Jakarta, Beritabulukumba.com – Indonesia’s national crypto exchange has finally been officially formed by the Commodity Futures Trading Regulatory Agency (Bappebti) of the Ministry of Trade.
Bappebti has appointed PT Bursa Komoditi Nusantara as the Crypto Asset Futures Exchange in Indonesia.
Head of Bappebti at the Ministry of Trade, Didid Noordiatmoko, stated that the establishment of the crypto exchange was made through the Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-BBAK/07/2023 dated July 17, 2023.
Bappebti also issued the Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-LKBAK/07/2023 dated July 17, 2023, regarding Approval as a Futures Clearing Institution for Guaranteeing and Settling Crypto Asset Physical Market Trades to PT Kliring Berjangka Indonesia.
Another aspect regulated by Bappebti is the Management of Crypto Asset Storage Places through the Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-PTPAK/07/2023 dated July 20, 2023, regarding Approval as the Manager of Crypto Asset Storage Places to PT Tennet Depository Indonesia.
“The establishment of the exchange, clearing, and crypto asset storage place management is evidence of the government’s presence in the effort to create a fair and equitable crypto asset trading ecosystem to ensure legal certainty and prioritize protection for the public as customers,” emphasized Didid.
Didid explained that the establishment carried out during the transition period of the Financial Sector Development and Strengthening Act (UU P2SK) was focused on ensuring that Indonesia’s crypto industry continues to operate and thrive while contributing to the economy through state revenues.
The approval as the exchange, clearing, and crypto asset storage place management refers to Bappebti Regulation Number 2 of 2019 concerning the Implementation of Commodity Physical Markets on Futures Exchanges, as amended by Bappebti Regulation Number 10 of 2019, and Bappebti Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Crypto Asset Trading on Futures Exchanges, as amended by Bappebti Regulation Number 13 of 2022.
In the development and strengthening of the exchange, clearing, and crypto asset storage places, Bappebti does not work alone. Bappebti requires collaboration from relevant ministries/agencies, especially the Financial Services Authority (OJK), Bank Indonesia (BI), the Ministry of Finance, and the general public.
In the future, this crypto industry and trade can continue to be developed and tailored to the needs of the public and industry.
“Physical crypto asset trading carries significant risks. Due to its nature, the value of crypto assets can experience drastic increases or decreases in a short period. Therefore, a good understanding is necessary among the public regarding the benefits, potentials, and risks of crypto asset trading,” explained the Head of Bappebti.
Crypto Asset Physical Trading Development
In June 2023, there was an increase of 141.8 thousand crypto asset customers.
This indicates a growing interest among the public to invest in crypto asset trading.
Until June 2023, the total registered crypto asset customers reached 17.54 million.
The value of physical crypto asset trading transactions during June 2023 amounted to Rp8.97 trillion, showing a 9.3 percent increase compared to the previous month. The most traded crypto assets were Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB).
However, the total value of transactions from January to June 2023 amounted to Rp66.44 trillion, a 68.65 percent decrease compared to the same period the previous year.
Didid explained that the decrease in transaction value was caused, among other factors, by the global crypto market experiencing a decline in trading volume, low liquidity crisis potential negatively impacting price stability and market efficiency, and surging sell pressure leading to a correction in crypto asset prices.
The Federal Reserve of the United States’ policies regarding interest rate hikes also caused a change in people’s behavior, with some shifting from digital asset transactions to savings.
Furthermore, the public is still waiting for government policies regarding the UU P2SK.
“Nevertheless, from the perspective of blockchain technology utilization, more companies like Meta, Google, and Twitter are starting to integrate blockchain technology into their business activities. This proves that the future development of physical crypto asset trading still holds promise,” concluded Didid. ***