Indonesia Officially Becomes A FATF Member, What's The Effect For The Crypto Industry?

What are the advantages of Indonesia becoming a member of the Financial Action Task Force (photo: Pixabay)

JAKARTA - Indonesia has officially become the permanent member of the 40th Financial Action Task Force (FATF), an international forum that plays an active role in fighting money laundering and financing terrorism.

The President of the Republic of Indonesia, Joko Widodo said on Monday, November 6 that this FATF membership is important to increase positive perceptions of the Indonesian financial system.

What's The Effect For The Crypto Industry?

As a member of the FATF, Indonesia is obliged to apply international standards in preventing these crimes.

According to Tokocrypto CEO Yudhono Rawis, this has a positive impact on the crypto asset industry in Indonesia, considering that crypto assets are often a means of money laundering and/or terrorism financing.

"Indonesia's presence as a full member of the FATF creates a safer, more transparent, and trustworthy environment for investors and crypto asset business people," Yudho said in a statement received by VOI on Thursday, November 9.

With stricter regulations related to preventing money laundering and financing terrorism, Yudho believes that public and investors' trust in the crypto asset market in Indonesia will increase.

Yudho explained that this membership would encourage the Commodity Futures Trading Supervisory Agency (CoFTRA) to reaffirm risk mitigation measures and develop PPT APU work programs related to crypto asset trading.

"Intentionally supporting FATF, CoFTRA will be able to take precautions and take action against illegal activities involving crypto assets," he explained.

Yudho also emphasized that Tokocrypto will always comply with the rules set by CoFTRA and FATF in order to maintain the security and integrity of the crypto asset market.

"With good cooperation between industry players, CoFTRA, and FATF, it is hoped that it can create a more secure and reliable environment for trading crypto assets, so that the benefits can be felt by the wider community," he said.