A new regulation governing crypto asset exchanges will be issued by Indonesia’s trade ministry, deputy trade minister Jerry Sambuaga told reporters on Tuesday. The new regulation would mandate that two-thirds of the board of directors and commissioners be Indonesian residents and reside in the nation. The action was taken in response to the cryptocurrency exchange Zipmex in Southeast Asia experiencing financial difficulties that momentarily stopped consumers from withdrawing money. According to a document released by the government, it will also forbid exchanges from reinvesting held crypto assets and mandate that an exchange employ a third party to keep customer cash.
