Majority of Crypto Exchange Management Should Be Made Up of Citizens, Indonesian Regulators Say
Jerry Sambuaga, deputy minister at the Indonesian Ministry of Commerce, has proposed a rule that would require the management of the country’s cryptocurrency exchanges to be more representative of its citizens.
At a parliamentary meeting on Tuesday attended by Indonesian regulatory officials, a letter presented by Sambuaga suggested several policy changes in response to the “interesting year for the development of physical trading of crypto assets” in the country. Among the proposed rules is a requirement that two-thirds of the directors and commissioners of crypto companies be “Indonesian citizens and domiciled in Indonesia.”
Proposed changes in the Indonesian Commodity Futures Trading Regulatory Agency on cryptocurrencies. Source: YouTube A Wednesday report from Bloomberg suggested that the proposed changes to the country’s cryptocurrency policy may have been influenced by the legal battle involving Do Kwon’s co-founder. The South Korean national left the country for Singapore in April and his current whereabouts are unknown at the time of publication, despite officials issuing an arrest warrant and Interpol reportedly placing Kwon on its red alert list.