PLT. The head of the Commodity Futures Trading Supervision Agency (CoFTRA), Dedid Nordiatmoko, has responded positively to the ever-increasing development of crypto-asset trading.
In response, Dedeed said, CoFTRA continues to regulate and monitor crypto-asset trading in a number of regulations, including licensing, in an effort to protect consumers.
“CoFTRA seeks to conduct licensing assessments in a transparent, efficient and effective manner for every potential physical trader of Crypto Asset (CPFAK) including in terms of the trading mechanism,” Dedid said in a press release, quoted on Friday (14/10/2022). ).
On the platform of one of the largest crypto-asset traders in Indonesia, clients who fill in securities will be immediately registered with the name BIDR. BIDR is a crypto asset in the form of a rupee-based token that has the same value-ratio as IDR, which is 1 IDR = 1 BIDR. After that, the transaction of buying and selling crypto assets is executed using BIDR.
Based on CoFTRA Regulation No. 8 of 2021 Guidelines for the Implementation of the Trading of Crypto Assets in the Physical Market on a Futures Exchange, Article 13(2) B with respect to the scope of activities to facilitate permitted crypto-asset trading transactions, this is entered into an exchange between one or More of the following: More among the types of crypto assets.
Cryptocurrency exchange formation
Head of the Commodity Futures Trading and Development Bureau, Tirta Karma Sanjaya, explained that CoFTRA has now set up institutions involved in the physical trading of crypto assets to maintain the security of trade transactions, ensure compliance with applicable regulations, and transparency.
“Crypto-asset exchanges, clearinghouses, and custodians of crypto-assets are in the registration and licensing evaluation stages. CoFTRA does not want to rush to ensure that the ecosystem that has been formed can function properly in accordance with its function,” Tirta said.
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Tirta added, that all institutions formed in the crypto-asset trading ecosystem have the function of supervising and receiving crypto-asset traders.
The functions of each respective institution are as follows, the clearinghouse, which acts as a repository for clients of crypto assets. At least 70 percent of client funds are held in clearing houses, and 30 percent can be deposited with crypto-asset traders, in addition to completing crypto-asset transactions.
Crypto asset repository manager, acting as a repository of crypto assets for clients that are transacted with crypto asset traders. At least 50 percent of crypto assets to be traded and 50 percent of crypto asset traders.
Meanwhile, crypto-asset traders serve as a place to carry out crypto-asset trading transactions.
To realize this ecosystem, CoFTRA will continue to coordinate with relevant actors, institutions, authorities and associations in preparing the crypto asset regulations. In this way, a safe ecosystem will be created and it will also have a positive impact on society and the national economy.”
Previously, the changing conditions of the cryptocurrency market were normal. In 2021, the total value of crypto-asset trading transactions will reach IDR 859.5 trillion.
Meanwhile, the total value of transactions in the January-August 2022 period was recorded at 249.3 trillion rupees, down 56.35 percent compared to the same period in the previous year.
As crypto transactions have fallen by more than half, Tirta Karma Senjaya, head of the PBK Guidance and Development Bureau of the Commodity Futures Trading Supervision Agency (CoFTRA), explained that the reason was a weak global economy.
“The increase in interest rates from the Federal Reserve, the Russian-Ukrainian war, and the crypto-winter had an impact on the investment market, as stocks, commodity futures, cryptocurrency and many startups all collapsed,” Tirta told konsep. Wednesday (5/10/2022).
Tirta added that weak cryptocurrency prices, especially large-cap ones such as Bitcoin, Etherium and USDT, had an impact on the decline of other Altcoins, causing investors to pull back from making more transactions and the market was calmer than the previous period.
Domestic Crypto Market Still Safe
Despite the decline in the value of crypto transactions, Tirta explained that the domestic crypto market remains safe, despite the decline in transactions, the market is still favorable because the crypto exchange is officially registered with CoFTRA.
“Although volatility tends to be lower, many crypto-watchers are saying that assets with a large market cap will survive. Meanwhile, the local cryptocurrency market remains favorable as only the crypto-assets in circulation are those registered with CoFTRA has passed the assessment,” Tirta said.
Cryptocurrency market is still predictable
In terms of transactions, the cryptocurrency market has actually fallen recently, but according to Tirta, crypto transactions are still there and the number of clients or customers continues to grow.
As the domestic regulator of crypto assets, CoFTRA also regulates which assets are allowed to be traded and whitelisted.
“In determining which crypto assets can be traded in Indonesia, CoFTRA has established regulations for a type of crypto-asset to be traded in Indonesia in accordance with CoFTRA Regulation No. 8 of 2021 regarding the Guidelines for Implementing Physical Market Trading of Crypto Assets on a Futures Exchange in Article 3. ”Tirta” “.
Meanwhile, Pelt. The number of registered crypto-asset clients in Indonesia up to August 2022 was recorded at 16.1 million, with an average increase in the number of registered clients of 725,000 per month, CoFTRA President Dided Nordiatmoku previously said.
Dedid said, “This shows that the general interest in investing in crypto-asset trading is on the rise. Therefore, CoFTRA sees the need for good oversight to maintain favorable conditions for crypto-asset trading in Indonesia.”
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