Indonesia set the norms of trade in cryptocurrency futures

The Indonesian Trade Management Agency Commodity Futures recognized cryptocurrency in goods, which can be sold on futures exchanges and approved new rules of work.

According to the adopted standards, in order for trading platforms and clearing chambers to work with virtual currency derivatives, their paid capital should be at least 1.5 trillion of local rupes ($ 106 million), and the total amount of the balance sheet should not be below 1.2 trillion rupees ($ 85 million).

They are also required to have reliable information security systems, and in the state should be listed at least three certified specialists in this area. Additionally, it is necessary to obtain a conclusion on risk assessment, including the presence of UN / CFT mechanisms.

New rules also affect the mediators and suppliers of cryptocurrency storage services, which must have more than $ 71 million paid capital and keep the final balance above $ 57 million.

The regulator specified that the rules do not apply to ICO and virtual currencies that still cannot be used as a legitimate payment.

Many have remained unhappy with the innovation, arguing that the rules will prevent the development of the young market. Since too high barriers are installed, which are several times higher than the requirements for trading futures for traditional assets or opening of the local bank.

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