Indonesia bans financial firms from crypto sales

Financial firms in Indonesia are not allowed to offer and facilitate sales of crypto assets in the country, the Financial Services Authority (OJK) has warned. In a statement posted on Instagram, the country’s financial regulator said it has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading. The warning comes as crypto trading in Indonesia is booming, with a growing number of people buying into the digital assets. Last year, crypto-assets transactions reached IDR859tr (USD60m), up from just IDR60tr a year earlier. Indonesia only allows sales of crypto assets in the commodities exchange. The OJK’s warning followed similar concerns by the central banks of Thailand and Singapore.