JAKARTA, June 4 (Xinhua) -- Indonesian lawmakers on Thursday passed a regulation granting the Financial Services Authority (OJK) authority to regulate and supervise the country's strategic minerals and commodities exchange.
The new authority will be carried out through the establishment of a chief executive position for supervision of the strategic minerals and commodities exchange within the OJK's Board of Commissioners.
"The strategic minerals and commodities exchange is regulated to support the development of strategic industries, which will help enhance the global competitiveness of strategic mineral and commodity trade, contributing to state revenues, the economy and national security," OJK Chairman Mahendra Siregar told parliament.
According to House Commission XI Chairman Misbakhun, deliberations on the Financial Sector Development and Strengthening Bill were extensive due to the need to accommodate various interests.
Other provisions include the expansion of banking business activities, cryptocurrency regulation, the demutualization of the Indonesia Stock Exchange, the issuance of Danantara bonds, and the establishment of a task force to combat illegal online lending and online gambling.
