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


Latest Post

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.