Regulators in Indonesia want to change the way cryptocurrency exchanges are run by making it compulsory for two-thirds of executives at companies operating in the country to live there.
According to Bloomberg’s Norman Harsono, the new rule will require two-thirds of directors and commissioners at cryptocurrency trading platforms in the country to be Indonesians who are based in the country.
In other words, foreign companies who are opening branches will not be able to expand as aggressive or as rapidly, unless they have a real stake in the country. The information comes following a parliamentary hearing held at the capital Jakarta.
According to Didid Noordiatmoko, head of the country’s trade ministry and commodity futures trading regulatory agency, this measure will stop companies from fleeing the country and potentially harming consumers. Rather, local residents will have to answer for anything untoward.
This measure though is not punitive in design, but rather preventative. Lawmakers and regulators hope that by piling more accountability on cryptocurrency exchanges in Indonesia, only those that mean to operate in the long-term and protect consumers would remain.
This comes after the $40bn collapse of the Terra Network and after news that Terraform Labs’ owner, Do Kwon, is now a wanted man.
More revisions to these new rules are expected to take place sooner or later with the country determined to ensure that it regulates its crypto industry to the best interest of consumers and residents.
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