Support OJK Policy, Upbit Indonesia Strengthens Crypto Transaction Security Through Travel Rule

Photo: Doc. Upbit Indonesia

JAKARTA - Upbit Indonesia, one of Indonesia's leading digital asset trading exchanges, announced its support for the new policy carried out by the Financial Services Authority (OJK) in strengthening the resilience of the financial services sector amid the increasing risk of fraud and global financial threats.

OJK itself has announced a series of initiatives that include strengthening regulations related to Anti-Fraud, good governance, and the use of modern surveillance technologies such as Supervisory Technology and Artificial Intelligence (AI).

As part of its commitment to supporting OJK policies, Upbit Indonesia welcomes these steps in line with Upbit's mission to create a safe and transparent transaction ecosystem.

Upbit Indonesia's Chief Operating Officer (COO), Resna Raniadi, really appreciates the OJK's initiative to strengthen regulations to prevent crime in the digital financial sector.

"Upbit is committed to complying with all regulations that will be implemented by the OJK, including in efforts to prevent money laundering and financing terrorism. We believe that this step will further strengthen public confidence in the crypto asset industry in Indonesia," he said, in a written statement, Tuesday, September 24.

As part of efforts to ensure transaction security and comply with global standards, Upbit Indonesia has implemented Travel Rule through VerifyVASP technology. VerifyVASP allows Upbit to verify user identities in each transaction, thus ensuring that all transaction processes are carried out safely and in accordance with international regulations.

"The implementation of VerifyVASP is an important step in improving the security of digital transactions on our platform. With the adoption of this technology, we can ensure that every transaction in Upbit has complied with global standards and at the same time supports local regulatory policies such as the Financial Services Authority," said Resna Raniadi, Chief Operating Officer (COO) of Upbit Indonesia.

Furthermore, Resna added, security and compliance with regulations are her party's top priority.

"We believe that collaboration between regulators and industry players is very important to maintain public trust. With steps like this, we believe it can help reduce the risks that may arise in the digital asset ecosystem and provide more convenience for users," he explained.

Through these steps, Upbit Indonesia is committed to not only providing a safe transaction experience, but also being part of a stronger and more trusted digital financial ecosystem in Indonesia.