CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
No Result
View All Result

Crypto Exchanges Face Potential Shutdown In Indonesia

December 28, 2023
in Business, Coins, Market, News, Regulation
A A
Dalintis FacebookDalintisShare on Twitter

In a recent regulatory shift, Indonesia, the pioneer of the world’s first national crypto bourse, the Commodity Future Exchange (CFX), is set to tighten its grip on the burgeoning crypto market. With over 18 million registered cryptocurrency traders, surpassing the 12 million stock traders, the CFX responds to local crypto demand.

Meanwhile, it reflects a strategic government effort to enhance investor safety, monitoring digital asset transactions for tax compliance.

Indonesia Unveils New Regulations For Crypto Exchanges

Indonesia is reshaping its crypto landscape, mandating that all crypto exchanges register with the CFX to continue operations. The CFX, modeled after traditional stock exchanges like NASDAQ, aims to enhance the safety of the crypto ecosystem for investors.

To operate beyond August 17, 2024, approximately 29 crypto exchanges in Indonesia must register with the CFX, according to reports. Meanwhile, the regulatory framework, initiated in 2019 by the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), requires exchanges to undergo a meticulous authorization process involving self-regulatory organizations (SRO) and Bappebti’s fitness assessment.

According to sources, the CFX serves as a crucial monitoring gateway for the government in Indonesia. Speculations hint at future developments like custodianship for asset storage, liquidity monitoring, and a clearing house for transaction recording to ensure tax compliance.

Stance On Crypto

Beyond investor protection, government plans indicate a strategic move to track digital asset transactions for tax purposes, signaling a broader regulatory framework for the burgeoning crypto industry. In other words, the CFX registration serves as more than a gateway as it positions the government to closely monitor cryptocurrency transactions for tax purposes. Presently categorized as commodities, crypto assets are subject to Value Added Tax (VAT) and Income Tax (PPh).

However, the looming question arises about the fate of crypto in 2025 when a regulatory overhaul shifts oversight from Bappebti to the Financial Services Authority (OJK), potentially reclassifying crypto as securities. If this occurs, crypto traders might enjoy reduced taxes, signaling a pivotal turning point in Indonesia’s evolvin

Tags: CFX

Related

PENGU Eyes Another 70% Surge as Whale Accumulation and ETF Buzz Fuel Momentum

June 28, 2025

Pudgy Penguins (PENGU), the meme coin inspired by the popular NFT collection, has seen a dramatic price surge in the...

Pepe Coin Poised for 70% Rally as Large-Scale Investors Ramp Up Accumulation

June 26, 2025

Pepe Coin has faced renewed selling pressure as its price declined for the second consecutive day, reflecting waning momentum across...

XRP Price Swings: Will Geopolitical Turmoil Trigger a Surge or Slump?

June 25, 2025

The price of XRP is currently navigating a storm of geopolitical uncertainty, with its value swinging dramatically in response to...

Perplexity’s Comet: AI Browser Takes Flight on Windows

June 24, 2025

Perplexity is expanding the testing of its AI-powered browser, Comet, to select Windows users. This follows the initial beta release...

Bitcoin Could Soon Be Accepted as Mortgage Collateral in the U.S.

June 24, 2025

The U.S. Federal Housing Finance Agency (FHFA) is exploring the possibility of factoring cryptocurrency holdings such as Bitcoin into mortgage...

News

Blockchain

7 Best Cryptocurrency mining servers

May 30, 2025
Interesting

Gemini Powers Bitcoin Mining with Tesla Cybertruck

June 1, 2025
Mining

The 7 Best VPNs for Secure & Efficient Crypto Mining

June 8, 2025
Blockchain

Solo Bitcoin Miner Successfully Mines Block 899,826, Securing $330K in Rewards

June 5, 2025
Asset 1CryptoNow
Categories
  • AI
  • Blockchain
  • Business
  • Coins
  • Finance
  • Interesting
  • Market
  • Mining
  • News
  • Regulation
  • Reviews
  • Technology
Tags
AI AI Browser Altcoin Android Apple Binance Binance Coin Bitcoin blockchain BTC Chainlink ChatGPT Circle Coinbase Coindesk crypto Cryptocurrency Crypto exchange DOGE Dogecoin ETF ETH Ethereum Google Halving Memecoin Meta Mining Mobile OpenAI Pepecoin pi coin pi network reviews RIOT Ripple Samsung SHIB Shiba Shiba Inu Solana Stablecoin technology TON XRP
  • Newsletter
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Market
  • Coins
  • News
  • Mining
  • Technology
  • Blockchain

CryptoNow.