February 24, 2024

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Indonesia firm about establishing crypto exchanges

The Indonesian government is eager to establish commodity market regulations, especially those related to crypto asset trading. Plans to form a dedicated crypto exchange continues to be discussed at top levels.

Deputy Minister of Trade Jerry Sambuaga acknowledged that the development of the commodity market is complex, especially for the rapid growth of crypto assets that requires the presence of regulatory tools and institutions that protect them.

The Head of the Fiscal Policy Agency, the Director-General for Financing and Risk Management and the Deputy Minister of Finance agreed on the increasingly complex development of the commodity market. There are matters of concern ranging from taxation to the impact on the national economy at large.

None the less, with its establishment a wide range of commodities can intersect with other sectors and drive development. “Especially in the new digital-based financial industry and several other derivative product developments, there are more and more contacts with related institutions and ministries,” said Jerry.

In light of this, the Ministry of Trade was coordinating intensely with a number of other ministries and agencies. Specifically, his ministry is coordinating with the Ministry of Finance regarding the Omnibus Law material in financial services, especially the new digital-based financial industry and several derivative product developments and commodity market regulation.

Both the Ministry of Trade and the Ministry of Finance want the use and trading of crypto assets to have a positive impact on the national economy. “This is what we want to synergise so that the Financial Services Omnibus Law will be able to answer regulatory challenges as well as become a forum for the development of this industry,” said Jerry.

The commodity market and its derivatives as it is known so far according to the law are under the authority of the Commodity Futures Trading Supervisory Agency (CoFTRA) which is under the Ministry of Trade.

Jerry revealed that CoFTRA plans to immediately approve the establishment of a crypto exchange. The crypto exchange will focus on protecting business actors so that relations between all parties can run well, clearly and safely.

The head of CoFTRA, Sidharta Utama, said in a webinar on the Future of Crypto Assets, that the digital money or crypto commodity exchange would be present in Indonesia in the second half of 2021.

For now, crypto trading is being carried out but there has been no implementation of regulations from CoFTRA as a regulator because there is no exchange for crypto itself. The existence of exchanges for crypto assets, according to Sidharta, is in the interest of the public, given that there are thousands of crypto assets in the world because not all of them have the same “quality”.

CoFTRA has released 229 tradable crypto-assets and 13 officially registered asset traders. Crypto-asset traders have registered with CoFTRA but have not used the platform based on institutional regulations. In the future, when the exchange arrives, these traders will have to submit submissions with additional requirements that must be met.

From the perspective of people who carry out trading activities, there will be no difference before and after the existence of crypto exchanges. However, the presence of the exchange will play a role in overseeing crypto asset trading. The exchange will also provide clearing and a medium for asset storage, said Sidharta. The institution will function to ensure accurate crypto-asset records, ensure customer funds are safe, and will also provide crypto asset storage.

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