In connection with the circulation of information on the suspension of the withdrawal of funds from clients of PT Zipmex Stock Exchange Indonesia which is a potential crypto-asset trader registered with the Commodity Futures Trading Regulatory Agency (CoFTRA), Deputy Trade Minister Jerry Sambuaga said, currently CoFTRA is conducting intensive monitoring of Zipmex Indonesia.
Through CoFTRA, the Department of Commerce is committed to protecting the public and improving the integrity of physical crypto asset trading.
This was conveyed by Deputy Minister of Trade Jerry at a press conference held at the CoFTRA office on Monday (15/08/2022).
“Zipmex Indonesia users can withdraw (withdrawal) crypto asset available at trading wallet (feature used for transactions) from July 21, 2022, at 18.00 WIB for several types of crypto assets. We vouch for Zipmex’s commitment to ensuring the safety of funds. Consumers must be protected, not harmed,” explained the Vice-President of the Minister of Trade.
According to the Deputy Minister of Trade, Zipmex Indonesia is committed and has good faith in ensuring the safety of its customers’ funds and/or crypto assets.
In addition, CoFTRA will also continue to continuously monitor the latest developments in conditions and monitor the commitments made by Zipmex Indonesia.
Technical Enforcement (Plt) Head of CoFTRA Didid Noordiatmoko added that CoFTRA has so far issued registration marks to 25 Candidates for Physical Crypto Asset Traders (CPFAK). CoFTRA remains committed to regular monitoring of CPFAK out of place (indirectly) i on the page (directly).
Supervision out of place it is carried out on the basis of routine and periodic reports submitted by CPFAK via electronic mail or the electronic reporting system linked to CoFTRA.
Meanwhile, surveillance on the page it is carried out directly, routinely and from time to time, based on risk mapping calculations.
“CoFTRA continues to intensify education on proper and secure crypto asset transaction procedures, transaction mechanisms, related regulations, as well as investment risks and troubleshooting procedures. Moreover, there are currently many websites and applications that offer investments to the public, but cannot be explained,” explained Didid.
Issuance of Perba 11 of 2022 CoFTRA has issued Commodity Futures Supervision Agency (Perba) Regulation No. 11 of 2022 regarding the establishment of a list of crypto-assets traded on the physical crypto-asset market. This regulation also revokes Regulation CoFTRA no. 7 of 2020.
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In Perba, as many as are set 383 types of crypto assets which can be traded on the physical crypto asset market.
Meanwhile, for the type of crypto assets off the register, it is mandatory to do so removal from the list by prospective physical crypto asset traders followed by settlement steps for each crypto asset buyer.
“The release of this Perba is intended to meet the needs of future crypto asset traders, including the crypto asset industry in Indonesia. This is consistent with the growth in data on the number of buyers and transaction volume of crypto assets that continue to increase, as well as the types of crypto assets that continue to grow,” explained Deputy Secretary of Commerce Jerry.
Before that, the Deputy Minister of Trade continued, in accordance with CoFTRA Regulation no. 7 of 2020, only 229 types of crypto assets were traded. However, due to market participants’ suggestions and based on CoFTRA’s assessment, as well as the ever-increasing growth of crypto-asset transactions, it is proposed to adjust the list of traded crypto-assets.
Either according to the needs and development of the blockchain on a global scale or by removing types of crypto assets based on the valuation method Analytical hierarchy process (AHP).
Perba adopts this approach positive list which aims to minimize the risk of trading types of crypto assets that lack clarity white paper or which have illegal purposes such as money laundering and so on.
Didid added that this regulation regulates the procedures, requirements and mechanisms for adding and removing types of crypto assets from the list of traded crypto assets.
“This includes taking into account general principles for tradable crypto assets such as distributed ledger technology and passed the evaluation results using the AHP method. Of course, it also takes into account the market capitalization value of crypto assets, the value of risk, economic benefits and whether they are involved in transactions on the world’s major crypto asset exchanges,” Didid added.
This regulation also makes it more efficient in the procedures for proposing crypto-assets for trading as long as the Stock Exchange term of crypto-assets is not yet formed.
With the issuance of this regulation, the evaluation of crypto asset proposals is carried out by the Crypto Asset List Evaluation Team, which consists of elements from CoFTRA, associations and business actors. This will make the assessment process faster and more accurate.
In addition, to ensure legal certainty, potential traders of physical crypto-assets to list or delist a specified type of crypto-asset must first submit a written notification to the head of CoFTRA.
“With the great interest of people investing in the field of physical trading of crypto assets, the public is requested to first properly understand the product and trading mechanism,” Didid said.
FirstDidid suggested that the public become buyers of companies that have a certificate of registration from CoFTRA.
Otherensure that the funds used are more legally created funds and not funds used for daily needs.
the third, invest funds for product types specified by CoFTRA. Fourth, study the risks that may arise and the development of commodity prices that occur due to fluctuating prices.
fourthdon’t believe promises of high or fixed profits.
“Before you decide to invest, first familiarize yourself with the profile and legality of CPFAK and the list of crypto assets traded on the physical market of crypto assets by accessing CoFTRA official website“, concluded Didid. [ps]