Indonesia Tightens Monitoring on Crypto Assets

TheIndonesia.co - The Trade Ministry's Commodity Futures Trading Regulatory Agency (Bappebti) is tightening the monitoring of crypto asset trade to provide legal assurance that the investing public receives clear information on every traded crypto asset.

Every crypto asset product should be registered to the Bappebti, Acting Head of Bappebti Indrasari Wisnu Wardhana stated through his statement received by Antara on Sunday, February 13, 2022.

As such, every type of crypto asset that does not align with Bappebti's regulation cannot be traded in Indonesia, he continued. "New crypto asset that will be traded should be registered with Bappebti first through registered crypto-asset physical merchant candidate to be evaluated based on the regulations," he explained.

"Evaluating the crypto asset is done with the Analytical Hierarchy Process (AHP) method that has several evaluation criteria," he continued.

 The Bappebti had issued the Bappebti Regulation No. 8 of 2021 that lists the conditions of crypto assets that could be traded in Crypto Asset Physical Market.

 Crypto assets that could be traded domestically refer to the Bappebti Regulation No. 7 of 2020 on Determining the List of Crypto Asset that could be Traded in Crypto Asset Physical Market.

 "It is expected that the public could invest in coin or crypto asset types that have been determined by the agency's regulation," Wardhana remarked.

 Currently, the agency has determined 229 types of crypto assets that could be traded in crypto asset physical market. Crypto assets that have not been registered with the agency could not be traded in Indonesia. 

 Concerning crypto asset made by Indonesians, in principle, Wardhana welcomes it as long as it adheres to the regulations in force. Bappebti deemed that the future of crypto assets made by Indonesians is quite bright.

The potential and innovation that Indonesians have and the potential of the market in Indonesia are very large and they continue to grow. Within these last few years, several crypto assets made by Indonesians have been marketed in several global markets, and some assets have been registered within the Bappebti Regulation No. 7 of 2020.

Wardhana urged the public to understand the mechanism and the risk before choosing to invest in a crypto asset. Moreover, the public should check the types of crypto assets that have been legally determined by Bappebti and traded in crypto asset physical merchant candidates that have been registered by the agency.