Aspakrindo-ABI Supports CoFTRA Regulations On Crypto Trader Permit Registration Limits

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) has just issued the CoFTRA Regulation (Perba) Number 8 of 2024 concerning Guidelines for Organizing the Physical Crypto Asset Market (Crypto Assets) on the Futures Exchange.

One of the important points of this regulation is the deadline for Candidates for Physical Crypto Asset Traders (CPFAK) to meet the requirements and obtain permits as valid Physical Crypto Asset Traders (PFAK), which is no later than October 16, 2024.

This step by CoFTRA then received full support from various parties, including from the Deputy Chairperson of the Association of Blockchain & Indonesian Crypto Asset Traders (Aspakrindo-ABI), Yudhono Rawis.

Because according to Yudho, this new regulation will help screen players who are serious and committed to complying with regulations, thus creating a more stable and secure market for all parties, as well as increasing the credibility of the country's crypto industry.

Yudho also again emphasized the importance of existence of clear and firm regulations in encouraging the growth of a healthy crypto industry.

Because strict regulations not only protect investors from potential risks that may arise from irresponsible practices, but also encourage innovation in the crypto sector.

"With high standards, only players have long-term vision and a strong commitment to transparency and compliance will survive in this industry," he continued.

Not to forget, Yudho, who is also the CEO of Tokocrypto, highlighted the importance of cooperation between regulators and industry players in ensuring that this regulation can be implemented effectively.

He himself admitted that the association is ready to become a strategic partner for CoFTRA in providing education and support to its members in order to meet the requirements set.

"We believe that with the synergy between regulators and industry, we can build a stronger and more sustainable crypto ecosystem," he said.