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Indonesian regulators recommend that the majority of cryptocurrency exchange management be made up of natives

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News Tech: The deputy minister for trade in Indonesia, Jerry Sambuaga, has suggested a rule that would mandate greater citizen representation in the leadership of the nation’s cryptocurrency exchanges.

According to a report published by Bloomberg on Wednesday, the legal dispute involving Terra co-founder Do Kwon may have had an impact on the planned modifications to the nation’s cryptocurrency laws. Although authorities issued a warrant for his arrest and Interpol reportedly placed Kwon on its Red Notice list, the South Korean national departed the nation for Singapore in April and his present whereabouts are unknown as of the time of writing.

In reaction to the “interesting year for the development of physical trading of crypto assets” in the nation, Sambuaga submitted a letter to the legislative meeting on Tuesday that included Indonesian regulatory officials, suggesting several policy reforms. One of the proposed regulations states that “Indonesian residents and domiciled in Indonesia” must make up at least two-thirds of the directors and commissioners of crypto businesses.

Didid Noordiatmoko, the interim head of Indonesia’s Commodity Futures Trading Regulatory Agency, was quoted as saying that the restriction was intended to prevent executives at cryptocurrency firms “from fleeing the country if any difficulty occurs.” Sambuaga also suggested that crypto companies have a minimum capital requirement of 100 billion rupiah, or about $6.7 million at the time of publication, and that user funds be kept in third-party financial institutions or futures clearing houses. These proposals are in addition to the citizen rule.

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