ASPAKRINDO Positive For The New Orders Of CoFTRA Related Crypto Assets In Indonesia

ASPAKRINDO welcomed the new rules of CoFTRA (photo: Unsplash)

JAKARTA - The Commodity Futures Trading Regulatory Agency (CoFTRA) has issued CoFTRA Regulation (PerBa) Number 13 of 2022 concerning Amendments to CoFTRA Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Crypto Asset Market Trade (Crypto Assets) on the Futures Exchange.

In response, the General Chairperson of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), Teguh Kurniawan Harmanda, positively welcomed PerBa No. 13 of 2022. According to him, this regulation is a strong foundation for business actors in the crypto asset industry in mitigating potential risks and still prioritizing customer safety.

"These two years have become an interesting period for the development of the crypto asset industry. There has been growth in investors and a very extraordinary number of transactions. Therefore, along with this growth, there is a need for regulatory strengthening to mitigate future risks and prioritize customer protection, and provide certainty of business for business actors in this industry," said the man who is familiarly called Manda in a statement received in Jakarta.

In addition to a positive response, all crypto exchange platforms belonging to ASPAKRINDO will also always comply and adjust their business operations to this new PerBa.

If you have to look at the development of the crypto asset industry lately, Manda said that the publication of full transparency and reserve of user funds is very important in trusting users that crypto exchanges do not misuse customer funds.

This has also been regulated in one of the points in Perba 13/2022 where the exchanger must be audited by an independent institution that has competence in the field of information systems and has a Certified Information System Auditor (CISA) certified human resources.

"There is also a prohibition for exchangers to re-invest stored crypto assets. Exchangers are also obliged to report and obtain approval from CoFTRA, if they carry out activities outside the scope of crypto asset traders," he explained.

According to Manda, transparency is one of the main keys to the success of investing in crypto assets. Transparency can open up barriers or barriers for investors in understanding crypto investment well. Transparency also helps legitimize the crypto asset industry in the eyes of regulators and the general public.