Majority of leaders of crypto exchanges should be made up of citizens, say Indonesian regulators

Officials from Indonesia's commodity futures trading regulatory agency may implement a rule that two-thirds of administrators and commissioners of crypto companies should be citizens.

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Jerry Sambuaga, Deputy Minister of Indonesia's Ministry of Commerce, has proposed a rule that would require the leaders of the country's crypto exchanges to be more representative of its citizens.

At a parliamentary meeting on Tuesday that included Indonesian regulators, a letter submitted by Sambuaga suggested several policy changes in response to the “interesting year for the development of physical trading of crypto assets” in the country. Among the proposed rules is a requirement that two-thirds of directors and commissioners of crypto firms be "Indonesian citizens and domiciled in Indonesia".

Proposed Indonesian Crypto Commodity Futures Regulatory Agency Changes. Source: YouTube

A Bloomberg report on Wednesday suggested that proposed changes to the country's 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 press time, although officials have issued a warrant for his arrest and Interpol have reportedly placed Kwon on its list of red notices.

According to the report, Didid Noordiatmoko, acting director of Indonesia's commodity futures trading regulatory agency, said the rule was intended to prevent crypto firm executives "from fleeing the country in the event of problem". In addition to the citizen rule, Sambuaga proposed that crypto companies have a mi...