REGULATIONS

Crypto Travel Rule Regulations in

Indonesia

by

Bappebti

🇮🇩
Travel Rule required from
Travel Rule regulation still pending
April 29, 2022
Content last updated

Who is the regulatory authority in [country]?

The Head of Bappebti conducts direct and indirect supervision over the activities of the Physical Market of Crypto Assets, including the Futures Exchange, Clearing Institution, Physical Crypto Asset Traders, and Crypto Asset Storage Managers.

What is the minimum threshold for the Crypto Travel Rule in [country]?

In Indonesia Travel Rule information transmission is required regardless of transaction amount, but a wider scope of information is required for transactions equal to or exceeding the equivalent of USD 1,000.00 in Rupiah. 

What personally identifiable information must VASPs collect and share for the Crypto Travel Rule in [country]?

When providing crypto asset transfer services, physical crypto asset traders must apply travel rule principles as follows:
a. For transfers of crypto assets equal to or exceeding the equivalent of USD 1,000.00 in Rupiah, the information obtained must include:
1. For the sender:
a) Sender's name;
b) Sender's wallet address;
c) Identification Card (KTP) for Indonesian citizens, or passport and identity card issued by the origin country (KITAP) or Limited Stay Permit Card (KITAS) for foreign citizens;
d) Sender's address; and
e) Sender's place and date of birth.
2. For the recipient, in case the recipient or wallet address includes a cold wallet or a wallet outside the physical crypto asset trader, the information must include:
a) Recipient's name;
b) Recipient's wallet address; and
c) Recipient's address.
b. For transfers of crypto assets less than the equivalent of USD 1,000.00 in Rupiah, the information obtained must include:
1. Sender's name;
2. Sender's wallet address;
3. Recipient's name; and
4. Recipient's wallet address.

Are there differences in customer PII requirements for cross-border transfers versus transfers within [country]?

No

What are the non-custodial or self-hosted wallet requirements in [country]?


Although the guidelines do not specify the rules applicable to transactions with self-hosted wallets, Article 37 discusses the conditions under which customers can withdraw their crypto assets from physical crypto asset traders. Withdrawals can only be authorised if:

  1. The identity of the withdrawer, the recipient, or the recipient's wallet is the same as the identity of the Crypto Asset Customer verified by the Physical Crypto Asset Trader; or
  2. If the identity or recipient wallet is not the same as the identity of the Crypto Asset Customer, the recipient's identity and/or wallet must be clear, registered, and previously verified by the Physical Crypto Asset Trader.

This may entail that, in withdrawals to self-hosted wallets, Physical Crypto Asset Trader should verify that the wallet is owned/controlled by their customer, or otherwise verify the identity of the third-party beneficiary. 


Article 37

  1. (…)
  2. Withdrawal of Crypto Assets by Crypto Asset Customers can only be done if:
    a. The identity of the withdrawer, the recipient, or the recipient's wallet is the same as the identity of the Crypto Asset Customer listed in the Crypto Asset Customer account opening application at the Physical Crypto Asset Trader; or
    b. If the identity or recipient wallet is not the same as the identity of the Crypto Asset Customer, the recipient's identity and/or wallet must be clear, registered, and previously verified by the Physical Crypto Asset Trader.
  3. Identification and verification referred to in paragraph (2) letter b, are carried out by applying the travel rule principles.

Why choose Notabene for crypto Travel Rule Compliance in [country]?

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References

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  • Industry’s only escrowed exchange of encrypted PII
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