JAKARTA - The Commodity Futures Trading Regulatory Agency (CoFTRA) admits that it has not succeeded in building a crypto exchange according to the 2022 target. There are various reasons that made CoFTRA fail to build a crypto exchange.
Acting (Plt) Head of CoFTRA Didid Noordiatmoko said, throughout 2022, CoFTRA has established governance of crypto asset regulatory systems.
Starting from exchanges, custodians, clearing institutions, asset trading, and customers.
However, said Didid, until the end of 2022 the crypto exchange that was stolen immediately was not realized.
"This is a big record for us. Even though at the end of last year this was Bappebti's promise to make it happen in 2022. I have to admit that this is one of the failures of CoFTRA to build crypto-asset exchanges, clearing and custodial management," he said at a press conference, Wednesday, December 4.
Didid said, one of the main obstacles faced by CoFTRA in building crypto exchanges is the difficulty of finding good crypto exchange comparisons.
Meanwhile, Didid continued, the government wants Keto's asset institutions in Indonesia to run well and not face problems when crypto is growing rapidly.
"The problem is that we have difficulty finding benchmarking. Which countries already have good crypto exchanges. We have difficulty finding benchmarking with Indonesia. So this makes delays," he said.
Didid also admitted that the delay in establishing crypto exchanges made it difficult for Bappeti when there were problems in both physical and customer trades.
When there is a problem on both parties it is the responsibility of CoFTRA. So the risk of CoFTRA cannot be shared with others. If the exchange, the custodial, clearing has been built, we can share that risk," he explained.
Given the importance of the existence of crypto institutions, Didid said that his party would seek crypto exchanges and custodials, clearing could be completed this year.
Didid said, the target is also planned to be stated in a Government Regulation (PP) which regulates the transition period for crypto surveillance from Bappeti to OJK for the next two years.
The PP is currently being drafted and must be complete in the next six months because it is the mandate of the Draft Law on the Development and Strengthening of the Financial Services Sector (RUU P2SK).
"We are trying to finish this stock exchange as soon as possible. Because if not, Bappenti will bear this risk alone and not good for us," he explained.
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