Relax... New ASIX Token Traded On Pancakeswap, CoFTRA's Ban Is Not Enacted Yet?

CoFTRA banned, Deputy Minister of Trade Jerry Sambuaga said ASIX Token is not wrong. (Asixtoken.com)

JAKARTA – In the midst of the bustle of ASIX tokens on Twitter due to comments from the @InfoBappebti account which banned Anang Hermansyah's tokens. The CoFTRA account commented on the upload from @loopholeacademy which mentioned the Commodity Futures Trading Supervisory Agency account on 9 February. Deputy Minister of Trade Jerry Sambuaga straightened the information.

The Vice Minister of Trade explained that the new ASIX token was traded on a foreign crypto platform, Pancakeswap. The token trade also does not use rupiah currency. To buy tokens on Pancakeswap, you can only use BNB coins on the BEP 20 network.

Good afternoon, we can say that ASIX tokens are prohibited from trading because they are not included in the 229 crypto assets that may be traded in crypto asset transactions in Indonesia according to CoFTRA Regulation No. 7 of 2020. Thank you.

— CoFTRA Ministry of Trade (@InfoBappebti) February 10, 2022

For information, Pancakeswap is a decentralized exchange (DEX), a global crypto trading platform that can be accessed by the crypto community from all over the world. Pancakeswap typically sells various crypto tokens using the Binance Smart Chain network.

In contrast to centralized exchanges (CEX) such as Indodax, Tokocrypto, and Pintu which target the domestic market, DEX is more open to the global market. On the other hand, ASIX tokens are also not yet traded on domestic crypto exchanges.

“Now what's even more exciting, the media have reported what they are doing on an external platform, right on pancake swap, a global blockchain platform. There is absolutely no buying and selling in rupiah currency," said the Deputy Minister of Trade, Jerry Sambuaga.

Sambuaga judges that trading ASIX tokens is not wrong. Even the ASIX developer has followed the procedure in order to get official permission from CoFTRA so that it can be traded on the Indonesian crypto exchange. The reason is, one of the conditions for CoFTRA so that cryptocurrencies can be traded in Indonesia is that they must rank in the top 500 based on their market capitalization.

To fulfill these requirements, a crypto token must first be traded on a foreign market. After that, you can only list on crypto exchanges in Indonesia, of course, after getting a license from CoFTRA.

“In accordance with CoFTRA (Perba) 7 2020 regulations regarding the list of crypto assets traded. It's said that one of the items in the regulation states that in physical trading the crypto assets traded are in the top 500 of the market capitalization," added Sambuaga.

The Vice Minister of Trade, Jerry Sambuaga, emphasized that the actions taken by the ASIX token developer were correct and in accordance with applicable procedures.

“In fact, this is one of the requirements in the licensing and registration process for tokens registered with CoFTRA. What did Anang and his team do? This is on the right track,” said Sambuaga.

Based on the roadmap on the official website asixtoken.com, ASIX has listed the "CoFTRA LICENSE". This means that ASIX is trying to get official permission from CoFTRA in the first quarter of 2022. In addition, ASIX will also develop its own NFT marketplace and metaverse called Nusantara Land.

According to information from the official website, Asix Token is designed to invite crypto asset investors to develop a number of large projects such as play-to-earn (P2E) games, NFT Marketplace, and Metaverse Nusantara Land. One of Asix's P2E games is a local game, Congklak.

At the time of writing, the ASIX token price was trading at the level of IDR 0.076146. ASIX experienced a 32.9 percent increase in price in the last 24 hours. Meanwhile, in one week, ASIX prices skyrocketed 566.7 percent, according to data from Coingecko. On February 7, the ASIX token broke its all-time high price (ATH) at the level of IDR 0.136729.