Indonesia’s regulatory agency Bappebti has classified 501 digital assets as commodities in the country. This includes popular coins like LTC, UNI, SOL, BTC, ADA, ETH, XRP, and more. The move follows the Indonesian government’s announcement of a crypto exchange in September 2022 and discussions around new financial legislation for cryptocurrency regulations. In addition, Bappebti instructed cryptocurrency exchanges to suspend trading of FTX’s native token, FTT, after FTX’s downfall. This regulatory approach differs significantly from that of the United States, where over three dozen crypto assets are classified as securities. Indonesia also supports de-dollarization efforts and the plans of BRICS countries to strengthen non-US fiat currencies. The country’s classification of crypto assets as commodities aligns with court rulings in China, where digital currencies and NFTs are considered property. It is likely that other countries in the region will follow Indonesia’s lead in regulating digital assets.
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