JAKARTA - PT Central Finansial X (CFX), the first licensed and supervised cryptocurrency exchange by the Financial Services Authority (OJK), emphasizes the need for support to strengthen Indonesia's position in the global competition for the cryptocurrency asset industry. This support is crucial to increase the number of consumers which in turn will also have an impact on the national economy.
In order to achieve this goal, synergy is needed from all stakeholders. On the other hand, the current less competitive transaction cost structure is a cause for concern because Indonesian consumers who are very sensitive to prices tend to switch to unlicensed offshore platforms for lower costs.
Based on a study from the Economic and Social Research Institute of the Faculty of Economics and Business, University of Indonesia (LPEM FEB UI), the volume of trade by Indonesian consumers conducted through an unlicensed offshore platform is 2.6 times larger than the licensed platform in Indonesia. This shows that there is still room that needs to be optimized so that the national crypto asset industry has competitiveness.
The CFX Crypto Exchange held the CFX Cryptalk at the CFX Tower, Monday, February 2, as an effort to increase the competitiveness of the national crypto asset ecosystem against the global crypto asset industry, especially in terms of transaction cost structure, and to explore potential solutions to make the domestic market more attractive.
In the first edition of CFX Cryptalk, the Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets (IAKD) of the OJK, Djoko Kurnijanto; Head of Capital Market Supervisory Executive and Member of the OJK Commission Board for the period 2017-2022 and currently serving as Commissioner of the CFX Crypto Exchange, Hoesen; President Director of the CFX Crypto Exchange, Subani; and Chairman of the Indonesian Blockchain Association (ABI), Robby.
"The aspects of regulation and supervision by authorities, as well as the support of the digital financial asset trading ecosystem that has been formed, can be an important foundation in increasing the competitiveness of the Indonesian digital financial asset sector at the global level," said Djoko Kurnijanto while filling the CFX Cryptalk discussion session.
CFX Crypto Exchange President Director, Subani, said that the high transaction costs between official licensed trader platforms from the OJK compared to unlicensed offshore platforms had triggered a significant capital outflow. To attract this market, Indonesia needs more competitive incentives.
"Currently, there is still a significant imbalance in transaction costs between domestic and global platforms, which is often what makes our users look outside. The key to regaining the interest of local consumers is to create a more competitive cost structure," explained Subani.
ABI Chairman, Robby, also emphasized the importance of strategies to retain consumer interest so that they do not switch to foreign platforms.
"More competitive transaction costs are needed for merchants to increase their transaction volume. The reduction in costs is an incentive for consumers in Indonesia, so that they are more active
"This is a good opportunity for PAKD to transact in Indonesia and no longer transact abroad," added Robby.
At the end of the discussion, as an effort by the CFX Crypto Exchange to make the Indonesian market more competitive, Subani stated that his party took the initiative to reduce the exchange transaction costs that apply gradually. Currently, the exchange transaction fee is 0.04 percent per transaction. Subani said the fee would fall to 0.02 percent on March 1, 2026, then continue to 0.01% on October 1, 2026.
"Bursa hears what is of concern to consumers and PAKD. With more competitive transaction costs, we are building a larger market share. If transaction costs in local PAKD are more competitive, we are optimistic that we will attract consumers who transact on unlicensed offshore platforms so that they can have an impact on the national economy, through the addition of state revenues including taxes," said Subani.
Responding to the reduction in exchange transaction costs, Robby said the reduction would have a positive effect on consumers in Indonesia.
"More competitive fees make consumers more active in transactions, so they no longer use unlicensed offshore platforms. I represent the association to thank the CFX Crypto Exchange, because with the presence of more competitive exchange fees, it can provide convenience for users to transact," concluded Robby.
In the future, CFX Cryptalk is expected to become a forum that brings together the perspectives of regulators and exchanges to discuss the direction of comprehensively strengthening the competitiveness of the national crypto asset industry, as well as formulating a common view in building an efficient, liquid, integrated trading ecosystem, and increasingly attractive for global investors.
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