The Association Gives a Warm Welcome to the Inauguration of Exchange, Clearing, and Crypto Asset Storage Services by Bappebti

JAKARTA, Indonesia, Aug. 1, 2023 /PRNewswire/ -- The Association congratulates the Commodity Futures Trading Supervisory Agency (Bappebti/CoFTRA) for establishing the Exchange, Clearing, and Depository Manager of crypto assets in Indonesia. It welcomes progressive steps from CoFTRA in accommodating developments of crypto asset technology in Indonesia. The inauguration of the crypto asset Exchange, Clearing, and Depository is evidence of the government's commitment to creating a conducive environment for developing the crypto asset industry.

Teguh Kurniawan Harmanda, as Chairman of the Asosiasi Pedagang Aset Kripto Indonesia (ASPAKRINDO), said the establishment and conferment of this permit was the opening gate for carrying out transactions by the mandate of CoFTRA Regulations and for registered Crypto Exchange, of course, would be an essential momentum to obtain the status of fully licensed Crypto Exchange. Manda also said business actors want reasonable, safe, reliable exchanges, clearing, and depositories. "As an example, namely the Depository, which has standard practices that have existed so far."

The inauguration of the Exchange, Clearing, and Depository Manager of crypto assets by CoFTRA is a positive step for CoFTRA. "We feel we can accelerate the growth of the domestic crypto asset industry in the future through monitoring and developing products and services in crypto asset transactions," said Asih Karnengsih, Chairwoman of the Asosiasi Blockchain Indonesia (A-B-I).

Asih added, "It is important for Exchanges, Clearing Houses, and Depository to consider imposing membership and transaction fees that can maintain the competitiveness of local business actors."

With the burden of tax fees that must be paid by Crypto Exchange (Corporate Income Tax) and taxes imposed on customers (VAT & Income Tax), it is hoped that the imposition of membership and crypto asset transactions fees at the following organ will not become an additional burden for Crypto Exchange or adding other costs, to customers, which can encourage a shift in interest in using foreign or unregistered crypto asset transaction platforms, which also results in capital outflows. Given Indonesia's enormous potential in the crypto asset industry to compete with other Southeast Asian countries, accelerated and intensive efforts from the government are needed to foster industrial growth.

The crypto asset industry in Indonesia is now entering a new chapter, which is full of optimism. One of the representatives of business actors, Yudhono Rawis, CEO of Tokocrypto, said, "The next step that that should be taken for Indonesia so that this industry continues to grow is the development of innovative crypto products and services that suit the needs and preferences of the Indonesian market."

Yudho also hopes that the crypto industry in Indonesia can be more mature in creating an ecosystem that is more integrated and competitive with global players.

To achieve a balance between technological innovation and consumer protection, ASPAKRINDO and A-B-I are committed to continuing to collaborate with the authorities and relevant stakeholders to build inclusive regulations that support the sustainable growth of the crypto asset industry in Indonesia.

SOURCE Asosiasi Blockchain Indonesia