The government has officially granted a license to trade digital currencies or cryptocurrencies in Indonesia. There are 229 cryptocurrencies that have been given the green light to be traded domestically.
This permit was granted through the Commodity Futures Trading Supervisory Agency (CoFTRA) in line with the issuance of CoFTRA regulations (Perba). The regulation describes which crypto assets are officially in Indonesia.
“With the issuance of the CoFTRA (Perba) regulation, it is hoped that physical trading of crypto assets in Indonesia will be able to provide legal certainty as well as protection for people who transact physical crypto assets in Indonesia,” said CoFTRA’s official statement. With the granting of permission for these 229 crypto assets, CoFTRA requires delisting of other crypto assets that are not licensed. This is intended to provide certainty of resolution steps if a problem occurs for the customer.
A total of 229 assets that received this permit were decided through an approach. Namely a juridical approach (looking at the 500 coin market cap/CMC rating) in accordance with the provisions of Article 3 paragraph (2) letter c of Perba Number 5 of 2019.
Then an assessment of CoFTRA’s process hierarchy analysis (AHP) was carried out with due regard to security aspects, profiles of the team and team members who developed it, blockchain system governance, blockchain system scalability, a roadmap that explains the blockchain system development plan that can be verified, and a standard score of 6, 5.