Tokocrypto Highlights The Importance Of Collaboration To Fight Judol With Crypto Assets

Illustration of online gambling (photo: dock. Antara)

JAKARTA - In the midst of the rapid increase in the adoption of crypto assets in Indonesia, new challenges have emerged, especially with the use of cryptocurrencies in illegal transactions such as online gambling.

The Financial Transaction Reports and Analysis Center (PPATK) report notes that there are IDR 280 trillion online gambling transactions, involving crypto assets and Foreign Exchange Business Activities (KUPVA) during Q1-Q3 in 2024.

To overcome this threat, the Commodity Futures Trading Supervisory Agency (CoFTRA) as the main regulator of the crypto sector has strengthened collaboration with the Attorney General's Office and the Financial Services Authority (OJK).

Synergy between institutions aims to increase supervision and law enforcement in the crypto space, especially to close gaps exploited by criminals, including online gambling transactions.

As one of the actors in the country's crypto industry, CMO Tokocrypto, Wan Iqbal emphasized that Tokocrypto supports the government, namely CoFTRA, OJK, and PPATK in creating a safe crypto ecosystem.

"Crypto adoption in Indonesia is very positive, but it must be balanced with proper supervision so that digital assets are not misused by parties who want to take advantage of existing loopholes," said Iqbal.

Iqbal also added that Tokocrypto is committed to collaborating with regulators to strengthen the security of crypto transactions in Indonesia.

According to him, cross-sectoral collaboration is needed, both from the government, regulators, and industry players, to present the adoption of responsible cryptocurrencies.

"This is important so that Indonesia is not only one of the largest crypto markets in the world, but also an example of a country that manages crypto risks effectively," said Iqbal.

Iqbal also underlined the importance of the role of regulators in carrying out comprehensive supervision of challenges in eradicating illegal transactions such as online gambling through crypto assets to support the digital economy.