Reku Highlights Collaboration Between Stakeholders to Encourage Crypto Adoption
Likewise, the role of crypto exchanges in promoting security and transparency of crypto transactions in Indonesia
Cross-stakeholder collaboration (stakeholder), including industry players, associations and regulators, is one of the main keys to crypto adoption in Indonesia highlighted by startups crypto asset trader Reku.
According to him, this collaboration can produce better solutions in encouraging the development of product innovation and implementing ideal regulations. "This is done to improve the crypto asset ecosystem in Indonesia so that a healthy industry is created that benefits all parties," said Chief Compliance Officer Reku Robby at the Reku Media Clinic, Tuesday (19/9).
As stated in his official statement, Reku seeks to actively collaborate with BAPPEBTI and the Indonesian Crypto Asset Traders Association (ASPAKRINDO) to develop a healthy crypto asset industry, including reviewing the implementation of regulations and market conditions.
Robby also revealed that security issues and negative sentiment are still the main challenges in encouraging crypto adoption in Indonesia. This is caused by the actions of irresponsible individuals and non-compliance with applicable regulations.
Based on reports CoFTRA, the total value of crypto transactions for the January-June 2023 period reached IDR 66,4 trillion, down 68,6% compared to the same period last year. In its findings, Reku found that the application of taxes on crypto transactions was one of the things that users complained about.
Apart from that, it is widespread exchanging Illegal activities were also highlighted in Reku's Media Clinic session. According to the OJK report, public losses due to illegal cryptocurrencies last year were estimated at more than IDR 4 trillion. People are tempted to make transactions exchanging illegal which is considered tax free and has varied products.
Therefore, he believes that the Crypto Exchange can guarantee openness and security of crypto asset transactions. including crypto village which can increase public literacy.
Despite these challenges, Reku admits that he is optimistic towards the growth and prospects of the crypto ecosystem in Indonesia by encouraging innovation to strengthen its position as a market leader. Reku said it had reached users in more than 500 cities/districts in Indonesia.
Reku users consist of a varied age range, starting from 18-30 years (48%), 31-44 years (38%), and 45-55 years (13%). Based on geographical categories, Reku found North Sumatra to be one of the provinces with the highest transaction volume, indicating the potential for adoption of crypto assets outside Java.
"One of Reku's efforts to support ecosystem growth in Indonesia is through product and service innovation, such as through features staking "which has been used by 70% of users and recorded transaction volume growth of 100% since June 2023," said Robby.
Last June, Reku also pocketed it license from BAPPEBTI for the Staking feature or the ability to lock crypto assets to the blockchain network to earn passive income without having to buy and sell or trades.
In addition, Reku has obtained ISO 27001 certification regarding user security protection, implementation of double authentication and encryption according to international standards. Periodically, Reku releases a Proof of Reserve (PoR) that is accurately tested and audited to ensure user funds and transactions are stored intact 1:1 and can be verified.
Apart from Reku, in Indonesia there are also a number of local exchange players. One of them is Tokocrypto. They currently have over 3 million registered users, 400.000 of which are active every month. During semester I 2023, tokocrypto recorded an average trading transaction volume of $300 million per month, which is equivalent to around IDR 4,6 trillion, and 10 million every day.
There is also INDODAX which has served more than 5,8 million members. The platform, which was founded 9 years ago, trades more than 200 crypto assets from all over the world. Through its free educational channel, Indodax Academy, crypto investors can learn the ins and outs of crypto and blockchain.