Protect Consumers, CoFTRA Strengthens Crypto Asset Trading Licensing Regulations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Ministry of Trade through the Commodity Futures Trading Regulatory Agency (CoFTRA) will strengthen licensing for crypto asset trading. Currently, CoFTRA is forming an institution involved in physical trading of crypto assets to maintain the security of trading transactions. Plt. Head of CoFTRA Didid Noordiatmoko said, the Ministry of Trade through the Commodity Futures Trading Supervisory Agency (CoFTRA) responded positively to the ever-increasing development of crypto asset trading. Among other things, it can be seen with various examples of developments and cooperation that are so rapid. "In response to this, CoFTRA continues to regulate and oversee the trading of crypto assets in a number of regulations, including licensing, as an effort to provide protection to consumers," said Didid, in an official statement, Friday, October 14. According to Didid, CoFTRA seeks to conduct licensing assessments in a transparent, effective and efficient manner in every Prospective Physical Trader of Crypto Assets (CPFAK) is included in terms of the trading mechanism. On the platform of one of the largest crypto asset traders in Indonesia, customers filling in fiat will be directly listed as BIDR. BIDR is a crypto asset in the form of rupiah-based tokens that have the same value proportion as IDR, namely 1 IDR=1 BIDR. Then, crypto asset buying and selling transactions were carried out using the BIDR. Based on CoFTRA Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Market Trade, Crypto Assets (Crypto Assets) on the Futures Exchange Article 13 (2) letter b concerning the scope of activities to facilitate crypto asset trading transactions that are allowed, this is included in the exchange between one or more types of crypto assets. Meanwhile, Head of the Procurement and Futures Trading Development Bureau, Tirta Karma Senjaya, explained that currently CoFTRA is forming an institution involved in physical trading of crypto assets to maintain the security of trade transactions, ensure their suitability with the regulations that have been set, and transparent. "Crypto asset securities, clearing, and crypto asset storage managers are currently in the registration and licensing assessment stage. CoFTRA does not want to rush to ensure the formed ecosystem can run properly according to its function," added Tirta. Furthermore, Tirta said, all institutions formed in the crypto asset trading ecosystem have the function of supervising and receiving reports from crypto asset traders. The function of each institution in question is as follows, a clearing institution, functions as a crypto asset customer store agency. At least 70 percent of customer funds are stored in a clearing institution and 30 percent can be stored in crypto asset traders, as well as completing crypto asset transactions. The manager of the crypto asset storage, serves as a customer crypto asset store agency transacted on crypto asset traders. At least 50 percent of crypto assets will be transacted and 50 percent in crypto asset traders. Meanwhile, crypto asset traders function as a place for crypto asset trading transactions to be implemented. "To realize this ecosystem, CoFTRA will continue to coordinate with perpetrators, institutions, authorities, and related associations in the preparation of crypto asset regulations. That way, a safe ecosystem will be created and also have a positive impact on society and the national economy," concluded Tirta.