable economic value, and be traceable without any anonymity features.
The Financial Services Authority, known by its local acronym OJK, announced the requirements in a statement on February 12, saying that it has transferred responsibility for cryptocurrency listing to approved crypto exchanges.
These exchanges “now play a central role in validating the cryptocurrencies eligible for trading” while “OJK ensures that consumer protection and transparency principles are upheld”, the regulator says.
The exchanges must review their list of tradeable cryptocurrencies every three months to bolster investor protection.
The OJK took over the role of overseeing the cryptocurrency market from the Commodity Futures Trading Regulatory Agency in mid-January.