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<\/p>\nJerry Sambuaga, the deputy minister of Indonesia\u2019s Ministry of Trade, has proposed a rule that would require the leadership at the country\u2019s crypto exchanges to be more representative of its citizens.\u00a0<\/p>\n
In a Tuesday parliamentary meeting that included Indonesian regulatory officials, a letter submitted by Sambuaga suggested several policy changes in response to the \u201cinteresting year for the development of physical trading of crypto assets\u201d in the country. Among the proposed rules is a requirement for two-thirds of directors and commissioners at crypto firms to be \u201cIndonesian citizens and domiciled in Indonesia.\u201d <\/p>\n
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A Wednesday report from Bloomberg suggested that the proposed changes to the country\u2019s crypto policy may have been influenced by the legal battle involving Terra co-founder Do Kwon. The South Korean national left the country for Singapore in April and his current whereabouts are unknown at the time of publication, despite officials issuing a warrant for his arrest and Interpol reportedly placing Kwon on its Red Notice list.<\/p>\n
According to the report, Indonesia\u2019s Commodity Futures Trading Regulatory Agency acting head Didid Noordiatmoko said the rule aimed to stop leadership at crypto firms \u201cfrom fleeing the country if any problem arises.\u201d In addition to the citizen rule, Sambuaga proposed crypto firms have a minimum capital requirement of 100 billion rupiah \u2014 roughly $6.7 million at the time of publication \u2014 and user funds be stored in third-party financial institutions or futures clearing houses.<\/p>\n