Containing a comprehensive crypto asset trading ecosystem, Aspakrindo Vice Chairman revealed that around 501 of the legitimate crypto asset has been traded in Indonesia.
Heaptalk, Jakarta — Indonesia’s Crypto Asset Traders Association (Aspakrindo) and Indonesian Blockchain Association (A-B-I) held an audience with the Financial Services Authority (OJK) to discuss crypto asset trading mechanisms and the development of this industry in Indonesia.
Attending the meeting, the Vice Chairman of Aspakrindo, who also served as the CEO of Tokocrypto, Yudhono Rawis, stated, “This agenda is a significant move to enhance the industry. We believe collaboration between the crypto asset industry and regulators is essential to ensure sustainable development for the crypto ecosystem,”
In more detail, several important points were discussed in this hearing. Industry players who are members of Aspakrindo and A-B-I explain various aspects of crypto asset trading, including existing regulations, challenges faced by the industry, strategic moves to increase transparency, and consumer safety in crypto trading.
According to him, even though the industry is encountering a bear market issue, the number of crypto investors continues to increase. Indonesia’s CoFTRA noted that around 17.67 million people had become crypto asset investors by July 2023, enhancing to approximately 13,000 people compared to the previous month. Nevertheless, Yudho considers that this achievement is still relatively small compared to Indonesia’s population of 278 million people.
Yudho added, “This outcome also creates a tremendous opportunity for Indonesia as a country with a demographic bonus and internet penetration of more than 70% to become the primary market for the crypto industry in Southeast Asia. Besides, increasing public comprehension of blockchain and crypto sector through accessible education and information is also expected to convince them to understand this industry’s potential.”
A patent policy will boost the crypto industry
During the meeting, Aspakrindo highlighted efforts to create transparent and fair regulations for crypto asset trading in Indonesia. In his perspective, the apparent law and the government’s understanding of the crypto industry can also elevate society’s confidence in investing in crypto assets.
“We look forward to working with OJK to formulate an equal and progressive regulation. An adequate policy will contribute to creating a conducive environment for the growth of this industry while maintaining market integrity and security,” Yudho said.
As is well known, a crypto asset has been recognized as a legal commodity in the archipelago. Around 501 of the legitimate crypto asset has been traded in the country. The archipelago is also considered a country with a comprehensive crypto asset trading ecosystem, including investors, physical traders of crypto assets, exchange, depository, and clearing. With proper regulations, the existence of crypto exchanges will be the primary key to establishing a safe crypto investment climate in this country and positively impact national economic growth.
“A robust policy is the critical foundation for enhancing a crypto asset ecosystem in Indonesia. This matter is a positive indication for industry players. With joint efforts with the government, the Indonesian market will likely continue to lead in crypto development in the future.” Yudho concluded.
