The Deputy Minister Of Trade Emphasized The Importance Of The Law On Crypto In Indonesia

Illustration of crypto assets. (Unsplash)

JAKARTA - Deputy Minister of Trade (Wamendag) Jerry Sambuaga reminded the importance of regulating crypto assets in state law to protect the public and benefit the economy as a whole.

"Crypto assets must be regular and institutional and must be under state arrangements in their goal of providing protection to the public and being able to provide the best benefits for the national economy," said Jerry in a statement, Friday, February 24, quoted by Antara,

This arrangement is also important so that there is optimization of the crypto asset industry in Indonesia and its use will have a positive impact on the wider community and the digital economy sector.

"The concept of crypto assets and blockchain will have a broad and intensive influence in various sectors and change the pattern of regulating the trade economy to be based on market and community authority," he said.

He also appreciated the activities of the Crypto Literacy Month during February 2023 for being able to provide an understanding of crypto assets (Good Crypto Exchange) and provide constructive discussion space for crypto asset activists and practitioners.

Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO) Teguh Kurniawan Harmanda added that the crypto asset industry is currently experiencing significant growth in the last two years in line with the high increase in demand.

"The trend of investing in crypto assets has now reached all levels of society from various ages and professions. The public's interest in choosing crypto as an asset or alternative to conventional investment instruments will be higher in the future," said Teguh.

Therefore, according to Teguh, to accommodate this growth, the association will continue to strive to become a forum for members to encourage the strengthening of customer transaction security and convenience and support a healthy industry.

"To keep growth sustainable, we increase discussion and audiences for all stakeholders to jointly strengthen the industry even better. We together with other industry players are also strengthening the industry by creating educational and literacy programs, such as Crypto Literacy Months," said Teguh.

Based on CoFTRA data, the value of crypto asset transactions in 2022 will reach the range of IDR 306.4 trillion. Although it has decreased by more than 50 percent compared to 2021, the transaction value still deserves attention involving large amounts of value.

Meanwhile, as of January 2023, the value of crypto transactions was recorded at IDR 12.14 trillion, with the number of registered customers reaching 16.9 million. The decline that had occurred due to the crypto exchange disaster did not reduce the interest of crypto industry businesses in transacting.