Tokocrypto Supports Government's Efforts to Create an Ecosystem for Crypto Asset Institutions in Indonesia

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JAKARTA - The Commodity Futures Trading Regulatory Agency (CoFTRA) recorded a growth in the number of crypto investors in Indonesia as of September 2022, which reached 16.3 million customers.

In line with the increase in the number of crypto investors, CoFTRA is establishing a number of institutions involved in physical trading of crypto assets, such as the Clearing House and Crypto Asset Manager, which are currently in the registration and licensing assessment stages.

In this regard, Tokocrypto, a trusted digital asset trader and No. 1 in Indonesia welcomes the establishment of a crypto asset institutional ecosystem in Indonesia.

"We welcome CoFTRA's steps to continue strengthening the crypto asset industry ecosystem in Indonesia," said Government Relations Manager of Tokocrypto, Albert Endi Hartanto in a statement received in Jakarta a few days ago.

According to him, the presence of three main institutions, starting from the Futures Exchange, Clearing, and Custodian, will greatly benefit consumers or customers.

Endi added that clearing would greatly facilitate, protect, and improve services and convenience for investors who will transact crypto assets, by checking crypto transactions to increase investor protection.

"Later on, every investor's funds that want to enter the exchanger's wallet will go through a verification process and a double check process first by the Clearing House," he explained.

That way, Endi assumes that the security of investor funds will be guaranteed, because there is a guarantor for transaction settlement.

Clearing House Advantages

Clearing House is a guarantee in exchange transactions, which aims to provide certainty for the implementation of crypto asset trading transactions by exchangers who have fulfilled their obligations, certainty of settlement times, reducing the frequency of transaction settlement failures, and ultimately increasing investor confidence to transact in the market.

"It is hoped that with the existence of this clearing house, people can have more confidence and confidence in starting crypto asset investments, so that ongoing growth can be continued," said Endi.

In addition, it can also remove the stigma of vulnerable security in crypto asset trading transactions. Fraud investments can also be suppressed by the existence of this guarantor institution.