CoFTRA Closes Registration of Candidates for Crypto Physical Traders
It is stated in Circular Letter Number 208 concerning Termination of Issuance of Licensing for the Registration of Candidates for Physical Traders of Crypto Assets
CoFTRA announced the termination of the issuance of registration permits for prospective physical traders of crypto assets as of August 15, 2022. This announcement is contained in Circular No. 208/BAPPEBTI/SE/08/2022.
In the letter, CoFTRA reasoned that this step was taken because it wanted to realize transparent, effective, and efficient physical market trading activities for crypto assets in an atmosphere of fair competition in order to protect the interests of all parties in trading the physical crypto asset market.
"Also, to increase the effectiveness of CoFTRA's supervision of prospective Crypto Asset Physical Traders in conducting physical market trading activities of Crypto Assets, it is necessary to stop issuing registration marks as prospective Crypto Asset Physical Traders," said Plt. Head of CoFTRA Didid Noordiatmoko.
According to Didid, the termination of the issuance of this registered token applies to crypto physical asset actors who intend to apply for a license in the form of a registration as a prospective physical crypto asset trader. "The issuance of registration permits as a candidate for a Physical Crypto Asset Trader has been stopped and CoFTRA does not accept the submission of an application as a prospective Crypto Asset Physical Trader."
He also mentioned that this circular can be changed at any time and this provision shall come into force on the date of stipulation.
As is known, CoFTRA issued regulations related to the implementation of physical market trading of crypto assets as stipulated in CoFTRA Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Market Trading on the Futures Exchange. In the regulation set on October 29, 2021, there are: eight conditions set for physical traders of crypto assets regulated by CoFTRA.
Among other things, prospective traders must also meet other requirements, such as a minimum model of IDR 80 billion, maintain equity of at least 80% of the paid-up capital, and have an online trading system and/or means used to facilitate the implementation of crypto trading that is connected to the internet. futures exchanges and futures clearing houses.
After the regulation was issued, currently CoFTRA has granted permits to 24 companies. They are:
|PT Grows Together with Nano
|PT Amazed Technology Indonesia
|PT Aset Digital Blessing
|PT Asset Digital Indonesia
|PT Bumi Santosa Brilliant
|PT Cipta Coin Digital
|PT Coinbit Digital Indonesia
|PT Galad Coin Indonesia
|PT. Indonesian Crypto Warehouse
|PT Indodax National Indonesia
|PT Indonesia Digital Exchange
|PT Crypto Maksima Coin
|PT Luno Indonesia LTD
|PT Mitra Sukses Crypto
|PT Pantheras Teknologi Internasional
|PT Crypto Asset Trader
|Crypto Asset Trader
|PT Pintu Where have you been
|PT My Account Dotcom Indonesia
|PT Tiga Inti Utama
|PT Triniti Investama Blessing
|PT Upbit Exchange Indonesia
|PT Utama Digital Asset Indonesia
|PT. Ventura Koin Nusantara
|PT Zipmex Exchange Indonesia
Crypto investment is known for its volatility, however, the number of crypto investors in Indonesia continues to grow. Data from CoFTRA shows that the number of crypto investors until June 2022 reached 15,1 million with a transaction value of IDR 212 trillion.
Regulation of the determination of the list of crypto assets
Previously, CoFTRA also established a new list of crypto assets that can be traded on the physical crypto asset market. This is stated in Perba Number 11 of 2022. In the latest regulation, CoFTRA stipulates 383 types of crypto assets that can be traded and prospective physical traders of crypto assets must comply with the list. This new regulation simultaneously revokes CoFTRA Regulation Number 7 of 2020.
This figure is a significant increase from 229 crypto assets that were previously allowed to be traded. Token Shop (TKO) is one of the project local crypto that is included in CoFTRA's new list and is officially allowed to trade it.
Off the list, digital assets must be delisted but prospective merchants are required to complete transactions without harming customers. This delisting is determined based on the Analytical Hierarchy Process (AHP) assessment method.
This rule adjustment is made on the basis of needs and developments blockchain globaly. Moreover, the growth of customer data and transaction volume continues to increase.
Further explained, this regulation adopts an approach positivelist which aims to minimize the risk of trading crypto assets. For example, crypto assets that do not have clarity whitepaper or who have illegal purposes such as money laundering and so on.
Didid explained, the Perba regulates the procedures, requirements, and mechanisms for adding and subtracting the types of crypto assets traded. “Taking into account the general principles for tradable crypto assets, such as distributed ledger technology and passed the results of the assessment using the AHP method,” said Didid.
In addition, considering the market capitalization value of crypto assets, their risks, economic benefits, and whether they have been included in transactions on the world's major crypto asset exchanges. This regulation also encourages the efficiency of the procedure for proposing crypto assets that are traded as long as the Crypto Asset Futures Exchange has not yet been formed.
Separately in an official statement, Tokocrypto CEO Pang Xue Kai welcomed the publication of this latest Perba. In the process of determining the future of blockchain projects that are eligible to be listed on Tokocrypto, they must go through a very strict due diligence process.
“Tokocrypto has a very strict selection and eligibility process in listing crypto coins and tokens. We have a fairly comprehensive Assessment Scorecard and Due Diligence Checklist to evaluate the eligibility of Tokens registered in the exchange us," said Kai.