- Indonesia’s regulatory agency, Bappebti, has formed a committee to oversee the country’s burgeoning cryptocurrency sector.
- The Crypto Asset Committee will ensure compliance and provide guidance on crypto asset trading.
- Plt. Head of CoFTRA, Kasan, emphasized the importance of the Crypto Asset Committee in maintaining the legal framework of the crypto asset industry.
Indonesia’s regulatory agency, Bappebti, forms a special committee to monitor and guide the country’s growing crypto sector, ensuring compliance and fostering development.
Bappebti Establishes Crypto Asset Committee
Indonesia Commodity Futures Trading Regulatory Agency, Bappebti, has set up a special committee to monitor the country’s growing cryptocurrency sector. This information was disclosed by Plt. Head of CoFTRA, Kasan, during the inauguration of the 2024 Crypto Literacy Month (BLK) event at Thamrin Nine Ballroom in Jakarta on Thursday, May 2nd. The committee is expected to be a driving force in ensuring that the crypto asset industry operates smoothly and remains within the applicable legal framework.
Role and Composition of the Crypto Asset Committee
The Crypto Asset Committee comprises various stakeholders, including officials from Bappebti and relevant government ministries and institutions. It also includes representatives from crypto asset exchanges, clearing institutions, and academic and practitioner associations within the crypto asset space. The committee is mandated to provide considerations or advice to Bappebti in connection with coaching and development activities for physical market trading in crypto assets. This aligns with regulations introduced in January under Article 4, paragraph (1) of CoFTRA Regulation Number 8 of 2021 regarding “Guidelines for Organizing Physical Market Trading of Crypto Assets (Crypto Assets) on the Futures Exchange.”
Committee’s Impact on Indonesia’s Crypto Asset Market
CoFTRA Secretary, Olvy Andrianita, highlighted the role of the Crypto Asset Committee within Indonesia’s growing crypto asset market. He explained that the committee will oversee the development of the “existing ecosystem,” particularly improving crypto asset trading. The committee will carry out its functions through analysis of industry reports and database management. It can also conduct studies, evaluations, and preparation of risk assessments for crypto asset trading including feasibility of crypto assets for trading.
Conclusion
The formation of the Crypto Asset Committee by Bappebti marks a significant step in the regulation and development of Indonesia’s crypto asset market. By ensuring compliance and providing guidance, the committee will play a crucial role in shaping the future of crypto asset trading in the country.
