The President Director of CFX, Subandi, revealed that around 23 crypto companies have registered as potential crypto asset traders.
Heaptalk, Jakarta — The Ministry of Trade of the Republic of Indonesia, together with the Commodity Futures Trading Supervisory Agency (CoFTRA), has inaugurated PT Bursa Komoditi Nusantara, generally known as a Commodity Future Exchange (CFX), as the official crypto asset exchange in Indonesia. (07/28)
Inaugurated by Indonesia’s Minister of Trade, Zulkifli ‘Zulhas‘ Hasan, delivered, “Investing in crypto assets carries a fairly high risk because of its high-risk and high-return nature. For this reason, I look forward to the established crypto exchanges that can work with the government to maximize public protection.”
As it is known, establishing a crypto exchange has gone through a long stage following the applicable regulatory provisions. This Indonesia’s crypto agency stipulated the crypto exchange establishment through Decree of the Head of CoFTRA No. 01/CoFTRA/SP-BBAK/07/2023 dated July 17th, 2023, concerning Approval as a Crypto Asset Futures Exchange for PT Bursa Komoditi Nusantara or CFX.
In addition, the agency also issued a Decree of the Head of CoFTRA No. 01/CoFTRA/SP-LKBAK/07/2023 dated 17 July 2023 concerning Approval as a Futures Clearing House for Guarantee and Completion of Trading in the Physical Crypto Asset Market to PT Kliring Berjangka Indonesia.
According to the data, the crypto asset users have reached 11,2 people as of 2021. This result elevated to around 48.7%, compared to the former of 16.55 users in 2022.
Simultaneously. the President Director of CFX, Subandi, voiced, “CFX is committed to ensuring openness, governance, transparency, and accountability in its business model and compliance with applicable laws and regulations. With the support of critical stakeholders such as regulators, exchange members, custodian institutions, clearing houses, and traders and investors, CFX will educate the public to increase financial literacy for crypto products in the archipelago.”
Subandi revealed that around 23 crypto companies have registered as potential crypto asset traders, covering Tokocrypto, NVX, Pluang, Naga, Mobee, Cyra, Galad, Crypto Vault, Indodax, Dex, Ajaib Kripto, KMK, Luno, MKS, Pantheras, Pintu, Reku, Bitwewe, Triv, Nanovest, Vanixx, and Zipmex.
As a crypto asset exchange in Indonesia, CFX will play a critical role in continuing to develop Indonesia’s crypto market in multiple aspects, including:
- Carry out education programs and awareness campaigns that increase soft skills and awareness to educate the public regarding the risks of crypto assets.
- Forge partnerships with financial authorities and regulators to ensure compliance and security in operating crypto trading systems and platforms.
- Develop innovative crypto products and services that match the needs and preferences of the Indonesian market.
- Enhance market liquidity by providing a simple way to purchase, keep, and use crypto assets.
