JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) has issued Regulation Number 9 of 2024 which is updating crypto trading regulations.
In this regulation, CoFTRA opens opportunities for institutions to invest in crypto assets through Physical Crypto Asset Traders (PFAK) who meet certain criteria.
Responding to the policy, Chief Compliance Officer of Reku and General Chair of Aspakrindo-ABI Robby said this could be a step forward to make Indonesia a crypto center in Asia.
"In addition, this shows that crypto assets are increasingly competing with other investment instruments that come long before crypto assets such as stocks and bonds," Robby explained in a written statement quoted on Sunday, November 3.
Regarding optimism for the sustainability of the crypto industry, Robby emphasized that the growth in crypto numbers and transactions globally and Indonesia could be a benchmark for the success of this regulation.
In Indonesia, crypto investors have reached 21.28 million, exceeding the number of capital market investors. Robby is optimistic that the CoFTRA regulation which also includes aspects of Know Your Transaction (KYT) and Anti-Money Laundering (AML) will attract domestic institutions to adopt crypto assets.
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Robby said Reku was ready to support regulators in introducing other innovations to increase public confidence in crypto.
"In the future, Reku is ready to support regulators in developing other products and services that can further encourage public interest and trust in crypto assets, because on an institutional scale they can already have access to crypto assets," he concluded.
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