CoFTRA Will Set Whitelist Crypto Assets To Protect Consumers

Head Of The Market Development And Development Bureau CoFTRA Tirta Karma Senjaya

Jakarta- Head of the Market Development and Development Bureau of the Commodity Futures Trading Supervisory Agency (CoFTRA), Tirta Karma Senjaya, announced Bappebti's plan to establish a whitelist (white list) of crypto assets as a step to facilitate the growth of sustainable crypto assets in Indonesia.

"As an effort to facilitate and regulate the growth of sustainable crypto assets, CoFTRA will establish a whitelist of crypto assets," said Tirta Karma Senjaya in a written statement received in Jakarta, Saturday, June 29.

This Whitelist aims to protect traders, customers, and consumers from potential losses that may occur. To be included in the whitelist, crypto assets must meet various requirements, including real-time clearing systems and customer storage.

"With this whitelist, it is hoped that the crypto asset ecosystem can provide adequate protection for all stakeholders, as well as increase trust and stability in the digital market," added Tirta.

Currently, the national crypto industry is in a transitional period, where crypto surveillance will switch from CoFTRA to the Financial Services Authority (OJK). This has the potential to categorize crypto assets as trading instruments and recognize crypto industry service providers as one of the bank equivalent financial institutions.

Oscar Darmawan, CEO of INDODAX, stated that this transition could expand financial inclusion in society. "In the crypto ecosystem, there are no geographical or minimum balance restrictions to start investing. This allows access to financial services that were previously difficult to reach for most people," he said.

Oscar also added that blockchain technology implemented in the crypto industry could be adopted in the banking industry and capital markets, which would help reduce operational costs and increase security.

"NASDAQ, a stock exchange in the United States, has used blockchain which has proven to be cheaper, more efficient and secure," he said.

The use of blockchain technology also provides a clear digital footprint of crypto assets owned by investors, making it difficult for crypto assets to be used for money laundering and corruption.

"Crypto transactions are easy to track because there are digital traces that cannot be deleted, even though it happened several years ago. This makes it easier for the Corruption Eradication Commission (KPK) and other law enforcers to monitor and take action against violations," said Oscar.

With these steps, it is hoped that the crypto industry in Indonesia can develop more safely and trustedly, supporting the growth of an inclusive and sustainable digital economy.