Upbit Encourages Improvement Of Company Governance In Indonesia's Blockchain Industry

Crypto (photo: illustration: Unsplash)

JAKARTA In an increasingly complex business landscape, the company faces various challenges related to governance, risks, and compliance or commonly known as Governance, Risk and Compliance (GRC).

GRC itself is a coordination model set out to assist companies in implementing work principles such as increasing efficiency and reducing risks and waste on companies.

With the implementation of a strong GRC framework, businesses can increase the effectiveness of decision-making, mitigate potential risks, and maintain competitive advantages.

The implementation of governance, risk management, and compliance (GRC) is also very beneficial for the blockchain industry.

Upbit Indonesia's Chief Compliance Officer (CCO) Andi Novi said the implementation of good corporate governance, risks, and compliance (GRC) brought a number of crucial benefits.

"By prioritizing high corporate governance standards, companies can secure their operational foundations, mitigate risks, and ensure compliance with applicable regulations. GRC itself provides a solid foundation for sustainable growth in the blockchain ecosystem in Indonesia," he explained in his official statement quoted Monday, February 5.

Upbit also described several benefits of implementing governance, risks, and compliance for companies engaged in the blockchain industry:

Compliance with Law and Regulations: Helping companies to remain obedient to regulations and laws relating to digital assets, especially against anti-money laundering (AML) regulations and the KYC (Know Your Customer) policy.

Security Risk Management: Minimizing security risks related to digital asset storage and management to identifying and managing risks related to cyberattacks and blockchain security.

Increasing Transparency and Trust: Meeting high governance standards can increase stakeholder confidence in companies, such as providing transparent and verified financial reports.

Andi conveyed that by implementing good corporate governance principles, Upbit was confident that it could achieve sustainable growth, building the trust of stakeholders.

"In particular, it will maximize our compliance with the applicable perba CoFTRA and can also contribute to positive developments in the blockchain industry as a whole," he added.