Indonesia prohibits financial institutions from trading crypto

OJK clarified that supervision of crypto is under Babbepti and the Ministry of Trade.

The Financial Services Authority (OJK) of Indonesia has prohibited financial service institutions within its jurisdiction from using, marketing, or facilitating the trading of cryptocurrency assets.

“Crypto assets, themselves, are a type of commodity that has fluctuations in value that can rise and fall at any time so that people must understand the risks,” OJK wrote in an Instagram post.

OJK also clarified that it does not conduct supervision and regulation of crypto assets. Regulation and supervision of crypto assets was reportedly carried out by the local Commodity Futures Trading Supervisory Agency (Bappebti) and the Ministry of Trade.

OJK encouraged investors to “understand” more information about crypto before investing.

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Indonesia follows after other markets in Asia who made similar moves to limit the use and trade of cryptocurrency, such as Singapore and China.