Indonesia is set to release new regulations to tighten regulation of crypto-exchanges. The revised regulatory framework requires that two-thirds (or more) of crypto exchange directors must be Indonesian citizens who reside in Indonesia.
Indonesia plans to tighten crypto regulation
Officials from Indonesia's Ministry of Trade and Commodity Futures Trading Regulatory Agency, (Bappebti), said Tuesday that they are preparing new regulations to tighten regulation of crypto exchanges.
Two-thirds must be Indonesian citizens who reside in Indonesia to serve as directors of crypto exchanges. Didid Noordiatmoko was the acting head of Bappebti.
This way, we can at least prevent top management fleeing the country in the event of a problem.
This new measure was taken in response to the financial difficulties faced by Zipmex, a crypto exchange that focuses on Southeast Asia. It had to stop withdrawals.
Additionally, crypto exchanges will be required to use third parties to store client funds. Additionally, they will be forbidden from investing in crypto assets that have been stored.
After the parliamentary hearing, Jerry Sambuaga, Deputy Minister of Commerce, told reporters:
We do not want to issue permits (to exchanges), so we will only give permissions to those who meet the requirements and are credible.
Without stating a time frame, he said that Bappebti would soon issue the new rules.
Sambuaga confirmed that the Indonesian government still plans to launch a crypto asset exchange this year. The launch of the bourse has been repeatedly delayed.
Although Indonesia allows crypto assets to be traded as commodities, it does not recognize crypto payments as an instrument of payment. The Indonesian Directorate General of Taxes stated in April that it had established both income tax (PPh), on crypto capital gains, and value-added taxes (VAT) for crypto purchases at 0.1%.
According to Bappebti, crypto transactions in Indonesia increased 1,224% from 64.9 trillion to 859.4 trillion rupees ($57.5 billion) by 2020 to 1,224% at 859.4 trillion rupees ($57.5 million) in 2021. Bappebti reports that 15.1 million people used crypto to transact cryptocurrencies in Indonesia over the first six months. This is a total of 212 trillion rupees.
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Frequently Asked Questions
How does a gold IRA work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
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Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
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There are many benefits to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You decide how much money is put in each account and when it is withdrawn.
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A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads. Example. And Risk Metrics
How to hold physical gold in an IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. There is always the chance of them losing their money due to fluctuations of the gold price.
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By: Kevin Helms
Title: Indonesia to Tighten Crypto Regulation With Stricter Rules for Exchanges
Sourced From: news.bitcoin.com/indonesia-to-tighten-crypto-regulation-with-stricter-rules-for-exchanges/
Published Date: Fri, 23 Sep 2022 03:30:34 +0000