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The Central Bank of Indonesia tightens forex trading platform rules

May 13 2019
By
Jonathan Smith ,

 

It seems that authorities in Indonesia have decided to tighten forex trading platform rules. According to a report from Reuters, the Central Bank of Indonesia (BI) will limit foreign forex brokers to less than 50%, and will also impose certain capital adequacy rules.

 

The executive director of financial market at BI said that the maximum foreign ownership for any company that provides electronic forex trading platforms will be set at 49 percent as of October 31, 2019. The official also stated that such firms have to operate as limited liability entities in the country, maintain minimum equity of 10 billion rupiahs (or around USD 700 000) and have a paid-up capital of at least 30 billion rupiahs when establishing the company.

 

As regards the existing trading platform providers, the central bank will apply a three-year transition period, to allow firms to comply with the new rules.

 

An emerging market in the South-East Asia, Indonesia has gained tremendous popularity among forex brokerages over the past decade. While the Bank Indonesia is mainly in charge of establishing and maintaining the overall financial stability in the country, the Commodities and Futures Trading Regulatory Agency (BAPPEBTI) is the single institution regulating various financial institutions, including forex brokers operating in the country. The Agency is under the direct supervision of the Ministry of Finance.

 

TAGS: Central Bank of Indonesia  Indonesia  forex brokers with foreign ownership  regulation 
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