Tightening Monitoring Of Crypto Asset Trading, CoFTRA: Only 229 Registered And Can Be Traded

Illustration. (Photo: Doc. Antara/Reuters)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade (Kemendag) ensures that any type of crypto assets that do not comply with CoFTRA regulations cannot be traded in Indonesia. To that end, CoFTRA continues to tighten the supervision of crypto asset trading.

"So that it can provide legal certainty so that people who invest get clear and legal information on every crypto asset being traded," said Acting Head of CoFTRA, Indrasari Wisnu Wardhana, quoted by Antara, Sunday, February 13.

Currently, said Wisnu, CoFTRA has determined 229 types of crypto assets that can be traded on the physical crypto asset market so that crypto asset traders can only trade crypto assets that have been determined by the Head of CoFTRA.

Wisnu explained that new crypto assets to be traded must first be registered with CoFTRA through prospective physical crypto asset traders who have already been registered. After that, an assessment will be carried out based on the rules that have been set.

The determination of crypto assets is carried out through the Analytical Hierarchy Process (AHP) assessment method and has several criteria.

CoFTRA has issued CoFTRA Regulation Number 8 of 2021 which states the conditions for crypto assets that can be traded on the Crypto Asset Physical Market. Crypto assets that can be traded domestically refer to CoFTRA Regulation Number 7 of 2020 concerning the Establishment of a List of Crypto Assets that can be Traded in the Physical Crypto Asset Market.

For this reason, crypto assets that have not been registered with CoFTRA, cannot be traded in Indonesia.

"It is hoped that the public can invest in coins or other types of crypto assets that have been stipulated in the CoFTRA Regulations," said Wisnu.

Regarding Indonesian crypto assets made by the nation's children, in principle, Wisnu sees this as a positive thing. As long as it complies with the applicable rules and regulations, domestically made crypto assets can be traded.

However, Wisnu appealed to the public to understand the mechanisms and risks before deciding to invest in crypto assets.

"The public must also ensure the types of crypto assets that have been legally determined by CoFTRA and are confirmed to be traded with prospective physical crypto asset traders who already have a registration certificate from CoFTRA," said Wisnu.

CoFTRA sees that the future of crypto assets made in Indonesia is quite bright. The potential and innovation of the nation's children as well as the market potential in Indonesia is very large and continues to grow. In recent years, several Crypto Assets made by the nation's children have been marketed in several global markets, and some have been registered in CoFTRA Regulation Number 7 of 2020.