Facts Regarding the Inauguration of the CFX Crypto Exchange

The Indonesian crypto asset exchange through PT Bursa Komoditi Nusantara or Commodity Future Exchange (CFX) was officially launched by the Ministry of Trade (Kemendag) and the Commodity Futures Trading Supervisory Agency (Bappebti) today (28/7).

The Minister of Trade, Zulkifli Hasan, who attended the inauguration, hoped that CFX could become a platform that complements the crypto asset ecosystem in Indonesia. He also emphasized that the presence of exchanges must always pay attention to the safety and convenience of the public in investing in crypto.

"Because of its nature high risk but also high returns, sI hope crypto exchanges can cooperate with the government. The regulations given must be able to provide protection for the public and make the public comfortable and confident in investing in crypto," he said.

CFX President Director Subani also said, CFX has a big mission to ensure the continuity and safety of the crypto world in Indonesia. His party also saw enthusiasm in implementing this crypto exchange. "Currently there are 23 prospective crypto asset traders who have registered to become members of the CFX exchange," he said.

Prospective crypto asset traders already registered on exchanges, including Magic, Triv, Nanovest, Stockbit, Naga Exchange, Bittime, Dex Exchange, Reku, Pintu, Cyra, Galad Exchange, Warehouse crypto, NVX, KMK, Indodax, Pluang, Vonix, Zipmex, Luno, Mobee, Upbeat, Tokocrypto, and MAX.

In the fact sheet that was distributed, CFX also revealed the upcoming challenges ahead, both from the perspective of the regulator and CFX, which trigger synergies in efforts to advance the crypto ecosystem in Indonesia. For this reason, CFX is committed to guaranteeing openness, governance, transparency and accountability in its business model and complying with regulations.

With support key stakeholders, CFX will also educate the public so that financial literacy for crypto products is getting better. Strengthening literacy in the community is also continuously carried out by cooperating with media partners so that the public obtains the right information regarding the risks, benefits, potential in trading crypto assets.

His party will also develop the crypto market in several infrastructures in Indonesia, such as educational programs, partnerships with related parties, innovation of crypto products and services, increasing market liquidity, expanding crypto accessibility, strategic partnerships with local entities, and good customer support.

CFX comes with an integrated crypto asset trading ecosystem covering industrial development, monitoring and organized maintenance. CFX strives to be trustworthy in ensuring the security of consumers and the country in crypto transactions, as well as contributing to building the country.

Indonesian crypto market

Crypto assets are one of the digital economy innovations that are currently growing in global and domestic markets. The establishment of the Crypto Asset Futures Exchange is said to be proof of the government creating business certainty and building a fair and fair crypto trading ecosystem.

Head of Bappebti Didid Noordiatmoko also explained, for five years since it was first regulated in 2018, crypto asset trading in Indonesia has experienced extraordinary development. As of June 2023, there were 17,54 million registered crypto asset customers, with an average addition of 490 subscribers per month.

Meanwhile, the value of physical trading transactions for crypto assets during June 2023 was recorded at IDR 8,97 trillion, an increase of 9,3% compared to the previous month. Meanwhile, the total transaction value for the January-June 2023 period was recorded at IDR 66,44 trillion, down 68,65% compared to the same period the previous year.

This shows that the public's interest in investing in crypto asset trading continues to grow. We at Bappebti continue to be committed to strengthening the development of crypto asset trading in Indonesia through collaboration with relevant stakeholders, associations and agencies.