JAKARTA, Indonesia, Sept. 20, 2022 /PRNewswire/ -- The list of crypto assets that can be traded on the physical market of crypto assets is officially issued by the Commodity Futures Exchange Supervisory Agency (CoFTRA) as an institution under the auspices of the Ministry of Trade, in Regulation No. 11 of 2022, hereinafter referred to as "Perba No. 11 of 2022".
However, the issuance of Perba No. 11 of 2022 raises pros and cons for business actors, especially for several local token or coin projects previously listed on the Crypto Asset List that can be Traded on CoFTRA's Physical Crypto Assets Market (Positive List) which were excluded from the list.
No doubt the business actors asked again regarding the transparency of the token or coin valuation carried out by CoFTRA. As we all known, stated in Perba No. 8 of 2021 Article 4 Paragraphs (1) and (2) which discuss the function of the Crypto Assets Committee, namely to provide considerations and/or advice to CoFTRA in relation to the activities of fostering and developing physical market trading of crypto assets. Meanwhile, Perba No. 11 of 2022 in Article 2 explains that Prospective Crypto Asset Physical Traders or Crypto Asset Physical Traders can submit proposals for addition and/or reduction of Crypto Assets in the list of Crypto Assets traded in the Crypto Asset Physical Market which must be jointly reviewed by the Crypto Asset Futures Exchange and Crypto Assets Committee so that the evaluation task is carried out by the Crypto Asset Assessment Team. However, considering that the Crypto Asset Committee and Crypto Asset Assessment Team have not yet been formed, the assessment for the implementation of the review process for the proposed addition and reduction of Crypto Assets and the evaluation is carried out by CoFTRA together with the Association for crypto asset trading activities, and all business actors in the field of Crypto Assets Physical Market Trading that have been registered with CoFTRA.
However, what is the fate of the assessment and determination of the Positive List now and in the future? Asih Karnengsih, as Chairwoman of the Indonesian Blockchain Association (A-B-I) hopes "To ensure that coins or tokens that will be traded in Indonesia get equal and fair opportunities in the valuation process, CoFTRA's plan in Perba 11 is good, namely the formation of a Crypto Asset Assessment Team, so that the assessment process can be more transparent and objective because it involves a professional team from the non-profit Indonesian Blockchain Association and its administrators who are not affiliated with any company. The establishment of a Crypto Asset Assessment Team will soon be very helpful in maintaining the conduciveness of the crypto industry in Indonesia, especially since the issuance of the new Positive List".
CoFTRA Head of Legislation and Enforcement Bureau (Rorundak), Aldison explained that "CoFTRA is in the process of preparing a Decree from the Head of CoFTRA regarding the Crypto Asset Assessment Team whose task is to carry out one of the tasks of the Crypto Assets Committee, which is to conduct an assessment and evaluation of the Crypto Assets list , later on the Crypto Asset Assessment Team will consist of elements of CoFTRA, associations, and representatives of business actors who have registered with CoFTRA". Aldison also explained the results of the assessment of the List of Crypto Assets that can be traded at CoFTRA, which is contained in Perba No. 11 of 2022, according to Aldison "CoFTRA as a regulator needs to stipulate this and most importantly there needs to be a prior assessment/evaluation from CoFTRA of Crypto Assets so that not all Crypto Assets are released into the market and traded freely to the public, while the current literacy level of our society is still not good".
From the business side, HARA hopes that the formation of the Crypto Asset Assessment Team will be formalized soon to avoid questions that lead to the current crypto asset valuation mechanism. According to HARA, "With the Crypto Asset Assessment Team formed by CoFTRA, the market entry selection process for this crypto asset will be good enough. So the results from their Positive List should already have good credibility as an investment commodity."
Tirta Karma Sanjaya, as the Head of CoFTRA's Market Development and Expansion Bureau, said that "Delisted crypto assets are projects that do not meet the valuation standards as required by CoFTRA Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Market Trading of Crypto Assets on the Futures Exchange. In article 3. Currently, the evaluation of the proposed addition and/or reduction of Crypto Assets and the evaluation is carried out by the Crypto Asset List Assessment Team consisting of CoFTRA, Associations; and business actors in the field of Crypto Asset Physical Market Trading that have been registered with CoFTRA. In the future, an assessment of new crypto assets will be carried out by the Crypto Asset Committee if it has been formed. The Crypto Asset Committee consists of elements from CoFTRA, related Ministries and Institutions, the Futures Exchange which organizes the Physical Crypto Asset Market, the Futures Clearing House which organizes the Crypto Asset Physical Market, Associations, Academics, and Practitioners."
Didid Noordiatmoko, The Act. Head of CoFTRA also spoke about this, Didid said that "Local token/coin projects that are issued from the Positive List can be re-submitted to CoFTRA after conducting evaluations and improvements according to the requirements of CoFTRA Regulation No. 8 of 2021 concerning Guidelines for the Implementation of Trading Physical Markets for Crypto Assets in Futures Exchange, Article 3 are as follows:
With evaluation and improvement from the developer, local crypto asset tokens/coins that are traded are expected to provide security and minimize risk in investing for the community." In addition, Didid also advised "People who want to invest in crypto assets are expected to first understand well what Crypto Assets are and their trading mechanisms, become customers of Crypto Asset Physical Traders who have a registration certificate from CoFTRA, invest in Crypto Assets that have been registered. determined by CoFTRA, the funds used to invest are produced legally and not funds used for daily needs, understanding the risks that may arise and not believing in promises of fixed or high profits".
