News Flash:

Crypto Assets Must Be Registered To Trade

The Ministry of Trade published a press release earlier this year to help the public be safe in crypto asset trading in Indonesia. This is a translation of the press release.

The Commodity Futures Trading Supervisory Agency of the Ministry of Trade tightens the supervision of crypto asset trading. This is done to provide legal certainty so that people who invest get clear and legal information on every crypto asset being traded.

Acting Head of CoFTRA, Indrasari Wisnu Wardhana, stated that every crypto asset product must be registered with CoFTRA. Any type of crypto asset that does not comply with CoFTRA regulations cannot be traded in Indonesia.

“New Crypto Assets that will be traded must first be registered with CoFTRA through Prospective Crypto Asset Physical Traders who have already been registered for assessment based on established regulations. Determination of crypto assets is carried out through the Analytical Hierarchy Process (AHP) valuation method which has several assessment criteria,” said Wisnu.

CoFTRA has issued CoFTRA Regulation Number 8 of 2021. The regulation states the requirements for Crypto Assets that can be traded in the Crypto Asset Physical Market.

Crypto assets that can be traded domestically refer to CoFTRA Regulation Number 7 of 2020 concerning Establishment of a List of Crypto Assets that can be Traded in the Physical Asset Market. Crypto.

Currently, said Wisnu, CoFTRA has determined 229 types of crypto assets that can be traded on the physical crypto asset market so that Crypto Asset Traders can only trade the Types of Crypto Assets that have been determined by the Head of CoFTRA.

For this reason, crypto assets that have not been registered with CoFTRA cannot be traded in Indonesia. “It is hoped that the public can invest in coins or other types of Crypto Assets that have been stipulated in the CoFTRA Regulation,” said Wisnu.

Regarding Indonesian crypto assets made by the nation’s children, in principle Wisnu sees it as a positive thing. As long as it complies with the applicable rules and regulations, domestically made crypto assets can be traded. CoFTRA sees that the future of crypto assets made in Indonesia is quite bright. The potential and innovation of the nation’s children as well as the market potential in Indonesia is very large and continues to grow. In recent years, several Crypto Assets made by the nation’s children have been marketed in several global markets, and some have been registered in CoFTRA Regulation No. 7 of 2020.

Wisnu urges the public to first understand the mechanisms and risks before deciding to invest in crypto assets. “The public must also ensure the types of crypto assets that have been legally determined by CoFTRA and are ensured to be traded with prospective physical crypto asset traders who already have a registration certificate from CoFTRA,” concluded Wisnu.

 

Source: Press Release from The Ministry of Trade of The Republic of Indonesia

 

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