There Are Many Questions About The P2SK Bill, Crypto Industry Players Need Regulatory Certainty

JAKARTA - The crypto asset industry was made busy in relation to the news of the Draft Law (RUU) on the Development and Strengthening of the Financial Sector (P2SK).

Reportedly, this P2SK Bill has made the public and industry players of crypto assets indecisive.

The reason is, they question the position of crypto regulation and supervision in Indonesia. For your information, the bill is currently included in the 2023 National Legislation Program (Prolegnas). Tokocrypto's Government Relations Manager, Albert Endi Hartanto, said that crypto asset industry players only need regulatory certainty in Indonesia. Currently, said Endi, Tokocrypto is still investigating the cores and articles contained in the PPSK Bill, considering that the regulation is still under inter-institutional discussion. "We as industry players only need regulatory certainty that can protect and encourage the development of a crypto asset ecosystem in Indonesia to grow healthy," said Endi, in an official statement, Sunday, October 16. Furthermore, Endi added that business actors will always support the government's efforts as a regulator to continue to strengthen the crypto asset industry ecosystem.

This is a form of support for the growth of the domestic crypto industry, which has increased significantly in recent years.

"We also continue to communicate with all stakeholders for discussions to issue appropriate regulations and prioritize the principle of justice. This will have a positive impact on the growing crypto industry," he explained.

"Tokocrypto always supports and implements Good Corporate Governance which will comply with applicable laws and regulations in Indonesia and prioritize healthy corporate principles," he continued.

Endi explained that in his current operations, Tokocrypto adheres to the CoFTRA Regulation which refers to the Letter of the Coordinating Minister for the Economy Number S-302/M.EKON/09/2018 dated September 24, 2018 regarding the Follow-up to the Implementation of the Crypto Asset Settings Coordination Meeting (Crypto Assets) as a Commodity Trading on the Futures Exchange.

In Indonesia, currently crypto assets are still prohibited as a means of payment, but as an investment tool it can be included as a commodity. The Permendag will then regulate and include crypto assets as commodities traded on the Futures Exchange.

"Dengan pertimbangan, karena secara ekonomi potensi investasi yang besar dan bila dilarang akan berdampak pada banyaknya investasi yang keluar (capital outflow) karena konsumen akan mencari pasar yang melegalkan transaksi kripto," pungkas Endi.