Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has formed a dedicated committee to oversee the crypto sector, recognizing cryptocurrencies as commodities. This move aims to ensure compliance, operational integrity, and risk assessment in the crypto asset space.

The Crypto Asset Committee, operational since January, brings together representatives from Bappebti, government agencies, crypto exchanges, academia, and industry experts. This collaborative effort seeks to promote a comprehensive understanding of the crypto environment and reduce relevant risks.

Bappebti Chairman Kasan emphasized the committee's crucial role in ensuring the crypto asset industry operates smoothly and within the legal framework. The committee will analyze industry reports, maintain a centralized database, and evaluate crypto asset risks. It also has the authority to propose additions or removals from regulatory lists, reflecting a dynamic approach to market surveillance.

By leveraging diverse expertise and stakeholder participation, the committee aims to ensure market integrity and protect investors. Indonesia's regulatory measures, such as the establishment of the Crypto Asset Committee, demonstrate the importance of responsible oversight in the developing crypto world. As countries worldwide navigate the multi-trillion dollar crypto space, Indonesia is taking a proactive approach to balance innovation and regulatory compliance.