Indonesian Crypto Exchange Launched By Official Authority, Industry Reacts

RediksiaWednesday, 23 August 2023 | 11:24 GMT+0000 - The Ministry of Trade, represented by the Commodity Futures Trading Regulatory Agency (Bappebti), has formally inaugurated a cryptocurrency exchange. The head of Bappebti, Didid Noordiatmoko, has designated PT Bursa Komoditi Nusantara as the overseer of this commodity futures exchange.

Bappebti has also appointed PT Kliring Berjangka Indonesia as the futures clearing institution, and PT Tennet Depository Indonesia as the custodian of crypto assets.

In response, the Indonesian Blockchain Association has hailed the launch of the Crypto Asset Exchange, the clearing institution, and the depository as a constructive stride taken by Bappebti. This move is poised to propel the growth of the domestic crypto asset industry. The presence of a is anticipated to amplify oversight, development, and the scope of crypto transactions.

“Furthermore, the establishment and authorization stand as the gateway for transaction execution in accordance with Bappebti regulations and, for prospective physical crypto asset traders, it certainly marks a pivotal juncture towards obtaining the status of ‘Physical Crypto Asset Trader',” stated Chairwoman of the Indonesian Blockchain Association, Asih Karnengsih, speaking to detikcom on Friday (July 21, 2023).

However, Asih emphasized that the government needs to consider the imposition of membership and transaction fees that can sustain the competitive edge of local businesses. The imposition of these charges encompasses CPFAK taxes such as Corporate Income Tax and levies on customers (VAT & CIT).

Crypto industry players are concerned that the imposition of membership and transaction fees for crypto assets within this market infrastructure could adversely impact investors' interest, potentially leading to reduced crypto transactions.

“It is hoped that this will not add burdens to CPFAK or levy excessive costs on customers, which might trigger a shift in interest towards using foreign or unregistered crypto asset transaction platforms, ultimately resulting in capital outflow,” she explained.

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