Indonesian regulator bans financial firms from facilitating sales of crypto assets

Asian Tech Press (Jan 25) -- Indonesia's Financial Services Authority (OJK) said Tuesday it bans financial firms from offer and facilitating sales of cryptocurrency assets.

In a statement posted on Instagram, the regulator said, "OJK explicitly prohibits financial services institutions from using, selling and/or facilitating the trading of crypto assets."

OJK's post on Instagram.

The regulator also warned that investors should beware of cryptocurrency investments that are suspected of being a Ponzi scheme.

With a booming cryptocurrency market, Indonesia, Southeast Asia's largest country, officially allowed crypto assets to be traded in the commodities exchange in June 2018.

In addition, the regulator said that the OJK does not monitor cryptocurrencies and that oversight of crypto assets trading is conducted by the Commodity Futures Trading Regulatory Agency (BAPPEBTI) and the Ministry of Trade.

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