Regulators in Indonesia are introducing a new rule requiring domestic cryptocurrency exchanges to be mostly led by its citizens, according to a Bloomberg report.

The rule would require at least two-thirds of directors and commissioners on crypto trading platforms to be Indonesians residing in the country, officials from the country's trade ministry and commodity futures trading regulatory agency said at a parliamentary hearing in Jakarta.lThat way, at least we can stop them from fleeing the country if any problem arises,r Didid Noordiatmoko, the agencyrs acting head , said, according to the report.Noordiatmoko didnrt say when the revised regulation would be issued, but said revisions will be made to Indonesia's existing guidelines for operating crypto exchanges.The regulator's comments follow an effort by South Korea to hunt down Terra co-founder Do Kwon. The country had issued an arrest warrant for Kwon on charges of fraud, four months after Kwon's $40 billion Terra network collapsed.Additional revisions to the rules in Indonesia include gradually doubling the minimum capital requirement for crypto exchanges to 100 billion rupiah ($6.7 million) in line with their growth, banning exchanges from reinvesting crypto assets and storing users' money in third-party bank accounts, according to Deputy Trade Minister Jerry Sambuaga.

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