Indonesians officially recognized Bitcoin and Altcoins as goods, thereby providing legal support for the trading of digital assets. Bappebti, the supervisory board of the Ministry of Commerce of Indonesia, issued Resolution No. 5/2019, which legalized the trading of digital currencies. The document clearly states the provisions on the work of cryptocurrency exchanges.
The decree also specifies the requirements for the operation of trading platforms. In particular, cryptocurrency exchanges must meet the needs of information security experts. In addition, they were required to keep transaction data for 5 years. Another prerequisite is the presence of an office and servers based in Indonesia. The structure of companies should include such units as the legal department, information technology service, support.
Bappebti head Indraarih Vishnu Vardhana emphasized:
"We want to protect people who want to invest in digital assets, and prevent cryptocurrency fraud."