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The Indonesian financial sector is going through extensive reform, which extends to the cryptocurrency sector.
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In the course of reforms, the trading oversight will be transferred to the Financial Services Authority.
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The Commodity Futures Trading Regulatory Agency, located in Indonesia, is responsible for controlling the trading of cryptocurrency.
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According to reports that the FSA will replace Bappebti when the cryptocurrency exchange launch in the course of this year.
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Bappebti's acting chairman, Did Noordiatmoko, announced that the FSA would oversee the supervision of cryptocurrency-related assets in the next two years.
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Bappebti is currently looking into additional assets of 151 and the ten (10) local currencies.
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As of now, 383 cryptos, as well as ten local currency coins, are currently being traded in Indonesia.
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The Indonesian cryptocurrency market is continuously expanding, with new investors pouring in cash despite the market's bearish outlook for 2022.