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Crypto Asset Market in Indonesia Weakens. What is the solution?

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Jakarta, Indonesia, October 27, 2022 /PRNewswire/ — The Crypto Industry Indonesia Due to its development, it still attracts the attention of many stakeholders.Prepared from the latest data from the Commodity Futures Trading Regulatory Agency (CoFTRA) August 2022Crypto investors penetrated 16.1 million customers, while the crypto industry also saw a significant decline in total transaction volume from January to January. August 2022 was recorded in 249.3 trillion rupiahdown 56.35% compared to the same period in 2021.

The decline in the value of cryptocurrency transactions after early 2022 is due to the impact of global economic conditions, such as recession and Task This caused the cryptocurrency industry to experience a bear market. According to Bitocto Founder and CEO Milken Jonathan, interest rate hikes from the Federal Reserve (central bank) usa) from now on surely Absorb Liquidity from various assets that will continue to influence until a pivot from the Fed occurs. But at a micro level, one of the reasons is the tax rate in Japan. Indonesia, trading fees on global exchanges tend to be cheaper, and some are even free on certain pairs. It can cause capital outflows because of the impact,” Milken said. In addition, Honorary Member ABI and Telkom University Lecturer Dr. Andrew AlamshahS.Si and M.Sc said, according to Andry, “bear market conditions are recurring situations and have occurred in the past. It’s good to be able to focus on basic functionality and once the situation picks up the products/services offered by the project will be more legitimate and mature. Available to enable asset developers to conduct deeper research to produce product outputs with better fundamentals.

Asih Karnengsih, president of the Indonesian Blockchain Association (ABI), said that bear market conditions should focus on activities that can strengthen the industrial ecosystem nationwide. Indonesia It still has great potential. Therefore, all stakeholders, both from governments, business people, and all stakeholders, are encouraged to improve/evaluate existing policies, such as the coin or token rating system included in CoFTRA, to support cryptocurrency We look forward to continuing to work together to protect our industry. Positive list until the immediate launch of the cryptocurrency exchange”.

However, among several unresolved issues, the Ministry of Commerce, through CoFTRA, issued a Circular (SE) No. Published 08/2022. Actions that legally violate the Code and damage CPFAK apply to both those who are currently enrolling and those who plan to go through the enrollment process.If Man Looking to other technology-based financial industries, such as the e-money business supervised by Bank Indonesia and online loans supervised by OJK, moratoriums on registration processes are also in place.If Man As a reference, technology and market development are one step ahead of laws and regulations. On the one hand, a moratorium on the licensing process can actually be considered to reconcile the completely uncertain current market conditions and implementing regulations to protect consumers and business people. Indonesia.

In addition, several companies are in the process of registration in compliance with the provisions of CoFTRA Regulation No. 8 of 2021, requiring capital disbursement, business planning, application development, compliance with security certification standards, and of course significant Complies with other provisions that cause loss. business actor. This clearly runs counter to the government’s ethos of expanding investment opportunities and creating new jobs. Indonesia.

On the other hand, the Director General of the Tax Bureau of the Ministry of Finance Utomo surryoSaid, “The tax on crypto assets PPh 22 is the same and starts in June, i.e. in the third month of June, July and August, 125 billion rupiah.PPh22 is 60 billion rupiahwhich is VAT after tax rate 0,5% 65 billion rupiahsaid Suryo of DGT headquarters. South Jakarta, Tuesday (10 April 2022). This total includes income from his PPh 22 on cryptocurrency trading by traders via electronic systems (PPMSE) and/or self-deposit. Due to the significant contribution of crypto-asset trading to national revenues, the government could either lift the moratorium immediately or, if required to maintain the moratorium, allow companies that submitted the registration process prior to the issuance of the moratorium the right to continue. You can license process. This is indeed believed to give a sense of justice to the bona fide parties as per the provisions of Perba 8/2021.

Moreover, the launch of the Crypto Asset Exchange has not yet become another matter of great importance in the regulatory and supervisory process carried out under the Department of Commerce. Establishing a cryptocurrency exchange is an urgent task, given that the exchange functions as a forum for monitoring cryptocurrency trading. Indonesia, was originally targeted to be launched by the end of 2021. There is now a Crypto Asset Exchange candidate, namely PT Digital Futures Exchange (DFX), which has registered with CoFTRA and has met the substantive requirements following Perba 8/2021. His DFX director Oham Dunggio said: Indonesia.”

On the business side, Reku CCO Robby said:, “Currently, crypto exchanges in the crypto industry are a big problem for CPFAK. The industrial ecosystem is still not ideal, so considering our position as a crypto trader is by no means perfect. Supporting institutions such as exchanges have not yet been formed.”

See what’s happening in the crypto industry IndonesiaAs serious as a bear market is, recovery efforts are needed to maintain stability in the cryptocurrency trading ecosystem. IndonesiaABI and the ecosystem as a whole hope that the government will immediately plan various decisive and swift actions on various issues existing in the cryptocurrency industry.

SOURCE Associate Blockchain Indonesia

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