Reku Highlights The Importance Of Collaboration Between Stakeholders For The Indonesian Crypto Ecosystem

Reku encourages the development of the crypto ecosystem in Indonesia (photo: Pixabay)

JAKARTA - Founder & Chief Compliance Officer (CCO) Reku, as well as Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), Robby highlighted the role of the Crypto Exchange in the crypto ecosystem.

According to him, the presence of the Crypto Exchange is expected to provide guarantees of openness and security of crypto asset transactions. Also, increase public literacy.

For this reason, Reku also continues to actively collaborate with BAPPEBTI and ASPAKRINDO to develop a healthy crypto asset industry. This includes encouraging the potential of the crypto ecosystem and reviewing the impact of implementing regulation and market conditions.

"We observed a decrease in the volume of crypto asset transactions by up to 78 percent compared to the annual (YoY) between June 2022 and June 2023," Robby explained in a statement.

After a review, Reku and ASPAKRINDO found that one of the factors for the decline in transactions was complaints from users regarding the application of taxes in crypto asset transactions.

Not only that, the rise of illegal exchangers is also a point of discussion with regulators and associations. Robby explained, in 2022, the OJK released public losses due to illegal cryptocurrencies estimated at more than IDR 4 trillion.

"This is triggered by the public's desire to use tax-free exchangers and look for other product variations," he added.

Therefore, Robby feels the need for multi-stakeholder collaboration between industry players, associations, and regulators in sharing proposals and looking for better solutions for the implementation of ideal regulations and encouraging product innovation development.

Nevertheless, Robby and Reku admitted that they are still optimistic about the growth and prospects of the crypto ecosystem in Indonesia in the future.