UUP2SK is Expected to Be a Momentum to Strengthen Indonesia's Crypto Ecosystem Sovereignty

INDODAX CEO, William Sutanto. (Photo: INDODAX Doc)

JAKARTA - The ratification of Law Number 4 of 2026 concerning Amendments to the Law on the Development and Strengthening of the Financial Sector (UU P2SK) is considered an important momentum to strengthen competitiveness as well as the sovereignty of the national crypto ecosystem. In addition to providing legal certainty, the implementation of its derivative rules is expected to be able to ensure that the economic value created can provide greater benefits for Indonesia.

INDODAX CEO, William Sutanto, assessed that the Indonesian crypto industry has been developing for more than a decade with strong capital and an increasingly mature ecosystem. However, the challenges faced today are no longer building a market from scratch, but ensuring that industry growth is able to create real value for the national economy.

"Indonesia has a large crypto asset market and an ecosystem that has been developing for more than a decade. Therefore, according to us, discussions related to regulation not only talk about compliance, but also how to ensure that the economic benefits of this industry can continue to grow and be felt in the country," said William, in a statement, Monday, July 6.

William explained that the presence of global exchanges is part of the dynamics of the digital asset industry which encourages innovation, increases efficiency, and expands choices for the public. However, in order for the industry to develop healthily, all actors who serve users in Indonesia are ideally within a harmonized regulatory framework.

"We support competitiveness, both at the national and global levels as part of the dynamics of the industry. The hope is that there is a level playing field, where all actors serving users in Indonesia can operate within a framework of fair and balanced regulation, so that they can create healthy competition, open innovation space, and benefits for the development of the Indonesian crypto ecosystem," he added.

William emphasized that strengthening the domestic ecosystem does not mean closing ourselves off from the global market. Connectivity to international liquidity is still needed so that asset prices in Indonesia remain competitive and the market has adequate liquidity. However, these mechanisms need to be built within a transparent regulatory framework so that market efficiency can run in parallel with consumer protection and industry stability.

In this context, William also mentioned that strengthening the position of the rupiah as a quote currency is also an important part of building the sovereignty of the Indonesian crypto asset ecosystem.

"If we talk about the sovereignty of the ecosystem, then we also have to discuss how we position the rupiah in it. In my opinion, the national order book should use the rupiah as the quote currency, so that the strengthening of the cryptocurrency asset ecosystem can go hand in hand with the strengthening of the national economic value," he said.

William also believes that the implementation of technical rules needs to provide clear legal certainty regarding the division of roles between the Exchange and Crypto Asset Traders (PAKD) so that each can carry out its functions in accordance with the mandate set out in the regulation.

"The exchange should not replace the role of traders in terms of serving consumers directly. Then the Exchange should not immediately increase the exchange fee, currently crypto consumers are quite depressed with various fees and taxes in Indonesia, don't let the exchange fee later reduce the transaction volume," he said.

William hopes that the implementation of this new rule can be followed by the preparation of technical rules that can accommodate the characteristics of the crypto asset industry which is developing very dynamically.

"With humility, we hope that the technical rules that are being drafted can further strengthen the crypto ecosystem, support local business actors, increase consumer protection, and industry competitiveness. Hopefully, the economic value created by this industry can be felt by the Indonesian people through job creation, business growth, and increased state revenues through tax collection," concluded William.

As a regulated crypto exchange in Indonesia, INDODAX considers that strengthening regulation and industry development are two things that can complement each other. Through the implementation of Law No. 4 of 2026 and supported by adaptive technical rules, Indonesia has the opportunity to build a crypto asset ecosystem that is increasingly healthy, innovative, competitive globally, and provides sustainable benefits for the national economy.