Heaptalk, Jakarta — Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA) has issued Indonesia’s newest crypto trading regulation. In this policy, this government institution revealed about 545 legal crypto assets that can be traded in the country.
In more detail, the Trade Ministry’s institution released the CoFTRA Regulation (PerBa) No. 2 2024 concerning the Second Amendment to Commodity Futures Trading Supervisory Agency Regulation Number 11 2022 regarding the Determination of the List of Crypto Assets traded on the Physical Crypto Asset Market.
Acting Head of CoFTRA, Kasan, delivered, “To fulfill market needs and provide legal certainty and protection for the public in crypto transactions, we need to make adjustments to the list of Crypto Assets traded on the Physical Crypto Asset Market,”
In its latest regulation No.2 2024, Indonesia’s CoFTRA has extended the legal crypto asset into 545 items, compared to the former 501 assets. This policy implements a positive list to minimize the risk of trading crypto assets with unclear whitepapers or having illegal purposes such as money laundering.
The determination and assessment of crypto assets that can be included in the list is handed over to the Crypto Asset List Assessment Team, which consists of representatives from CoFTRA, associations, and industry stakeholders. This point intends to speed up and increase accuracy in the assessment process.
CoFTRA has listed several legal cryptocurrencies, spanning Ethereum (ETH), Solana (SOL), Bitcoin (BTC), Klaytn (KLAY), Polkadot (DOT), Litecoin (LTC), Cardano (ADA), TRON (TRX), Solar (SXP), Cosmos (ATOM), Uniswap (UNI), Decentraland (MANA), Polygon (MATIC), Bitcoin Cash (BCH), Neo (NEO), ICON (ICX), Bitcoin Diamond (BCD), and others.
This institution would continue to oversee the growth of crypto market innovation to ensure customer protection. CoFTRA will also periodically conduct reviews of crypto assets traded on exchanges and platforms regulated once a year to assess their legality.
By issuing the list of legal crypto assets, Bappebti aims to boost growth in transaction volume and increase the adoption of blockchain technology and crypto assets in Indonesia. Recognizing the volatility of the crypto market, crypto market players are expected to do due diligence before involving in crypto asset trading.
On the other hand, Indonesia’s CoFTRA would also continue to update regulations and guidelines to maintain the safety and security of the crypto market in Indonesia, which is expected to provide appropriate protection for overall practitioners in the crypto industry.
