Diksia.com - 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 crypto 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 crypto exchange 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.
“Given Indonesia’s substantial potential in the crypto asset industry to compete with other Southeast Asian nations, intensive efforts from the government are required to expedite industry growth,” she concluded.
Contacted separately, the President of the Indonesian Crypto Asset Traders Association (Aspakrindo), Teguh Kurniawan Harmanda, expressed belief that the crypto exchange could boost public trust in crypto asset investments.
“Providing a record-keeping system where trading still occurs with existing crypto asset traders. With this system in place, crypto asset traders can offer trading facilities on their platforms regularly, reasonably, and efficiently,” he stated.
Looking ahead, Harmanda hopes that investor transaction volumes in crypto assets will rise. Additionally, new crypto industry players can expedite their licensing process.
“This can instill more confidence in the public, leading to increased transaction volumes, and of course, our colleagues can swiftly secure full licenses,” he concluded.
Earlier, Bappebti had established the cryptocurrency exchange. Firstly, through Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-BBAK/07/2023 dated July 17, 2023, regarding Approval as a Crypto Asset Futures Exchange, PT Bursa Komoditi Nusantara was designated.
Furthermore, Bappebti also issued Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-LKBAK/07/2023 dated July 17, 2023, concerning Approval as a Futures Clearing Institution for Guaranteeing and Settling Physical Crypto Asset Market Trading to PT Kliring Berjangka Indonesia.
Another aspect regulated by Bappebti is the Custodian of Crypto Asset Storage through Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-PTPAK/07/2023 dated July 20, 2023, regarding Approval as a Custodian of Crypto Asset Storage to PT Tennet Depository Indonesia
