Bittime - Crypto Asset Committee formed. This news is one of the progressive steps from CoFTRA to accommodate the Indonesian crypto market which is considered to have potential.
After some time ago predictions emerged that in the near future Indonesia will become a central player as the country with the largest crypto market in ASEAN, of course it is hoped that the Crypto Asset Committee will be able to further optimize the crypto market in Indonesia, especially ASEAN.
Bappebti Encourages Development of Crypto Asset Trading
The Commodity Futures Trading Supervisory Agency (Bappebti) under the Ministry of Trade continues to be committed to encouraging the development of crypto asset trading in Indonesia.
One of the steps taken was the formation of a Crypto Asset Committee through Decree of the Head of CoFTRA Number 01/BAPPEBTI/KEP/01/2024, which was inaugurated on January 17 2024.
Plt. The Head of CoFTRA, Kasan, announced this initiative when opening the 2024 Crypto Literacy Month (BLK) event at the Thamrin Nine Ballroom, Jakarta, on Thursday, May 2 2024.
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Kasan stated that the role of the Crypto Asset Committee in advancing crypto asset trading in Indonesia is very significant.
This committee is considered to be one of the main drivers ensuring that the crypto asset industry continues to develop in accordance with applicable regulations.
Therefore, it is important to prioritize optimizing the role of the Crypto Asset Committee in implementing the current crypto asset ecosystem.
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Stakeholders Involved and Duties of the Crypto Asset Committee
The Crypto Asset Committee was formed by several elements, including Bappebti, related ministries and institutions, crypto asset exchanges, and crypto asset clearing institutions.
Apart from that, there is also representation from associations in the crypto asset industry, academics, practitioners and other related associations.
The issuance of this decision by CoFTRA is necessary as a step in implementing Article 4 paragraph (1) of CoFTRA Regulation Number 8 of 2021 concerning Guidelines for Organizing Physical Market Trading in Crypto Assets on the Futures Exchange.
The duties and functions of the Crypto Asset Committee are to provide considerations and suggestions to Bappebti regarding activities for fostering and developing physical market trading in crypto assets.
According to Olvy Andrianita, Secretary of CoFTRA, the Crypto Asset Committee is an integral part of the Crypto Asset ecosystem in Indonesia today.
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This committee will play an important role in fostering the entire existing ecosystem and will be the main element in the development of crypto asset trading.
In carrying out activities for fostering and developing crypto asset trading, the Crypto Asset Committee can carry out its functions through analysis of industry reports and database management.
In addition, the Crypto Asset Committee can review, evaluate and prepare a risk assessment for trading crypto assets, including assessing the suitability of crypto assets for trading.
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Scope of Authority and Responsibilities of the Crypto Asset Committee
Olvy emphasized that the Crypto Asset Committee has the authority to propose technical procedures regarding additions or reductions to the list of crypto assets.
In addition, one of the important functions of the Crypto Asset Committee is to evaluate the crypto asset trading supervision system.
This committee is also tasked with organizing outreach and education programs for business actors engaged in crypto asset trading.
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According to Olvy, the Crypto Asset Committee has the authority to coordinate with external parties in efforts to develop physical trading of crypto assets.
This external coordination can be carried out either with Bappebti or independently, such as through attendance at meetings, hearings or other forums related to the development of crypto asset trading.
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Not only that, the Crypto Asset Committee also has the authority to hold internal meetings with other members and participate in preparing strategic planning related to the development of physical market trading for crypto assets.
Olvy emphasized that all efforts made by CoFTRA, including the formation of the Crypto Asset Committee, were carried out with the main aim of providing maximum protection to the public as consumers and providing certainty in business for industry players.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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