Home | Crypto News | Labeling 501 Cryptocurrencies As Commodities In Indonesia Opens The Door For Regional Adoption

Labeling 501 Cryptocurrencies As Commodities In Indonesia Opens The Door For Regional Adoption

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The Commodity Futures Trading Supervisory Agency (CFTSA) of the Republic of Indonesia has formally classified 501 cryptocurrencies as commodities, in contrast to the regulatory approach used by the U.S. Securities and Exchange Commission (SEC). Popular coins including bitcoin, ethereum, usd coin, litecoin, and a number of others that the SEC has designated as securities are included in this list of digital assets.

Indonesia’s regulatory agency Bappebti released a list of 501 crypto assets designated as commodities on June 9, 2023. LTC, UNI, SOL, BTC, ADA, ETH, XRP, SAND, DOT, XTZ, XLM, BUSD, and more fall under this category. The Indonesian government’s September 2022 crypto exchange announcement prompted these analyses. New financial laws to regulate cryptocurrency were discussed the following month.

After FTX collapsed, Bappebti ordered cryptocurrency exchanges to stop trading FTT. Indonesian regulators differ from their US counterparts, who have classified more than three dozen crypto assets as securities, including telegram gram token (TON), tokencard (TKN), tron (TRX), xrp (XRP), xyo network (XYO), flexacoin (AMP), hydro (HYDRO), iht real estate (IHT), kik (KIN), kromatica (KROM), and lbry credits (LBC).

Indonesia also supports BRICS de-dollarization and non-U.S. fiat currency strengthening. “Indonesia has initiated diversification of the use of currency in the form of LCT — The direction is the same as the BRICS,” said Bank of Indonesia governor Perry Warjiyo in April. Indonesia is more concrete. Indonesia’s view on crypto assets matches China’s court rulings that digital currencies and NFTs are property.

In an April court case involving Gatecoin, a Hong Kong judge declared crypto assets “property.” Indonesia’s classification of 501 crypto assets as commodities is expected to be followed by other nations in the region.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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