THECRYPTO.WATCH – Crypto trading rules in Indonesia are under CoFTRA. So people don’t have to worry about trading.
The Indonesian government already has a regulatory agency for crypto asset trading. Digital assets, such as crypto, are included in the category of commodities in trading. So that the regulation falls under the authority of CoFTRA.
Crypto Asset Trading Supervision
In Indonesia, crypto assets are not currencies or are not intended to be used as a means of payment. According to Indonesian law, crypto asset trading is a commodity.
Crypto assets are a relatively new type of digital asset development. So it needs rules in the trading system. This is inseparable from the factor of its increasingly widespread use.
In addition, the prospect of diversification will have an impact on the national economy in general. The need to regulate and monitor the development of crypto assets is because the impact can be even wider.
Crypto trading itself can be viewed from various aspects. At this time, a productive development for the Indonesian economy. One example is the TCW token, which is able to attract investors from abroad.
TCW token holders no longer need to trade crypto assets. If you look closer, currently the total annual turnover of trade is around IDR 1.5 billion.
Development of Crypto Asset Rules
CoFTRA will establish a special exchange for crypto asset commodities. This is intended to facilitate monitoring of its development. For now, the regulations are in the planning stage.
If this plan is successfully implemented, then Indonesia will be the first country to establish a crypto exchange with government regulations. CoFTRA has released several types of crypto assets.
From the data that has been compiled, there are around 8,000 to 9,000 types of crypto assets. Meanwhile, CoFTRA has released around 229 crypto assets in Indonesia. However, this number is increasing over time because, every day new crypto assets are born.
Therefore, CoFTRA must improve in terms of its capacity as a supervisor of crypto assets. So it is necessary to cooperate with several stakeholders and crypto asset traders.
Crypto asset trading rules that are able to protect all parties will guarantee even more rapid development. Because, people no longer hesitate to invest in crypto assets.
