ASPAKRINDO Notes Several Important Points For Future Crypto Asset Regulations

Associations and crypto traders support crypto regulation in Indonesia (photo: Pixabay)

JAKARTA - Entrepreneurs and associations continue to support the current regulation of crypto assets in Indonesia. They believe that strengthening regulations will create a safer and more reliable environment for the crypto asset industry.

Deputy Chairperson of the Indonesian Crypto Asset Traders Association (ASPAKRINDO) Yudhono Rawis, expressed the confidence of business actors that adaptive regulations will enable continued innovation and maintain investor security and market integrity.

Because according to him, there are several year-end records that need to be considered together to be stronger in facing challenges in the future. One of them is the optimization of the implementation of crypto asset taxes.

"With the transfer of supervision from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the OJK (Indonesian Financial Services Authority) and the change in status from the commodity sector to the investment instrument of Financial Sector Technology Innovation (ITSK), it is necessary to review the applicable tax policies, especially in terms of the imposition of Value Added Tax (VAT)," Yudho said in a statement received on Thursday, December 14.

In addition, Yudho said that another point that needs to be considered is the expansion of the market share. Currently, crypto assets can only be traded by individuals, in the future they hope that institutions can also invest in crypto assets.

"Currently, crypto asset arrangements are still focused on buying and selling transactions and withdrawing funds. We hope that in the future, regulation can include derivative products, NFT, DeFi, and others," said Yudho.