Every types of crypto asset that do not align with Bappebti's regulation cannot be traded in Indonesia. (Photo: medcom.id)
Every types of crypto asset that do not align with Bappebti's regulation cannot be traded in Indonesia. (Photo: medcom.id)

Indonesia Tightens Monitoring towards Crypto Assets

Antara • 14 February 2022 10:50
Jakarta: 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 receive clear information on every traded crypto assets.
 
Every crypto asset products should be registered to the Bappebti, Acting Head of Bappebti Indrasari Wisnu Wardhana stated through his statement on Sunday.
 
As such, every types of crypto asset that do not align with Bappebti's regulation cannot be traded in Indonesia, he continued.

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"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 asset that could be traded domestically refers 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 asset 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 there are assets that 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 crypto asset.
 
Moreover, the public should check the types of crypto asset that have been legally determined by Bappebti and traded in crypto asset physical merchant candidate that have been registered by the agency.
 
(WAH)
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