The 383 legalized crypto assets are rated relatively safe by the government
The Indonesian government is paying increasing attention to the global emergence of cryptocurrencies and regulated crypto asset trading.
The Department of Trade’s Commodity Futures Trading Regulatory Authority (Bappebti/CoFTRA) has stepped up its supervision of cryptocurrency trading to provide public legal assurances for all cryptocurrencies traded. Trading of crypto assets will only be done electronically by crypto traders on future markets approved by Bappebti.
So far, over 20,000 types of crypto assets have been traded worldwide, but only 383 types (from the first 229 units) have been recognized by the Indonesian government and authorized to be traded by 25 registered companies. It has been.
The increase in the number of tradable crypto assets is due to the popularity of crypto asset trading. We also follow the market player’s suggestions and his Bappebti evaluation results. These 154 additional crypto assets are approved under his Bappebti (Perbappebti) No.11 Regulations of 2022.
The aforementioned regulations include requirements, guidelines, additional mechanisms and types of crypto assets that can be traded. Crypto assets are evaluated by a crypto asset list evaluation team consisting of Bappebti, its affiliates and business owners.
With the issuance of Perbappebti No.11 of 2022, the Government hereby cancels Perbappebti No.7 of 2022 on 229 tradable crypto-assets.
Recently, in a discussion with several journalists grouped by the Indonesian Muslim Journalists Association (PJMI), Didid Noordiatmoko, deputy head of Bappebti, said that 383 non-cryptocurrency transactions were authorized by the government. I said I was not protected. This means that governments are not responsible for protecting transactions, including traders and buyers, in the event of adverse circumstances for parties involved in illegal transactions.
“Transactions other than 383 cryptocurrencies are illegal and the government is not responsible for transactions other than those,” Noordiatmoko said.
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“The 383 legalized crypto assets are rated relatively safe by the government,” said Noordiatmoko.
As such, crypto traders can only trade cryptos on the list, and cryptos that are not registered with an agency cannot be traded in Indonesia. The general public is expected to be able to invest in coins or other types of crypto assets specified in the Bappebti Regulations.
Physical trading of crypto assets is one of the products that people are very interested in these days.
A cryptocurrency is a digital or virtual currency. Currencies are protected using cryptography or cryptography to secure financial transactions, create additional units, and verify asset transfers. In contrast to fiat currencies and central banking systems, many cryptocurrencies are decentralized systems based on blockchain technology. Crypto-assets represent a dramatic shift in financial markets and have grown in popularity in recent years. quantifislutions.com.
The technological advances behind crypto assets have come a long way and could disrupt the financial system as we know it. can play a role. However, this global phenomenon has caused confusion on multiple levels, including how individual crypto assets differ from each other and the role of key participants in the crypto ecosystem.
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data trading
Bappebti noted that Commodity Futures (CFT) trading data for the first quarter of 2022 showed a total of 4,747,922 lots, an increase of 46.47% compared to 3,241,650 lots for the same period in 2021.
The development of cryptocurrency trading is also rapid. The transaction volume in 2021 is Rp859.4 trillion, an increase of 1.224 percent compared to Rp64.9 trillion in 2020.
Furthermore, we can see from transactions reaching Rp 130.2 trillion in the first three months of 2022 (January to March). Additionally, crypto customers are growing by an average of 740,523 monthly.
As of March 2022, Indonesian crypto assets have 12.8 million subscribers. In the CFT industry, the public can invest idle funds managed by prospective brokerage firms duly registered with Bappebti.
This investment is high risk, high return, low risk, low return. Therefore, it was suggested that the prospective client had a deeper understanding of his investment procedures in the CFT industry.
Noordiatmoko said the legalization of cryptocurrencies along with the transactions being carried out in this ecosystem will help protect the Indonesian people from fraudulent activities such as money laundering, drug trafficking, funding terrorist acts and other crimes. I explained that it is an initiative by the government of
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The protection, which the government started applying from 2018, takes into account the growth of physical trading of crypto assets, which shows a positive trend.
“Crypto-asset trading is on the rise. In 2020, its value reached Rp 64.9 trillion (approximately US$ 4.2 billion) and increased to Rp 859 trillion (approximately US$ 56.3 billion) in 2021. ” said Noordiatmoko.
He further said that the number of investors in this trade sector has increased, reaching at least 16 million across Indonesia, dominated by the 18- to 35-year-old age group.
“Among the total transaction value, 70% of the players had a transaction value of less than Rp500,000 (US$32.79), while only 0.9% were worth more than Rp100 million (US$6,559),” said Noordiatmoko. , which is a college student cryptocurrency player in this Southeast Asian country.
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He further said that Indonesia is one of the few countries in the world to apply cryptocurrency trading regulations.
The potential and innovation of Indonesians and the market potential of this country is vast and continues to grow. Over the past few years, several crypto assets created by Indonesians have been sold in several global markets. In general, the digital economy contributes significantly to the country’s next economic growth.
Cryptocurrency trading is promising, but Noordiatmoko urges people to remain cautious about investing in this sector by seeking full information from competent parties and always educating themselves on this. . (Ine)
*Mohammad Anthoni is a journalist who worked for Antara News Agency from 1988 to 2018 and is now a PR consultant.
*The views and opinions expressed on this page are those of the author and do not necessarily reflect the official policies or positions of the ANTARA news agency
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