Crypto Asset Transactions Reach IDR 83.8 Trillion In January-February 2022

Deputy Minister of Trade (Wamendag) Jerry Sambuaga. (Photo: Doc. Ministry of Trade)

JAKARTA - The development of trading crypto assets is increasingly attractive as an investment instrument among various other types of investments. The Ministry of Trade recorded the value of crypto asset transactions in Indonesia in the period January to February 2022, amounting to IDR 83.8 trillion.

Deputy Minister of Trade, Jerry Sambuaga, said the transaction value of these assets had increased in the last two years. As is known, in 2020 the transaction value of crypto assets was recorded at IDR 64.9 trillion and increased to IDR 859.4 trillion in 2021.

"The past two years have been an interesting year for the development of physical trading of crypto assets in Indonesia. Until February 2022, the transaction value grew 14.5 percent compared to the same period in 2021. Last month, the number of registered customers reached 12.4 million customers", he said in an official statement, Tuesday, March 29.

Furthermore, Jerry assessed that this extraordinary development needs to be monitored together so that the physical trading of crypto assets in Indonesia remains on the right track.

The number of traders will continue to grow

Meanwhile, Jerry continued, the number of prospective physical crypto asset traders in Indonesia that already has a registration certificate from the Commodity Futures Trading Supervisory Agency (CoFTRA) has increased to 18 crypto-asset trading companies.

"Soon, this number may continue to grow", he said.

Jerry said, the Ministry of Trade welcomed the emergence of various crypto assets created by the nation's children.

"This shows the openness and interest of the community and domestic crypto developers to work, and provide the best for the crypto asset industry in Indonesia", he said.

The requirements for issuing crypto assets to be traded in Indonesia are regulated in CoFTRA Regulation Number 8 of 2021, including among others the form of utility crypto assets or crypto-backed assets; already has the results of the assessment using the Analytical Hierarchy Process (AHP) method determined by CoFTRA, and has economic benefits.

Jerry explained that the intended economic benefits include tax benefits, growing the digital economy, the information technology industry, and the competence of experts in the field of informatics or digital talent.

"Crypto is not a means of payment, but a commodity or an asset. Crypto assets are also required to carry out a risk assessment, including the risk of money laundering and terrorism financing, as well as the proliferation of weapons of mass destruction", he said.

Jerry said crypto assets that can be traded domestically refer to the attachment of CoFTRA Regulation No. 7 of 2020 concerning the Establishment of a List of Crypto Assets that can be Traded in the Physical Crypto Asset Market.