Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.
Indonesia Plans to Tighten Crypto Regulation
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.
One of the new rules requires two-thirds of directors of crypto exchanges to be Indonesian citizens residing in the country. Didid Noordiatmoko, acting head of Bappebti, told parliament:
That way, at least we can prevent the top management from fleeing the country if any problem arises.
The new measure followed the financial trouble faced by Southeast Asia-focused crypto exchange Zipmex, which had to halt withdrawals.
Crypto exchanges will also be required to use a third party to store client funds. They will additionally be prohibited from re-investing stored crypto assets.
Deputy Minister of Trade Jerry Sambuaga told reporters after the parliamentary hearing:
We don’t want to give permits (to exchanges) carelessly, so only for those that meet the requirements and are credible.
He noted without giving a specific timeframe that Bappebti will issue the new rules soon.
Sambuaga also confirmed that the Indonesian government is still planning to launch a crypto asset bourse this year. The bourse launch has been delayed several times.
Indonesia allows the trading of crypto assets as commodities but does not recognize crypto as a payment instrument. In April, the Indonesian Directorate General of Taxes said it had set both income tax (PPh) on capital gains from crypto investments and value-added tax (VAT) on crypto purchases at 0.1%.
Crypto transactions in Indonesia increased 1,224% to 859.4 trillion rupiahs ($57.5 billion) in 2021 from 64.9 trillion rupiahs in 2020, according to Bappebti. In the first six months of this year, there were 15.1 million crypto users in Indonesia, transacting cryptocurrencies worth 212 trillion rupiahs.
What do you think about Indonesia’s new requirements for crypto exchanges? Let us know in the comments section below.
Source: Regulation Archives – Bitcoin News
Top 10 Cryptocurrencies to Buy before 2050
What are the top 10 cryptocurrencies to buy before 2050? Let’s take a look at it in more detail.
Cryptocurrencies such as Bitcoin or Ethereum are now dominating the financial world. More and more people are curious not only about making short-term money but also about making long-term investments over several years. In this case, what are the top 10 cryptocurrencies to buy before 2050? Let’s take a look at it in more detail.
What are cryptocurrencies?
Cryptocurrencies mean decentralized coins founded on blockchain technology. The decentralized coins can be exchanged and sold without being under the control of certain institutions.
Various cryptocurrencies have various functions and areas of application. Many can already be used as a means of payment. Others have a decentralized ecosystem behind them, which can be the cause of decentralized applications. Most major cryptocurrencies are investable as they grow in value over the long term.
Why blockchain is the future?
Blockchain technology is the logic behind the increasing popularity of cryptocurrencies. The blockchain permits cryptocurrencies to function thoroughly decentrally. No monetary institution has authority over the respective cryptocurrency. Also, the blockchain provides whole transparency and a high level of security. Scam or theft of cryptocurrencies is extremely difficult to implement.
Blockchain could be used in more and more areas of digital life in the future. Blockchain offers autonomy and freedom in the digital world. In theory, misuse of power and censorship cannot exist with the blockchain. Technology offers infinite possibilities. Decentralized financial services (DeFi) and non-fungible tokens (NFTs) are examples of the prospects of the blockchain.
How popular will cryptocurrencies be in the next five years?
Cryptocurrencies have obtained growing approval and popularity in recent years. In 2021, NFTs and DeFi came into the mainstream. The Metaverse also witnessed a lot of hype. Due to the tremendous price gains of Bitcoin, Ethereum, and the meme coins Dogecoin and Shiba Inu, more and more people outside the community are also becoming mindful of cryptocurrencies. The popularity could increase in the future, while the doubts become more and more baseless.
Top 10 Cryptocurrencies to Buy
Below we look at the top 10 cryptocurrencies that could remain relevant over the next 10 years and are presently arguably a good investment for the long term.
10. The Sandbox (SAND)
The origins of The Sandbox date back to 2011 when it was created as a rival to Minecraft. In 2018 the game was moved to the blockchain. The Sandbox is now one of the best-known blockchain games and could shape the future of the metaverse in the future.
9. Bitcoin Cash (BCH)
Bitcoin Cash a fork, also known as a hard fork, from the Bitcoin blockchain in 2017. The size of the blocks of the blockchain was raised to 8 MB. This could lead to higher scalability compared to the parent blockchain. Also, it reduces transaction fees. In some nations, BCH could soon be identified as a means of payment. Bitcoin Cash could remain an interesting investment in the future, not only because of the recognition value but various other interesting developments. You can find more information about BCH here.
8. Chainlink (LINK)— Chainlink (@chainlink)
Chainlink is a decentralized blockchain network, which was also created on Ethereum. It uses smart contracts to move data from the real world to the blockchain (tokenization). This operates via decentralized oracles created to transform off-chain data into on-chain data. Tokenization could become more and more important in the future. Thus, an investment in the LINK token is advised for the future.
7. Polygon (MATIC)
Polygon is a scaling solution for Ethereum. It seeks to solve the blockchain trilemma after it is challenging to simultaneously execute the properties of scalability, security, and decentralization for a blockchain. Polygon utilizes the modern proof-of-stake consensus mechanism and side chains to improve scalability. As a partner of Ethereum, Polygon could remain a relevant project for the next few years.
6. Avalanche (AVAX)
Speaking of scalability, we also need to talk about the Avalanche. Although Avalanche also utilizes Proof-of-Stake, the transaction speeds are much higher than Ethereum. For example, Avalanche can process up to 4,500 transactions per second. The network is suitable for NFTs and decentralized gaming. Avalanche could play a big role in the future.
5. Solana (SOL)— BEN SPARANG◎ (@bennybitcoins)
Solana is one of the speediest cryptocurrencies on the market. It utilizes its own proof-of-history consensus mechanism. This allows Solana to accomplish transaction speeds of up to 50,000 transactions per second. Solana is particularly popular in the NFT area. Solana seems to be worth investing in for the next 25 years.
4.Terra Luna Classic— Terra Powered by LUNA (@terra_money)
The Terra project received a lot of attention in early 2022. Terra can utilize algorithms to keep the value of stablecoins stable. This ability makes Terra one of the most interesting blockchain projects on the market. Particularly in the DeFi area, Terra is becoming more and more significant. It is worth investing in the LUNA token in the coming years.
3. Cardano (ADA)
The Cardano blockchain is technically on a different level than many other blockchains. Cardano will be further extended based on proof. The Cardano Foundation uses scientists to systematically design the blockchain. After the introduction of smart contract functions, Cardano is presently working on massively increasing scalability. Cardano could be one of the top 10 cryptocurrencies for the next 25 years.
2. Ethereum (ETH)
Ethereum was the first blockchain to utilize smart contract functionality. This makes the network a leader in decentralized applications. The majority of developers continue to utilize the Ethereum blockchain as the foundation for their applications. It is a leader in DeFi and NFTs. Ethereum just completed its transformation to Proof of Stake. ETH is one of the top 10 cryptocurrencies.
1. Bitcoin (BTC)
The original also stays at the top of the top 10 cryptocurrencies for the next many years. Bitcoin has changed into an investment entity and a store of value that could not be missing from any investment portfolio. In the future, Bitcoin could also become the authorized currency in many countries.
Source: metaverse Archives - CryptoTicker