Crypto Asset Transactions Soared Until February, CoFTRA: Krucial Period During Transfer To OJK

Crypto Assets (Photo; unsplash)

JAKARTA - The crypto market shows extraordinary growth in terms of transaction value and number of customers. In fact, crypto asset transactions were recorded at IDR 55.26 trillion from January to February 2024.

Referring to data from the Commodity Futures Trading Supervisory Agency (CoFTRA), the physical trading transaction value of crypto assets in February itself was recorded at IDR 33.69 trillion, an increase of 56.22 percent from the previous month.

The number of crypto asset customers registered as of February 2024 is 19.18 million subscribers. with an average increase in the number of registered subscribers of 427,200 subscribers per month since this data was reported in February 2021. Customers who are actively transacting on the CPFAK platform for the February 2024 period are 715,600 customers.

Currently, there are 35 registered CPFAK companies and most of them are in the process of becoming PFAK. The types of crypto assets that are widely transacted based on transaction value on physical trading of crypto assets during February 2024 are Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Render Token (RNDR).

Secretary of CoFTRA Olvy Andrianita said 2024 is an important momentum for the administration of crypto asset trading in Indonesia.

This is in line with the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) which is related to the authority to regulate and supervise crypto assets, which will switch from CoFTRA to the Financial Services Authority (OJK) in 2025.

Parallel with that, continued Olvy, CoFTRA and other stakeholders maintain the mandate of Law Number 10 of 2011 concerning Commodity Futures Trading.

"Currently, this is a crucial time related to the transfer of authority to crypto assets from CoFTRA to OJK. CoFTRA wants to ensure that the transfer must go well without giving a shock to the crypto asset industry," he said in an official statement, Thursday, March 21.

"One of them is by ensuring that the current crypto asset ecosystem has been running and encouraging the growth of the crypto asset industry in Indonesia," he continued.

Olvy added that 2024 is also important because it is estimated that the majority price of crypto assets will increase as the Bitcoin halving phenomenon encourages more stretched transactions.

All crypto asset institutions must immediately carry out their duties and functions. This is so that physical trading of crypto assets in Indonesia grows significantly. Don't let us lose the moment because more crypto asset transactions will occur this year," concluded Olvy.