- In response to the emerging popular phenomenon of Non-Fungible Tokens ("NFT"), the Minister of Communication and Information Technology ("Minister") has reminded all platforms that offer NFT transactions to refrain from facilitating the distribution of any content that may potentially violate the applicable laws and regulations, most importantly in relation to personal data protection and intellectual property rights.
- Furthermore, the Minister has also instructed the relevant officials at the Ministry of Communication and Information Technology to ensure the adequate monitoring of all NFT transactions that are undertaken within Indonesia. The Ministry is also coordinating with the Indonesian Commodity Futures Trading Supervisory Agency (Kepala Badan Pengawas Perdagangan Berjangka Komoditi/BAPPEBTI), which is the body authorized to manage the trading of crypto-assets. The Minister has pledged to take proper action in coordination with relevant officials and other ministers as regards any use of NFT transaction platforms that violates the applicable laws and regulations. (KOMINFO)
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