Indonesia transfers cryptocurrency regulatory authority to the Financial Services Authority, or may classify cryptocurrencies as securities

ChainCatcher news, according to CoinDesk, a new law passed in Indonesia on January 12 shows that the country is transferring cryptocurrency regulatory authority from the Commodity Futures Trading Regulatory Agency (CoFTRA) to the Financial Services Authority (OJK).

Asih Karnengsih, president of the Indonesian Blockchain Trade Association (ABI), stated that this indicates the country's regulators recognize that crypto trading is not merely an asset transaction. Crypto assets may be treated like securities, leading to a range of securities-related requirements and restrictions applicable to their issuance, sale, market, and mutual funds. (CoinDesk)