Legal Crypto Assets Increase, Tokocrypto Highlights Competition And OJK Regulations

Tokocrypto CEO Calvin Kizana (photo: Calvin Kizana's Instagram)

JAKARTA - The latest data from PT Central Financial X (CFX) as of August 13 noted that the number of legal crypto assets jumped from 1,181 to 1,342 tokens, or an increase of 161 new assets.

Responding to this development, Tokocrypto CEO Calvin Kizana said, with the increasing number of legal assets, he assessed that the market would be more competitive and diverse, so it is hoped that it can increase liquidity and innovation in the Indonesian crypto ecosystem.

"However, the addition of this list also means that inter-token competition will be even tighter, and crypto projects must ensure reputation, utilities, and regulatory compliance to maintain their position," Calvin explained in a statement.

Calvin appreciated the steps taken by the Financial Services Authority (OJK) which is continuing to discuss technical changes to POJK 27/2024, with a number of main focuses that are considered strategic for strengthening the industry.

The discussion includes a transition scheme from the role of the Cup to Traders for derivative products, setting rules and roles for market makers, as well as improving consumer protection mechanisms.

In addition, OJK is also reviewing the implementation of a more structured classification and listing of crypto assets, including the blacklist list option.

Calvin views this blacklist discourse as a preventive measure to prevent the circulation of crypto assets that have a high risk or violate the provisions, so that the domestic market remains safe and protected.

Blacklist should not be a 'life sentence' for crypto assets, but part of the market restructuring process, "he explained further.

Because according to him, with a combination of whitelists, blacklists, and surveillance lists, we can ensure that the Indonesian crypto market remains innovative but safe for investors.

Calvin also emphasized that the implementation of regulations must be based on parameters that are measurable, transparent, and communicated openly to all industry players.

"This is important so that the ecosystem can adapt, and business actors have the opportunity to improve compliance with their assets," he concluded.