Indonesia to tighten rules for crypto exchanges, ensure more local control

Indonesia to tighten rules for crypto exchanges, ensure more local control

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

Indonesia‘s trade ministry plans to issue a new rule governing crypto asset exchanges, requiring two-thirds of the board of directors and commissioners to be Indonesian citizens and reside in the country, a deputy minister said Tuesday.

The measure comes following financial issues faced by Southeast Asia-focused cryptocurrency exchange Zipmex, which temporarily prevented users from withdrawing funds.

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