The fact that you are minors and sex is forbidden in your country until 20 (as noted by this source on consent around the world) means that there can be real consequences, such as being charged with prosecution for or being charged with statutory rape or the equivalent local law. Ages of consent around the world range widely from 11 in Nigeria to 21 in Bahrain, with the second-highest age of consent being South Korea. This means that there may be a struggle for you and your boyfriend when it comes to dealing with feelings of sexual urges. They are for the most part natural, and at 16 there is a normal surge, which is why the majority of other countries have an age of consent between 16 and 18.
The key to dealing with this is to continue talking about what is happening between the two of you and managing the feelings, frustration, and advantages that can come from waiting. Only through this ongoing way of having a dialogue can you continue to develop your relationship while deciding how you want to handle these urges.