After going through a long and winding process, the Indonesian government has finally officially launched a crypto exchange. Confirming this information is Didid Noordiatmoko, the Head of Bappebti, the Commodity Futures Trading Regulatory Agency of Indonesia. After a long process and following the regulations, Bappebti confirmed the approval of PT Bursa Komoditi Nusantara as a Crypto Asset Futures Exchange on July 17, 2023.
In addition, Bappebti also issued approval as a Futures Clearing House for Guarantee and Settlement of Trade in the Physical Crypto Asset Market to PT Kliring Berjangka Indonesia. Another matter that is also regulated by Bappebti is the Manager of the Crypto Asset Storage through Approval as the Manager of the Crypto Asset Storage to PT Tennet Depository Indonesia .
“The establishment of exchanges, clearing, and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” Didid said.
Didid explained that the formation carried out during the transitional period of the Financial Sector Development and Strengthening Law (UU P2SK) was focused on keeping the Indonesian crypto industry running. and well maintained, and able to contribute for the economy through state revenues.
Bappebti does not work alone in its efforts to develop and enhance exchanges, as well as ensure the efficient management and security of crypto asset storage. Bappebti needs collaboration from related ministries and institutions. This includes the Financial Services Authority (OJK), Bank Indonesia (BI), the Ministry of Finance, and the wider community.Going forward, this crypto industry and trading can continue to be developed and adapted to the needs of society and industry.
“Physical trading crypto assets contain a fairly high risk. By their nature, the value of crypto assets can experience a very drastic increase or decrease in value in a short time. For this reason, a good understanding in the community is needed, including the benefits, potential and risks of trading crypto assets,” Didid explained.
Development Trading Physique Asset Crypto
In June 2023, there were 141.8 thousand additional crypto asset customers. This shows that the public’s interest in investing in crypto asset trading continues to grow. As of June 2023, the number of registered crypto asset customers is 17.54 million.
Physical trading transactions for crypto assets in June 2023 reached IDR 8.97 trillion, a 9.3% increase compared to the previous month.The types of crypto assets that are widely traded are Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB). Meanwhile, total mark transaction period January—June 2023 recorded as big IDR 66.44 trillion or down 68.65 percent over the same period the previous year.
According to Didid, the decline in transaction value was due to, among other things, the global crypto market experiencing a decline in trading volume, the potential for a low liquidity crisis which had a negative impact on price stability and market efficiency, as well as soaring selling pressure which caused a correction in crypto asset prices. The United States Government’s Federal Reserve policy regarding increasing interest rates has caused changes in people’s behavior from those who previously chose to transact digital assets to savings. In addition, currently the community is still waiting for government policies regarding the P2SK Law.
“However, in terms of utilizing blockchain technology, more and more companies such as Meta, Google, and Twitter are starting to integrate blockchain technology into their business activities. This proves that in the future the development of physical trading of crypto assets is still quite promising,” Didid concluded.