CoFTRA Approves The Permit Of Physical Crypto Asset Traders To Tokocrypto

Illustration - Cryptocurrencies. (The New York Times)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) has authorized the permit of Physical Crypto Asset Traders (PFAK) to PT Asset Digital Berkat (Tokocrypto). This permit is granted to provide security guarantees for crypto transactions for the public.

Meanwhile, PT Asset Digital Berkat (Tokocrypto) was previously a Candidate for Physical Traders of Crypto Assets (CPFAK). The change in Tokocrypto status to a Physical Trader of Crypto Assets (PFAK) was stated in the Decree of the Head of CoFTRA Number 03/BAPPEBTI/PFAK/09/2024 dated September 5, 2024.

"CoFTRA is committed to providing security guarantees for crypto asset transactions for the public. This includes processing the licensing of Tokocrypto, which has now become a PFAK and is part of the crypto asset ecosystem in Indonesia," said Head of CoFTRA Kasan today, Sunday, September 8.

Kasan said Tokocrypto followed PT Pintu Kemana Saja (DOOR) and PT Bumi Santosa Cemerlang (Pluang) which had already become PFAK.

"The ratification of the two has been stated in the Decree of the Head of CoFTRA Number 01/BAPPEBTI/PFAK/08/2024 and 02/BAPPEBTI/PFAK/08/2024 dated August 1, 2024," he explained.

Kasan said the guidelines for the implementation of physical market trading for crypto assets in Indonesia were regulated based on CoFTRA Regulation (Perba) Number 8 of 2021 as amended to Perba Number 8 of 2024 concerning the Second Amendment to Perba Number 8 of 2021 concerning Guidelines for the Implementation of Physical Market Trading for Crypto Assets (Crypto Assets) on the Futures Exchange.

Furthermore, Kasan said that this regulation aims to provide certainty and legal protection for the public in transacting crypto assets, including encouraging institutional establishment in the administration of a reliable and reliable physical market for crypto assets.

The CPFAK process to become PFAK is a form of CoFTRA's commitment and the crypto asset ecosystem to comply with applicable provisions and standards. To be able to obtain approval as PFAK, continued Kasan, several requirements must be met.

First, ISO 27001 certification. Second, what system is used is registered with the Ministry of Communication and Information Technology. Third, have at least one employee who is certified Certified Information Systems Auditor (CISA) and Certified Information System Security Professional (CISSP).

Fourth, listed at the Population and Civil Registration Office. Finally, continued Kasan, registered as a member of the Stock Exchange and the Futures Clearing Institution.

The five and a number of other requirements are regulated in Perba No. 8/2024. For this reason, traders who are licensed by CoFTRA as PFAK are credible and trusted companies, "explained Kasan.

Meanwhile, the Head of the Commodity Futures Development and Development Bureau, Tirta Karma Senjaya, said that there were 35 CPFAK registered with CoFTRA. Three of them have become PFAK, namely PT Pintu Kemana Saja (DOOR), PT Bumi Santosa Cemerlang (Pluang), and PT Asset Digital Berkat (Tokocrypto).

The government hopes that other CPFAKs can immediately complete the process of becoming PFAK based on applicable regulations. Tirta also reminded that CPFAK which has been registered with CoFTRA must apply for approval as PFAK to CoFTRA no later than one month after the Futures Exchange and the Futures Clearing Institute received approval from the Head of CoFTRA.

Meanwhile, CPFAK must meet the requirements and obtain approval as PFAK no later than October 16, 2024.

The policy taken is a series of government efforts to strengthen crypto asset trading in Indonesia. The huge potential of the crypto industry and the increasing number of registered customers, of course, must be supported by strengthening the ecosystem. Thus, crypto asset trading in Indonesia continues to grow with safe, transparent, and sustainable transactions," said Tirta.

Based on CoFTRA data, total crypto asset transactions in the period January to July 2024 reached IDR 344.09 trillion with 20.59 million registered customers. The state revenue from the crypto asset tax reached IDR 331.56 billion from January to June 2024.