The Financial Services Authority (OJK) in Indonesia has warned financial institutions in the country, reminding them that they are not allowed to act as an intermediary in the trading of cryptocurrencies.
In the post made by OJK, which regulates Indonesia’s financial markets, “The OJK is prohibited from advertising and/or mediating the trading of crypto assets by financial service providers.” expression was used.
The Financial Services Authority also said that cryptocurrencies “it can rise and fall” He warned investors about the risks of trading in this market.
In the same post, “Watch out for dubious pyramid schemes scamming crypto investments.” statement was included.
Indonesia, the largest economy in Southeast Asia, is among the countries where the cryptocurrency market is growing rapidly. According to local news sources, the total value of crypto transactions made in the country during 2021 has increased to 859 trillion rupees ($59.8 billion), compared to the 60 trillion rupees recorded the previous year.
Citizens in Indonesia can buy and sell cryptocurrencies under the control of the ministry of commerce and the Commodity Futures Trading Regulatory Authority.
An exchange called the Digital Futures Contracts Exchange is being established in the country specifically for digital assets, under the supervision of the ministry. Officials expect the exchange to be ready before the end of the first quarter of this year.