The Government To Establish A Crypto Exchange, Here's The Response Of The CEO Of PINTU

PINTU CEO supports the government to set up a crypto exchange this year. (The Bangkok Post)

JAKARTA - The founder and CEO of PINTU, Jeth Soetoyo, welcomed the government's plan to establish a crypto exchange. Jeth assessed that crypto exchanges in Indonesia should be opened immediately in order to maintain the security of domestic crypto asset traders. Furthermore, he said that there are at least four foundations that need attention.

"In my opinion, there are four foundations that need to be considered, namely the stock exchange itself, the two asset traders, the third clearing house, and finally the custodian. All of them are similar to the formation of the capital market but with different responsibilities. In principle, all parties are together, from starting from industry players, government, and relevant stakeholders to build a healthy ecosystem and be able to succeed in the plan to establish this exchange," said Jeth.

Jeth Soetoyo also believes that the phenomenon and attraction of crypto continues to develop. The man said that crypto assets would open access to investment for the Indonesian people to participate globally.

With crypto assets, entrepreneurs in Indonesia can develop various applications made with blockchain technology. This can open up wider business opportunities by business actors. In terms of the development of crypto asset investors, the PINTU application itself has increased dramatically in a period of one year, namely 2020 to 2021.

“We experienced a very high spike, namely an increase in users reaching 1.000-12000% with 80% of investors under 30 years old. We hope that with the establishment of this exchange, it can become a source of truth for the community, so that the Indonesian crypto exchange can become a forum for education and the right information for the community," said Jeth.

Actually, the plan to open this crypto exchange has been heard since last year. If the exchange is established this year, it will be the first exchange in the world to be regulated by the government. Deputy Minister of Trade Jerry Sambuaga said that there was significant growth in crypto asset trading in Indonesia. He conveyed this in a written statement on Friday, January 28.

"The number of crypto asset investors in Indonesia as of December 2021 has reached 11 million people. Even though in 2020 it was still under 5 million people. In addition, the accumulated value of crypto asset transactions in 2021 increased to IDR 859.45 trillion in just one year or an average of IDR 2.3 trillion per day," he wrote.

The Commodity Futures Trading Regulatory Agency (CoFTRA) will soon establish a crypto exchange in Indonesia this year. This is reinforced by CoFTRA Regulation (Perba) No. 8 of 2021 concerning guidelines for conducting physical market trading of crypto assets which states that crypto asset exchanges in Indonesia will operate immediately if the conditions for their establishment have been completed, especially in terms of capital.