Tokocrypto Highlights the Importance of Collaboration to Combat Online Gambling with Crypto Assets

Illustration of online gambling (photo: doc. Antara)

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

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

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

The synergy between these institutions aims to improve supervision and law enforcement in the crypto space, especially to close loopholes exploited by criminals, including online gambling transactions.

As one of the players in the domestic crypto industry, Tokocrypto CMO, Wan Iqbal emphasized that Tokocrypto supports the government, namely Bappebti, 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 working with regulators to strengthen the security of crypto transactions in Indonesia.

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

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

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