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Expect Number Of Crypto Traders To Grow Further: Jakarta Ministry
Jakarta Deputy Minister of Trade expects the number of crypto asset traders in Indonesia to continue to increase if the current growth trend continues.
Ankita K.
1:51 29th Mar, 2022
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Jakarta Deputy Minister of Trade, Jerry Sambuaga, has said that his ministry expects the number of crypto asset traders in Indonesia to continue to increase if the current growth trend continues.

"The last two years are an interesting year on the aspect of crypto assets trade development in Indonesia. Until February 2022, the transaction value is increasing by 14.5 percent compared with the same period in 2021. Last month, we have also recorded 12.4 million subscribers," Sambuaga said in a statement received here on Tuesday.

The continued growth must continue to be monitored constantly by the authorities to ensure crypto asset trading in Indonesia remains legal, he added.

Sambuaga further revealed that according to the Trade Ministry’s data, the total transaction value of crypto assets in Indonesia reached Rp64.9 trillion in 2020 and shot up to Rp859.4 trillion in 2021. In January–February 2022, the transaction value was recorded at Rp83.8 trillion, he added.

Moreover, around 18 crypto assets trading companies have been recognized by the Commodity Futures Trading Regulatory Agency (Bappebti), and their number is expected to rise this year, the deputy minister noted.

The regulatory agency has issued several regulations on crypto asset trading in Indonesia, he informed.

Bappebti Regulation No. 8 of 2021 enumerates the criteria for crypto assets that can be traded in Indonesia: the crypto assets must be either utility crypto or crypto-backed assets, have been assessed by the analytical hierarchy process method mandated by the Bappebti, and have an economic purpose, Sambuaga clarified.

Crypto assets with an economic purpose, as defined by the agency, are assets that can be taxed and can promote the growth of the digital economy, informatics industry, and digital talents, he explained.

The deputy minister clarified that crypto assets are not a medium of exchange but only a trade commodity or asset. Crypto assets must also undergo risk assessment to prevent them from being used for money laundering, terrorism funding, and the proliferation of weapons of mass destruction, he said.

"Crypto assets that could be traded in the domestic markets are listed in Bappebti Regulation No. 7 of 2020 on Determining the List of Crypto Asset that could be Traded in Crypto Asset Physical Market," Sambuaga added.

He further said that the ministry welcomes new crypto assets developed by Indonesians, which demonstrates the openness and high interest of domestic developers in contributing to the domestic crypto assets industry.

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