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Financial organizations are prohibited from aiding cryptocurrency sales in Indonesia

In the midst of a boom in crypto trading in Southeast Asia’s largest economy. Thats, Indonesia’s Financial Services Authority (OJK) issued a warning on Tuesday that financial firms are not authorized to sell. Then, and enable sales of cryptocurrency. In an Instagram post, the regulator said,
“OJK has strongly forbidden financial service institutions from using, marketing, or supporting crypto asset trading.”

People who buy cryptocurrencies should be aware of the hazards, according to the banking authority.

The Indonesian Financial Service Authority advised that the value of crypto assets changes a lot. Then, and that those who invest in them should be aware of the risks.

“Please beware of charges of cryptocurrency Ponzi scheme schemes,” it said, without going further detail. The warning comes after Thailand’s and Singapore’s central banks expressed similar concerns.

According to media reports using trade ministry data, cryptocurrency transactions in Indonesia would reach 859 trillion rupiahs ($59.83 billion) in 2021. That’s, up from 60 trillion rupiahs in 2020.

Indonesia enables crypto asset sales on the commodities market, and trading is regulated by the trade ministry and the Commodity Futures Trading Regulatory Agency rather than the OJK.

Binance intends to open a cryptocurrency exchange in Indonesia.

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks to build a crypto exchange with Indonesia’s wealthiest family, the Hartonos.

According to a Bloomberg article, Binance Holdings Ltd. is working on a crypto venture with PT Bank Central Asia (BCA), which is in control of wealthy twins Budi and Michael Hartonos, and PT Telkom Indonesia, Indonesia’s largest state-owned telecom provider.

The BCA may engage into the partnership through a distinct corporate company, and the partnership’s conditions may change before it is over. Then, If completed, it will be Binance’s second crypto business in Indonesia.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.