Indonesia sets standards for cryptocurrency futures trading
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Indonesian Commodity Futures Trading Regulatory Agency has recognized cryptocurrencies as a commodity that can be traded on futures exchanges and approved new operating rules.
According to the accepted norms, in order for trading floors and clearing houses to work with derivatives virtual currencies, their paid-in capital must be at least 1.5 trillion local rupees ($ 106 million), and the final balance should not be less than 1.2 trillion rupees ($ 85 million).
They are also required to have reliable information security systems, and the staff must have at least three certified specialists in this area. Additionally, it is necessary to obtain an opinion on the risk assessment, including the existence of AML / CFT mechanisms.
The new rules also affect resellers and storage service providers cryptocurrencies, which must have more than $ 71 million of paid-up capital and keep the final balance above $ 57 million.
The regulator clarified that the rules do not apply to ICOs and virtual currencies, which still cannot be used as legal tender.
Many were unhappy with the innovation, arguing that the rules would hinder the development of the young market. Since the barriers are too high, which several times higher than the requirements for trading futures on traditional assets or opening a local bank.
Recall that recently Venezuela began to control the turnover of cryptocurrency.
text: Ivan Malichenko, photo: bitcoinsupports