6 Years Of Indonesia's Upbit: Focus On Increasing Literacy And Protection In Crypto Investors

JAKARTA - Upbit Indonesia, one of Indonesia's leading crypto asset trading platforms, has just celebrated an important achievement by holding media gatherings attended by journalists. This event marks the 6th anniversary of Indonesia's Upbit in the country, as well as a reflection of the contribution and development of the crypto industry in Indonesia.

Commitment to Crypto Quality

In the discussion session, Resna Raniadi, COO Upbit Indonesia, highlighted the importance of the quality of crypto assets listed on the platform. To date, there are 271 coins available on Upbit, the number chosen with the principle of prioritizing quality over quantity. To ensure quality, each coin to be listed is required to convey business and milestone projections that will be achieved within a certain period of time.

"If the milestone is not achieved, it is an indication that the project is not developing. We will provide an investment warning during the confirmation process to the developer, if there is no response or is deemed unsatisfactory, we will stop the transaction feature for the asset before the delisting process is carried out, while the withdrawal feature remains available so that users can withdraw their assets," said Resna, in a statement, Friday, December 6.

Upbit also emphasized the importance of checking the liquidity of each coin, ensuring that the asset has an ecosystem that supports sustainability, not just popularity.

Investor Literacy And Profile Development

In the last six years, the literacy rate of crypto investors in Indonesia has shown a significant increase. Resna noted that currently more than 50 percent of investors are starting to understand the assets they bought, compared to the previous one where most of them only followed the trend (fear of missing out or FOMO).

"In the past, the price of Bitcoin rose slightly, bought it immediately, but when it fell slightly, investors panicked immediately. Now, we see a change in mindset, especially in the stable IDR market even though the Bitcoin market fluctuates. This shows that investors have begun to understand asset diversification strategies," added Resna.

Profiles of crypto investors in Indonesia are also getting younger, along with the increasing participation of the millennial generation and Gen Z. To support better literacy, especially for young people, Upbit continues to hold various educational programs such as roadshows to campus and fully support the Crypto Literacy Month which is routinely held every year in collaboration with governments and associations.

Expectations For Faster Regulations

As a trading platform that always follows regulations, Upbit Indonesia supports stricter supervision of crypto assets in the market. However, Resna also hopes that the regulatory process can be faster and more adaptive.

"What happens in the field is the development of blockchain technology and digital assets very quickly, if it is not accompanied by adaptive regulations, it is unavoidable to lose traction in terms of business which will likely cause the Indonesian market to fall behind even though we have plus points in terms of demographics," said Resna.

Reflection On 6 Years And The Future Of Upbit Indonesia

Since its establishment in 2018, Upbit Indonesia has faced various challenges, ranging from market fluctuations to regulatory changes. However, Upbit managed to build user confidence by having recorded a total transaction volume of up to IDR 1.8 trillion in one month. This achievement reflects Upbit's commitment to providing the best service through innovation and platform security.

"This success is the result of the hard work of our team, support from Headquarter Upbit in South Korea, and the trust of loyal users. In the future, we will continue to adapt and innovate to support digital transformation in the digital asset-based financial industry," concluded Resna.