DOOR Consistently Becomes A Strategic Partner Of CoFTRA To Encourage Strengthening Crypto Industry

Photo: Doc. DOOR

JAKARTA - The strengthening of the crypto industry in Indonesia cannot be separated from the role of the government as a regulator through efforts to foster, regulate, develop, and supervise crypto asset trading. In the midst of the increasing enthusiasm of domestic crypto investors, it is important for business actors to educate the public about applicable regulations. The DOOR together with the Commodity Futures Trading Supervisory Agency (CoFTRA) discussed the topic in the Pop-In Podcast DOOR titled “ How does CoFTRA Protect Crypto Investors in Indonesia? ” together with the Secretary of CoFTRA Olvy Andrianita and General Counsel Pintu Malikulkusno (Dimas) Utomo. Olvy Andrianita, Secretary of CoFTRA, said that the crypto industry when it entered Indonesia did not yet have clear rules, while offers and responses to crypto assets continued to increase. "Departing from this, the government led by the Coordinating Ministry for Economic Affairs coordinated and one of the results decided that Crypto Asset Trading is regulated through the Regulation of the Minister of Trade and categorized it into commodities traded on the Futures Exchange. So that the Law (UU) which oversees is Law No. 10/2011 concerning Commodity Futures Trading (PBK)," said Olvy in his statement, Saturday, March 23. Olvy added that the Crypto Asset Regulation was stated in Permendag No. 99/2018 concerning General Policy for the Implementation of Crypto Asset Trading. Furthermore, it is more technically regulated through the CoFTRA Regulation (Perba) which includes trading requirements, requirements to become traders, product coverage, to the ecosystem consisting of Crypto Asset Exchange, Cliring Institution, and Depository. "All of these rules are made to regulate better governance of crypto asset trading," said Olvy. Dimas Utomo, General Counsel PINTU appreciates the role of CoFTRA, which according to him has overseen the development of the crypto industry, where many countries have not decided on the direction of crypto regulation, but CoFTRA is here to design regulations with wide coverage ranging from trade and operations to consumer and Anti-Money Laundering (AML) protection rules. "It is evident that domestic crypto investment has increased very rapidly and is still open to space to continue to grow," explained Dimas.

Based on data from CoFTRA, the number of crypto investors in Indonesia continues to increase every time. In January 2024, domestic crypto investors have reached 18.83 million and in February it will increase to 19 million investors. 2024 is a crucial year for the crypto industry because next year there will be a transfer from CoFTRA to the Financial Services Authority (OJK). For this reason, CoFTRA urges the ecosystem in today's industry to collaborate well and be integrated with each other. So that it is hoped that the transition to OJK can run well and encourage comprehensive protection for crypto investors and the investment climate will run better.