Who is the regulatory authority in Indonesia?

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 Indonesia?

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 Indonesia?

When providing crypto asset transfer services, PII requirements differ based upon transaction amount as follows:

For transfers of crypto assets equal to or exceeding the equivalent of USD 1,000.00 in Rupiah, the information obtained must include:

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Are there differences in customer PII requirements for cross-border transfers versus transfers within Indonesia?

No, there are no differences in customer PII requirements for cross-border transfers in Indonesia.

What are the non-custodial or self-hosted wallet requirements in Indonesia?

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.

Article 37

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.

- Identification and verification referred to in paragraph (2) letter b, are carried out by applying the travel rule principles.

Withdrawals can only be authorized 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.

Why choose Notabene for crypto Travel Rule Compliance in Indonesia?

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