Indonesia Financial News

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digital assets from being used to pay for goods and services from April 1, the market regulator said on Wednesday. The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country's financial stability and overall economy, the SEC said in a statement. Digital asset business operators that provide such services must comply with the new rules within 30 days from the effective date, it said.

The Bank of Thailand has said repeatedly that it does not support cryptocurrencies as payments.

Thailand’s market regulator announced that the use of digit assets to pay for goods and services would be banned from April 1, according to a report from Reuters.

Life gave crypto businessman Ilman Shazhaev lemons when he got stuck in Dubai in the wake of the COVID-19 lockdowns. However, like the old adage, he “made lemonades” by recognizing the opportunities in the country.

The crypto market cap stood at $1.58 trillion on Thursday after Russia ordered military action in Ukraine as against the $3 trillion mark scaled in November 2021. In terms of value, the fall in the global crypto market-cap is higher than the GDP of countries like Australia, Spain, Saudi Arabia, South Korea, Mexico, Turkey, Netherlands and Indonesia.

The majority of stablecoins are pegged to the US Dollar but there is a demand to create more coins with alternative denominations. That said, a few stablecoins are pegged to currencies like Singapore Dollar, Indonesian Rupiah or Euro. Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

Argentina’s government wants to reform the existing crypto tax laws – and ensure further compliance.

OpenSea, one of the most popular nonfungible token (NFT) marketplace, has rolled out an upgrade to its smart contract, a proactive measure to weed out inactive listings on the platform.

A fundamental trait of crypto is as an asset class that transcends jurisdictions. Yet, one of the key hubs driving adoption and innovation is Asia. Since the heady days of Korea’s Kimchi premium and Bitcoin (BTC) arbitrage opportunities, the region is playing a role in defining crypto’s development pathways and anchoring its future.

Major crypto exchanges originating from Asia as well as from the West have shown an increasing interest in the Asia-Pacific region. 

crypto exchanges and trading platforms have launched promotional campaigns to lure investors. These campaigns are aimed at attracting investors to support declining trading volumes amid steep fall and rising regulatory concerns. ETMarkets.com reached out to various exchanges seeking out information about their giveaways for the crypto users. Here is the complete information about offerings of all the exchanges:OKXThe second-largest crypto exchange in the world, OKX, is set to give away $3 million as a part of the Asia Lunar New Year promotion for participants from Asian countries.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Crypto-trading in Southeast Asia can range from commonplace to a religious crime. However, investors in Indonesia could soon trade cryptocurrencies – legally.

With skyrocketing interest in virtual assets, Indonesia’s Financial Services Authority (OJK) has barred financial institutions from facilitating crypto sales, reports confirmed.

Indonesia’s financial watchdog the Otoritas Jasa Keuangan (OJK) warned financial institutions in the country against offering or facilitating crypto-asset sales.

As major crypto industry players are intensifying efforts to access the Indonesian market, the country’s regulator Financial Services Authority (OJK) has reminded market participants that financial services companies are not allowed to offer and facilitate sales of cryptoassets.

In 2021, the number of global crypto holders has been estimated to have increased by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses already accepting cryptocurrencies as payment. India is currently in the lead with 100 million users, followed by the United States with 27 million users and Russia with 17 million users.

cryptocurrency market is known to go through volatile cycles of correction. This past week was one such deep correction with double-digit declines. From a technical perspective, the cryptocurrency market could be headed for a further dip. Bears are pretty active currently. Although it could seem to be a tight spot for several investors, it’s important to understand that true value creation happens during bear phases. Most of the top cryptos would be available at a discount currently. Investing in themes built around ideas could be a prudent approach forward. The largest cryptocurrency by market capitalisation, Bitcoin, climbed up in its market dominance. BTC dominance is now over 41% of the total crypto market cap of roughly $1.6 trillion.

Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. Both countries could join the growing ranks of nations that moved to outlaw digital assets, which already include China, Turkey, Iran and several other jurisdictions.

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has warned that the Federal Reserve (Fed)'s next interest rate hike could “throw cold water on nations with high levels of dollar debt” – and their recovery from the COVID-19 pandemic’s economic fallout.