CFX Supports The Growth Of An Integrated Crypto Industry In Indonesia

JAKARTA - PT Central Financial X (CFX) conveyed its commitment to support the growth of a quality and integrity crypto asset industry.

CFX President Director Subani said, to realize sustainable growth in the crypto asset industry, CFX always prioritizes strict security and verification standards including the comprehensive procedures of Know Your Customer (KYC) and Anti Money Laundering (AML) for crypto asset traders.

"We proactively cooperate with regulators and law enforcement agencies to prevent the misuse of crypto assets for illegal activities in Indonesia. Moreover, the crypto asset trading ecosystem is now complete, as a Self Regulatory Organization (SRO), so the presence of CFX, PT Kliring Komoditi Indonesia (KKI) and PT Kustodian Coin Indonesia (ICC) is very important in this case because they can add security and confidence level to all crypto asset users," Subani said as quoted by ANTARA, Sunday, February 23.

Therefore, Subani said that CFX continues to be fully committed to compliance and transparency in the crypto asset industry.

As is known, CFX became the first crypto exchange to be licensed and supervised by the Financial Services Authority (OJK) committed to supporting the growth of quality and integrity industries.

To date, there are 31 crypto asset trading platforms listed on CFX.

Subani said that rapid industrial growth must also be in line with the increasing literacy ability of the public towards crypto assets as an attractive investment option.

Based on a report from cryptodeterminacy.org in 2024, currently the level of crypto asset literacy is still at a minimal figure, namely 31.8 percent of people who understand the basic principles of investing in crypto assets.

The growth of the crypto asset industry in Indonesia is on the right track and CFX does not stop boosting educational and literacy programs like what took place this February through the Crypto Literacy Month. For 2025, CFX hopes that the Indonesian people will be more literate in investing in crypto assets considering the positive trend that has been going on throughout 2024," he explained.

Based on data from the Commodity Futures Trading Supervisory Agency (CoFTRA), the value of crypto asset transactions rose 335 percent on an annual basis (year on year/yoy) to Rp650.61 trillion as of December 2024. Meanwhile, the number of crypto asset customers has also reached 22.91 million subscribers.

The volume of crypto asset transactions in 2024 has grown more than four times compared to 2023. Therefore, this year we expect the volume of transactions this year to be even better and has the potential to continue to increase along with the new products of crypto derivatives that have been active towards the end of last year, "explained Subani.

Furthermore, he added, CFX invites all crypto asset users in Indonesia to always make crypto asset transactions through platforms registered and supervised by OJK and who have become members of CFX.

"The hope is that by transacting on 16 crypto asset trading platforms that have licenses as Digital Financial Asset Traders (PADK) from the OJK and those registered as CFX members, consumers will avoid the threat of investment fraud from illegal crypto trading platforms," explained Subani.