Indonesia Regulator Says Financial Firms Banned From Facilitating Crypto Sales

Indonesia's Financial Services Authority (OJK) on Tuesday warned that financial firms are not allowed to offer and facilitate sales of crypto assets amid a boom in crypto trading in Southeast Asia's largest economy. From a report: "OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading," the regulator said in a statement posted on Instagram. It warned that the value of crypto assets often fluctuates and that people buying into the digital assets should fully understand the risks. "Please beware of allegations of Ponzi scheme scams in crypto investments," it added, without elaborating. The warning follows similar concerns by the central banks of Thailand and Singapore.

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