Ministry Of Trade: Crypto Assets Are In Third Place Investment Instruments In Indonesia

Illustration. (Photo: Doc. Antara)

JAKARTA - Inspector General of the Ministry of Trade, Frida Adiati, said crypto assets are in third place in investment instruments in Indonesia.

"In a survey from the Center of Economic of Law Studies (Celios), this crypto asset is in third place from investment instruments owned by the Indonesian people," Frida said at the Crypto Consumer Summit in Jakarta, quoted from Antara, Tuesday, February 21.

In the survey, 21 percent of respondents had investments in crypto assets. The first position is occupied by mutual funds with 29.8 percent and in second place is occupied by shares with a percentage of 21.7 percent.

The average placement of funds made by the community ranges from Rp. 500 thousand to Rp. 1 million. However, the total transactions of crypto assets in 2022 reached Rp. 306.4 trillion.

Frida said trading crypto assets is one of the investment options that young people or millennials are interested in. However, the understanding of literacy and education towards crypto assets has not been widely carried out, so there are still many people who experience unwanted risks.

"Mitigation of the risk of trading crypto assets needs to be done. The understanding of this investment is still low because this literacy understanding has not been done much. It is our common responsibility to increase literacy to the public in order to avoid unwanted risks," said Frida.

Furthermore, Frida conveyed that the concept of crypto and blockchain has a broad and intensive influence in various sectors. In addition, these assets have changed the pattern of trade economy regulations by becoming market and community authorities.

Therefore, crypto assets must be regulated and institutionalized and under state regulations. This aims to provide protection to the community and provide business certainty for business actors and provide the best benefits for the national economy.

In an effort to increase the protection and supervision of crypto asset trading, the Commodity Futures Trading Regulatory Agency (CoFTRA) continues to strive to improve its trade regulations. On August 8, 2022, CoFTRA has issued the Head Regulation of CoFTRA Number 11 of 2022 concerning the determination of a list of crypto assets traded on the Physical Crypto Asset Market, which is 383 types.

In addition, CoFTRA has issued another regulation, namely the Regulation of the Head of CoFTRA Number 13 of 2022 concerning amendments to the CoFTRA Regulation on amendments to Number 8 of 2021, namely guidelines for the implementation of physical market trading of Crypto Assets on futures exchanges.

"These regulations are a manifestation of the Ministry of Trade's commitment to continue to innovate following the dynamics of the development of the Physical Crypto Asset Market," said Frida.