Tokocrypto Assesses Trading Crypto Assets Under the MLM Could Damage Industry Growth

Illustration of the cryptocurrency Bitcoin (photo: Pixabay)

JAKARTA - Tokocrypto, a crypto asset trader in Indonesia is ready to collaborate with the Commodity Futures Trading Regulatory Agency (Bappebti) to suppress trading of crypto assets under the guise of MLM (Multi-level marketing) or ponzi schemes. Violent trade actions will undermine the growth of the industry.

Tokocrypto's Government Relations Manager, Albert Endi Hartanto said, Tokocrypto always supports the regulator's efforts, in this case CoFTRA to take firm action against trading crypto assets under the guise of MLM under the member get member scheme.

Endi believes that trading crypto assets under the guise of MLM can harm the officially registered Crypto Asset Physical Trader (CPFAK) platform.

"We see that crypto asset trading activities that violate the rules can be detrimental to authorized crypto asset traders registered with CoFTRA," said Endi in a statement received in Jakarta.

In addition, Endi continued, the community would be the most disadvantaged party, due to their lack of knowledge. "We don't want the public's trust in investing in crypto assets to be hurt," he concluded.

Boost Education

In order to suppress the harmful illegal trading of crypto assets, Endi revealed the need to increase education and literacy for the public and industry players.

With the industry still young and the public's stigma about crypto investing being able to bring profits quickly, Tokocrypto will continue to focus on strengthening education. Through education, Tokocrypto wants to strengthen responsible and sustainable crypto investment in Indonesia.

“Our focus remains on education and literacy. Those two things are the key to healthy industry. People can understand crypto investing thoroughly and can avoid illegal crypto trading scams and other losses. Moreover, crypto investment is currently in demand,” said Endi.

Based on CELIOS research entitled “The Role of Multi-Asset Applications on Retail Investor Growth” released in 2022, crypto assets have become the third largest investment product that retail investors are most interested in. In this study, it was found that currently crypto assets are the most popular investment products after Mutual Funds and Stocks, which are investment instruments that have been known for a long time.