Reku Highlights The Importance Of Regulations On Adoption And Integration Of Crypto Assets

Illustration of crypto assets (photo: Unsplash)

JAKARTA - Currently, Indonesia is moving crypto asset regulations from the Commodity Futures Trading Supervisory Agency (BAPPEBTI) to the Financial Services Authority (OJK).

According to Reku's Co-Founder and Co-CEO, Jesse Choi, this change signifies the recognition of crypto as a legitimate financial instrument in the country and shows a tendency towards stricter regulations.

Because, Jesse added, this regulation will not only form an operational landscape for companies, but also affect the wider adoption and integration of crypto into global systems.

Furthermore, he said that this step is part of a broader trend where the government further emphasizes their attitude towards digital assets, often with a collaborative and open approach to regulation and innovation.

"When we consider the Bitcoin trajectory, it is clear that the narrative surrounding the goal has developed. Initially considered a form of decentralized money, the role of Bitcoin is increasingly defined as a value deposit rather than as a medium for transactions," Jesse said as quoted Wednesday, May 22.

With its integration into a more formal financial structure, such as the emergence of the ETF, and wider acceptance by various governments and global institutions, Jesse believes, bitcoin shows that it can become a class of resilient and valuable assets, even in the midst of economic fluctuations.

Founded more than five years ago, Reku is one of the pioneers of Crypto companies in Indonesia with more than 500 thousand users to date.

Previously, Reku had obtained US$11 million series A funding led by AC Ventures which was listed as one of the most active venture capital companies in Indonesia, with participation from a number of leading investors, including Coinbase Ventures.