Current Status and Development of the Cryptocurrency Market in Various Regions

ChainCatcher news, Indonesia has not yet finalized the transfer of cryptocurrency regulation, supervision, and oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK). Since 2018, Bappebti has been responsible for regulating crypto assets. The transition, originally scheduled to be completed by January 12, 2025, has been delayed due to a lack of supportive government regulations.The OJK is expected to create a more transparent regulatory environment that meets international standards. It plans to introduce clearer rules for trading, taxation, and the operation of cryptocurrency exchanges, areas that were previously managed by Bappebti with insufficient regulatory oversight.OJK Chairman Mahendra Siregar stated that discussions and preparations for the regulatory transition are actively underway.

ChainCatcher news, the National Bank of Cambodia (NBC) has approved commercial banks and payment institutions to provide services related to stablecoins or collateralized cryptocurrencies. This is the first time NBC has approved such services, with relevant instructions issued on December 26 and announced on December 27. However, Bitcoin remains prohibited.According to the new regulations, institutions must obtain prior approval from NBC to conduct cryptocurrency asset exchanges, inter-account transfers, and custody services.