Crypto Exchange, CPFAK, Association Welcomes The Presence Of Indonesian Commodity Clearing And Indonesia Coin Custodian

Illustration. (Photo: Unsplash)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) some time ago approved the operation for two institutions, namely, PT Kliring Komoditi Indonesia (KKI) as an Institute for Guarantee and Completion of Physical Market Trading of Crypto Assets and PT Kustodian Coin Indonesia (ICC) as a Crypto Asset Storage Place Management Agency. The presence of these two institutions further strengthens the Self-Regulatory Organizations (SRO) which consists of the Exchange, Clearing Institutions, and Crypto Asset Storage Institutions.

"We see that the Prospective Physical Traders of Crypto Assets (CPFAK) respond positively to the presence of these two institutions which further reinforce the government's commitment in terms of certainty of regulations and real protection for crypto investors in Indonesia. We hope that CPFAK can immediately coordinate further to be able to enter the crypto exchange ecosystem that has been established by the government," said President Director of the Subani Commodity Future Exchange (CFX), in a written statement, Wednesday, January 31.

Based on data from the Commodity Future Exchange (CFX), as of January 2024, there are 32 Exchange Member Candidates consisting of 29 CPFAK and 3 Non-CPFAK who registered in 2023. In addition, the government through Perba No.8 Article 42 paragraph 1 which reads, CPFAK which already has a list of candidates for Physical Crypto Asset Traders (PFAK) is required to apply for approval as PFAK to CoFebti no later than one month after the Futures Exchange and Futures Clearing Institutions received approval from the Head of CoFebti.

Two CPFAKs, namely Reku and PINTU, which are Exchange Members, welcomed the existence of KKI and ICC. Chairman of the Association of Indonesian Crypto Asset Traders (Aspakrindo) as well as Chief Compliance Officer (CCO) Reku Robby revealed, Reku as the first CPFAK to receive an Approval Letter of Exchange Members (SPAB) is committed to supporting KKI and ICC and is ready to work together to improve security for the crypto investment ecosystem in Indonesia.

In line with Reku's statement, General Counsel PINTU Malikulkusno (Dimas) Utomo revealed that his party is ready to fully support regulators, associations, Self-Regulatory Organization (SRO), and related parties to jointly encourage the advancement of crypto investment in Indonesia.

The crypto ecosystem in Indonesia continues to grow with the presence of three Self-Regulatory Organizations (SRO) consisting of Exchanges, Clearing Institutions, and Crypto Asset Storage Institutions. The Crypto Exchange, namely PT Exchange Commoditi Nusantara or Commodity Future Exchange (CFX) which is the world's first crypto exchange, was determined by CoFTRA on July 17, 2023 through the Decree of the Head of CoFTRA Number 01/BAPPEBTI/SP-BBAK/07/2023.

Following other SRO institutions, namely the Institute for Guarantee and Settlement of Physical Market Trading, Crypto Assets, Crypto Asset Management Institutions, Crypto Asset Storage Places.