Indonesia Prepares Towards a Crypto Law State

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enjoy your coffee

2 years ago

In community: Club1BCH(4ac4)

Topics: Passive income, Personal finance, Law, Crytocurrencies, Bitcoincash

Crypto is a digital asset that has various functions such as a tool for transactions if you use the market from which the crypto works. Crypto is a digital asset if you buy and hold crypto for a certain period of time. Crypto history will change, especially the crypto market in Indonesia. Data from Binance, there are already 170 million consumers of the crypto exchange application. This information makes us curious.

I don't know how a total of 170 million people who use the application for crypto exchanges made transactions worth 64.9 trillion rupiah in 2020. From 2019 to 2022, Part of the Ministry of Trade of the Republic of Indonesia reads opportunities from the crypto market. Even though there is a bit of noise against crypto, citizens are still free to make transactions for crypto.

Evidence of that data is the growth of crypto exchange applications in Indonesia:

PT Indodax Nasional Indonesia (INDODAX), this digital asset exchange was established on February 15, 2014. The controllers of Indodax are Oscar Darmawan as CEO and William Sutanto as Co-Founder who has led the digital asset exchange since 2014. Users who have accounts on Indodax as many as 4,387,986 members. Indodax has an academy that aims for us to learn crypto from the experts. Initially, Indodax was founded under the name Bitcoin.co.id or Bitcoin Indonesia.

Indodax is a technology-based company that brings together the largest sellers and buyers of crypto assets in Indonesia with more than 4.7 million members, trades more than 180 types of crypto assets, and 10 million monthly visitors.

Blog: Indodax

Indodax Academy

PT Crypto Indonesia Berkat (TOKOCRYPTO), this cryptocurrency trading company is a branch of Binance. In fact, Tokokoiin which is a TKO token was formed with technology from Binance. The founder of PT Crypto Indonesia Berkat (TOKOCRYPTO) is Pang Xue Kai as CEO and co-founder who launched Tokocrypto in 2017. More than 70,000 users transact here. Information about Tokocrypto is here:

https://about.tokocrypto.com/

Education: Learn by Tococrypto

In addition, there are other technology companies and digital asset exchanges in Indonesia:

PT Zipmex Exchange Indonesia (ZIPMEX)
PT Indonesia Digital Exchange (IDEX)
PT Pintu Kemana (PINTU)
PT Luno Indonesia LTD (LUNO)
PT Cipta Koin Digital (KOINKU)
PT Tiga Inti Utama
PT Upbit Exchange Indonesia
PT Bursa Crypto Prima
PT My Account Dotcom Indonesia
PT Triniti Investama Berkat
PT Plutonext Digital Asset

This fact is an open opportunity for the Indonesian government to accept advances from digital currencies that come from the future, namely crypto. Therefore, the Government of Indonesia has formed a special government agency to prepare legal instruments and what is needed to achieve open space in crypto legality.

Crypto Law in Indonesia

The Indonesian government established the Indonesian Commodity Futures Trading Regulatory Agency to fight for the people's desire to gain freedom in crypto ownership. No opponent is dangerous as long as there is a will to fight. That is the concept of the Indonesian Commodity Futures Trading Regulatory Agency in thinking about how crypto is a legal asset and can be used in any activity.

By law, the Indonesian Commodity Futures Trading Regulatory Agency works faster in guaranteeing ownership for crypto assets. Law is a tool to guarantee freedom in life. Therefore, the law is the first tool that must exist to guarantee transactions in the crypto market.

a. Regulation of the Minister of Trade of the Republic of Indonesia Number 99 of 2018 concerning General Policy for the Implementation of Crypto Asset Futures Trading;

b. Regulation of the Indonesian Commodity Futures Trading Supervisory Agency Number 2 of 2019 concerning the Implementation of the Physical Commodity Market on the Futures Exchange;

c. Regulation of the Indonesian Commodity Futures Trading Supervisory Agency Number 3 of 2019 concerning Commodities That Can Be Used as Subjects for Futures Contracts, Sharia Derivative Contracts, and/or Other Derivative Contracts Traded on the Futures Exchange;

d. Regulation of the Indonesian Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Market for Crypto Assets on the Futures Exchange as amended several times, most recently by the Regulation of the Indonesian Commodity Futures Trading Supervisory Agency Number 3 of 2020 concerning the Third Amendment to CoFTRA Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Market of Crypto Assets on the Futures Exchange;

e. Regulation of the Indonesian Commodity Futures Trading Supervisory Agency Number 6 of 2019 concerning the Implementation of the AML-CFT Program Related to the Implementation of the Physical Commodity Market on the Futures Exchange;

f. Regulation from the Head of the Indonesian Commodity Futures Trading Supervisory Agency Number 7 of 2020 concerning Stipulation of the List of Crypto Assets that can be traded in the Physical Crypto Asset Market;

g. Circular from the Head of the Indonesian Commodity Futures Trading Supervisory Agency Number 285/BAPPEBTI/SE/08/2021 concerning Submission of Periodic and Periodic Reports on the Implementation of Crypto Asset Trading.

Digital Futures Exchange

Digital Futures Exchange is a stock exchange that will be the first step to guarantee all traders in Indonesia to transact in the crypto market. Digital Futures Exchange is a good start to invite all the richest people in Indonesia to invest their money in crypto.

On the other hand, the Digital Futures Exchange must get support from experts who support the adoption of crypto, including conducting studies aimed at developing businesses from crypto. The Digital Futures Exchange is a guarantee to developers who want to create new tokens. Developers are already on the move to create new tokens and these conditions will have a huge impact on crypto transactions.

Digital Futures Exchange will be an option that adds investment opportunities apart from stocks, mutual funds, bonds, gold, and property. Because this investment gets a positive effect from celebrities, actors, singers and celebgrams who actually declare their crypto holdings.

A Different Side to the Digital Futures Exchange

The official stock exchanges that trade these cryptocurrencies have an impact other than the opportunities at hand. What's that? This official government-owned crypto exchange will make all crypto owners voluntarily show the amount of ownership of the asset. Thus, the government through the Tax Agency will determine the taxes that must be paid by each trader. These rules regarding the taxation of crypto trading make crypto centralized.

Another view from a different perspective reading the crypto stock exchange has created a national asset problem. Will Bank Indonesia be ready to regulate crypto-based state finances? By now, we already know that Binance has an exchange in BIDR. Indeed, the government should be clearer about proving support for crypto like other countries. A simple example is the ownership of assets in crypto from legislators, senators and other public officials.