Indonesia's Regulator Warns Financial Firms Against Offering Crypto Sales: Report

Indonesia's Regulator Warns Financial Firms Against Offering Crypto Sales: Report
Indonesia’s Financial Services Authority (OJK) warned firms against offering sales of crypto, according to a Reuters report Tuesday, though trading is legal in the country.Financial institutions are strictly prohibited from “using, marketing, and/or facilitating crypto asset trading,” the OJK said in an Instagram post, according to Reuters. “Please beware of allegations of Ponzi scheme scams in crypto investments.”Trading of crypto is permitted in Indonesia and is regulated by the Commodity Futures Trading Regulatory Agency. It is estimated that as many as 7.4 million Indonesians were invested in crypto as of July last year, double the number of a year earlier.“Crypto…