Indonesia Sets up Crypto Committee to Oversee Industry Operations

• Bappebti, Indonesia’s regulatory agency, forms a committee to monitor the crypto sector.
• Crypto Asset Committee ensures compliance and advises on trading.
• Kasan stressed the importance of the Crypto Asset Committee.

Indonesia Commodity Futures Trading Regulatory Agency, Bappebti, has set up a special committee to monitor the country’s growing cryptocurrency sector. Plt. Head of CoFTRA Kasan disclosed this information during the inauguration of the 2024 Crypto Literacy Month (BLK) event at Thamrin Nine Ballroom in Jakarta on Thursday, May 2nd.

According to Kasan’s statement during the event, “This committee will be a driving force, ensuring that the crypto asset industry continues to operate smoothly and remains within the applicable legal framework. Therefore, optimizing the role of the Crypto Asset Committee should be a key focus in implementing the current crypto asset ecosystem.”

The Crypto Asset Committee comprises various stakeholders, including officials from Bappebti and relevant government ministries and institutions. It also encompassed representatives from crypto asset exchanges, clearing institutions, and academic and practitioner associations within the crypto asset space. 

Meanwhile, Kasan stressed that the establishment of the Crypto Asset Committee aligns with regulations introduced in January. He further added that it is mandated under Article 4, paragraph (1) of CoFTRA Regulation Number 8 of 2021 regarding “Guidelines for Organizing Physical Market Trading of Crypto Assets (Crypto Assets) on the Futures Exchange.” 

“The duties and functions of the Crypto Asset Committee are namely “to provide considerations or advice to Bappebti in connection with coaching and development activities for physical market trading in crypto assets,” Kasan stated. 

Furthermore, CoFTRA Secretary Olvy Andrianita emphasized the role of the Crypto Asset Committee within Indonesia’s growing crypto asset market. He explained that the committee will oversee the development of the “existing ecosystem,” particularly improving crypto asset trading.

“In carrying out activities for fostering and developing crypto asset trading, the Crypto Asset Committee can carry out its functions, among others, through analysis of industry reports and database management. In addition, the Crypto Asset Committee can carry out studies, evaluations, and preparation of risk assessments for crypto asset trading including feasibility crypto assets for trading,” Olvy stated.