A new Indonesian law transfers cryptocurrency regulation from commodities watchdog CoFTRA to the Financial Services Authority (OJK), signaling a shift in the way the country regulates the crypto industry and acknowledging that cryptocurrencies are more than just assets, CoinDesk reported. trade. Asih Karnengsih, chairman of the Indonesian Blockchain Trade Association, said the shift means that crypto assets may be treated similarly to securities and apply a series of securities-related requirements and restrictions in their issuance, sales, marketing and mutual funds. Jay Jayawijayaningtiyas, country manager at crypto exchange Luno Indonesia, said the government said the regulatory shift would take two years, adding that it was too early to speculate on how the new authorities would regulate the assets. Indonesia plans to establish a cryptocurrency exchange this year and then transfer oversight of such assets from the Commodity Futures Trading Authority to the Financial Services Authority, Bloomberg previously reported.