Legitimate! Indonesia Now Has A Crypto Exchange

Crypto illustration (photo: dock. Unsplash)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade has officially established a crypto exchange as a Crypto Asset Futures Exchange to PT Bursa Komoditi Nusantara.

Head of the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade Did Noordiatmoko conveyed that the establishment of this crypto exchange was through the Decree of the Head of CoFTRA Number 01/BAPPEBTI/SP-BBAK/07/2023 dated July 17, 2023 concerning Approval as a Crypto Asset Futures Exchange.

In addition, CoFTRA also issued the Decree of the Head of CoFTRA Number 01/BAPPEBTI/SP-LKBAK/07/2023 dated July 17, 2023 concerning Approval as a Futures Clearing Institution for Guarantee and Settlement of Physical Market Trading of Crypto Assets to PT Kliring Berjangka Indonesia.

Another thing that is also regulated by CoFTRA is the Manager of Crypto Asset Storage Places through the Decree of the Head of CoFTRA Number 01/BAPPEBTI/SP-PTPAK/07/2023 dated July 20, 2023 concerning Approval as Manager of Crypto Asset Storage Places to PT Tennet Depository Indonesia.

"The establishment of the stock exchange, clearing, and manager of the crypto asset storage as evidence that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to ensure legal certainty and prioritize protection for the public as customers," he said in an official statement, Friday, July 21.

Furthermore, Didid explained, the formation carried out during the transition period of the Financial Sector Development and Strengthening Law (UU P2SK) was focused on keeping the Indonesian crypto industry running and well maintained, and being able to contribute to the economy through state revenues.

The approval as an exchange, clearing, and manager of the crypto asset storage area refers to the CoFTRA Regulation Number 2 of 2019 concerning the Implementation of the Commodity Physical Market on the Futures Exchange as amended by the CoFTRA Regulation Number 10 of 2019 and the CoFTRA Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Market Trading of Crypto Assets (Crypto Assets) on the Futures Exchange as amended by the CoFTRA Regulation Number 13 of 2022.

Didid explained that in developing and strengthening the stock exchange, clearing, and management of crypto assets, CoFTRA does not work alone. CoFTRA requires collaboration from related ministries/agencies, especially the Financial Services Authority (OJK), Bank Indonesia (BI) and the Ministry of Finance as well as the wider community.

In the future, continued Didid, this crypto industry and trading can continue to be developed and adapted to the needs of the community and industry.

'Physical trading of crypto assets contains quite a high risk. As a nature, the value of crypto assets can increase or decrease very drastically in a very fast time. For this reason, a good understanding is needed in society, including the benefits, potential, and risks of trading crypto assets," he said.