CoFTRA Prepares a Special Crypto Exchange

The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade (Kemendag) is preparing a special exchange for trading crypto assets. The high interest in transactions in this sector has caused the regulator to make the exchange as a protective measure.

“This exchange has a focus on protecting business actors so that relations between all parties can run well. Between traders, investors and other institutions can be clear and safe," explained the Chairman of CoFTRA, Sidharta Utama, quoted from Seconds Finance.

CoFTRA itself has published a list of crypto assets that can be traded in Indonesia. In total there are 229 crypto assets, including Bitcoin, Ethereum, Doge Coin, Stellar, and others.

Deputy Minister of Trade Jerry Sambuaga said, crypto assets are growing very fast in the country, so it is necessary to immediately set up regulatory tools and institutions that protect them. Moreover, crypto assets and other commodity futures have a lot to do with other sectors. Therefore, regulation of crypto assets and other futures commodities needs to be carried out with other agencies, not only CoFTRA.

The formation of the exchange also refers to the potential of the crypto market which is quite promising. Jerry delivered, from the data collected, the value of crypto asset transactions in Indonesia over the past year reached Rp64 trillion.

Meanwhile, two months later, to be precise in February 2021, crypto asset trading broke to Rp. 70 trillion. “This means that all of this shows the future direction that digital assets, digital commodities, can be used as an alternative. Or maybe one of the main pillars to increase our trading,” said Jerry.

The formation of this crypto exchange is believed to expand the market and be profitable in Indonesia, because so far most crypto assets are carried out by retailers and may only rely on trading abroad.

The existence of crypto exchanges is to regulate and organize, and is also related to the need for a platform for trading specifically. Thus, crypto transactions will be more enhanced, open, transparent and secure.

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