The Commodity Futures Trading Regulatory Agency, the Indonesian government agency known as Bappebti whose responsibilities include overseeing cryptocurrencies, formed a dedicated committee to monitor the industry.

The Crypto Asset Committee was established under regulations enacted in January. Crypto falls under Bappebti's jurisdiction because crypto is considered a commodity in Indonesia.

"This committee will be a driving force, ensuring that the crypto asset industry continues to operate smoothly and remains within the applicable legal framework," Kasan, the head of Bappebti, said during the BLK 2024 opening event in Jakarta on May 2. "Therefore, optimizing the role of the Crypto Asset Committee should be a key focus in implementing the current crypto asset ecosystem."

The Crypto Asset Committee has representatives from Bappebti, various government ministries, crypto bourses, clearing institutions, associations, academics and relevant practitioners. The committee will analyze industry reports, manage a central database, assess crypto asset risks and have the authority to propose adding or removing assets from the list.