Government Plans To Set Crypto Assets In Global Policy Standards

Minister of Finance (Menkeu) Sri Mulyani. (ANTARA)

JAKARTA - Minister of Finance (Menkeu) Sri Mulyani said crypto assets need to be regulated in a global policy standard because they are one of the instruments that continues to develop, and have many opportunities and challenges.

Currently, the provisions or regulations governing crypto assets vary between the juridiksi of each country.

"There needs to be global standards in regulation and supervision of crypto assets that adhere to the same activity principle, same risk, same regulation," Sri Mulyani said as quoted by ANTARA, Wednesday, July 19.

In line with the Bali Fintech agenda, the Minister of Finance hopes that this crypto asset policy standard can increase consumer protection without stopping technological innovation.

Global standards will address various challenges related to digital assets such as consumer protection, money laundering, terrorist financing, and market manipulation.

Furthermore, he continued, the same standards between countries will increase transparency and accountability in the crypto industry so as to foster the trust of its users.

On this occasion, Sri Mulyani also shared experiences related to the same principles regarding crypto, which were applied in financial sector reforms in Indonesia through the Financial Sector Development and Strengthening Law (UU P2SK).

The activity entitled " Policy Dialogue: Round Table Discussion on Crypto Assets" was held on July 18, 2023, which was included in a series of meetings at the Minister of Finance and Governor of the 3rd Central Bank of the G20 (3rd G20 FMCBG) in Gandhinagar, India.

This round table discussion aims to discuss and discuss some key questions related to crypto assets openly.