Heaptalk, Jakarta — Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA) revealed that the crypto industry continues to flourish this year. According to the Head of the Commodity Futures Trading Development and Development Bureau of CoFTRA, Tirta Karma Sanjaya, the number of crypto investors has reached 18.25 million per November 2023, with a monthly elevation in an average of 437,9000 as of February 2021.
“This growth shows the high public enthusiasm towards this investment assets. Nevertheless, this evolution should be accompanied by comprehensive education by society. Moreover, the Bitcoin halving moment is predicted to occur next year, which is expected to boost an increase in crypto asset prices and transactions. With mature comprehension, we look forward to investors being wiser in investing in crypto assets.” added Tirta.
Further, he also explained that Indonesia’s crypto transactions had attained US$6.7 billion, approximately Rp104.9 trillion, in January – October 2023. With this outstanding growth, Indonesia is ranked seventh with the most significant number of crypto asset investors worldwide.
In 2023, the financial and investment market, including crypto assets, will face several challenges, starting from illegal exchange platforms and high taxes, impacting investors’ preference to invest in unregistered platforms. Besides, this industry’s lack of variety of investment services could influence investors’ appetite to invest in this asset. In overcoming this problem, CoFTRA will continue synergizing with various private parties, stock exchanges, and other associations.
“Indonesia’s CoFTRA continues coordinating and collaborating with associated traders and relevant stakeholders to develop the asset ecosystem and governance. Hence, we believe the value of this transaction will revive,” Tirta said in his statement.
In boosting the crypto industry in the archipelago next year, Indonesia’s crypto exchange also provides trading supervision and security to protect investors. In its mechanism, the President Director of PT Bursa Komoditi Nusantara (CFX), Subani, stated that crypto asset trading still occurs with each trader. As the Self-Regulatory Organization (SRO), which consists of exchange, clearing, and depository, Indonesia’s CFX would monitor the entire transaction to follow the stipulated regulations.
“We also strengthen transparency in carrying out the monitoring process on crypto exchanges for traders. This transparency covers each merchant’s buying and selling process, spanning Know Your Customer (KYC) procedures during registration, daily transactions, and funding. We look forward to the traders following our monitoring process,” affirmed Subani.
