Tokocrypto Sambut Positive For CoFTRA Efforts To Tighten Crypto Asset Supervision

Illustration of crypto assets (photo: Unsplash)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) issued a new regulation that further strengthens the regulation on crypto asset trading in Indonesia, as stated in the CoFTRA Regulation Number 9 of 2024.

This new rule, which is the third amendment to the CoFTRA Regulation Number 8 of 2021, underlines several important changes, such as requiring futures exchanges to have a real-time surveillance system and conducting periodic evaluations of crypto assets traded.

In addition, future clearing institutions must be more stringent in supervising customer funds. For physical crypto asset traders, there are stricter requirements regarding registration and reporting.

Responding to this new rule, CMO Tokocrypto, Wan Iqbal, stated that CoFTRA's move to strengthen supervision was a positive thing for the development of the crypto industry in Indonesia.

"We fully support this regulation, especially in terms of consumer protection. People's trust in crypto assets will increase with a more transparent and strict monitoring system," Iqbal said in his official statement.

However, in order to be more effective and support market growth, Iqbal said, additional incentives and firm action are needed in its implementation.

According to him, with increased supervision and consumer protection, it is hoped that public confidence in the crypto market will be stronger, as well as opening up opportunities for innovation and growth in this industry in the future.

Regulations and licensing from the authorities provide a sense of security for both investors and business actors. This ensures that the platforms operating meet the necessary safety, transparency and legal compliance standards," concluded Iqbal.

Not to forget, he also added that Tokocrypto, as one of the platforms that has obtained a PFAK license, has committed to always comply with applicable regulations and continue to innovate in providing the best service for its users.