Legitimacy is important to crypto growth

Jakarta, duniafintech.com – News Today Cryptocurrency reviews the legal aspects of the exchange encryption Which is essential for positive growth.

Recently, it was revealed by the head of MPR RI Bambang Soesatyo known as Bamsoet. According to him, the growth of the crypto-asset industry in the country today cannot be separated from the legal aspect.

According to him, the legal aspect is important and absolute. For more detailed information, let’s take a look at today’s cryptocurrency news review.

Today's Crypto News

The head of MPR says that the legal aspect is important to the growth of crypto transactions

The growth of the crypto-asset industry in Indonesia today cannot be separated from an important aspect, which is legitimacy. The cryptocurrency itself was announced in Indonesia as a commodity and regulated under the Ministry of Commerce through the Commodity Futures Trading Supervision Agency, or CoFTRA.

Head of MPR and Head of Law Enforcement, Defense and Security Relations Agency of the Indonesian Chamber of Commerce, Bambang Soesatyo, said that this legal aspect is an important factor that can encourage the growth of the cryptocurrency market in Indonesia.

This phenomenon shows that crypto assets in Indonesia still have the potential to continue to grow. With a population of about 275 million people, and supported by various government policies, including establishing regulations regarding crypto-asset transactions, for example related to taxation, preventing or prosecuting money laundering actions, and regulating the cryptocurrency trading ecosystem, they considered starting to provide a sense of security to consumers. ” newssatu.comWednesday (14/9/2022).

Previously, the man known as Bamsoet explained that it takes commitment from all stakeholders, especially the Ministry of Commerce, Ministry of Finance, Bank Indonesia and the Financial Services Authority, to sit down together and formulate a comprehensive and actionable policy framework.

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As the former Chairman of the Third Committee of the House of Representatives on Law, Human Rights and Security emphasized, the phenomenon of cryptocurrency as an investment and transaction tool in many countries such as El Salvador, Honduras and Guatemala, has given a new show. A model in the financial sector.

“It should also be expected that the development of crypto assets can be maximized to increase the prosperity of the world’s citizens, so that it does not become a money-laundering ground for drug dealings, terrorism and corruption,” he said.

Crypto Asset Transaction Value – Cryptocurrency News Today

Moreover, amsoet revealed that in terms of the value of crypto-asset trading transactions in Indonesia, there has been a downward trend, especially since the beginning of 2022.

The value of crypto transactions as of January was recorded at IDR 42.14 trillion, down IDR 14.77 trillion from the December 2021 period.

Read also: Cryptocurrency News Today: Cryptocurrency exchange set to launch this year

Even in June 2022, the value of crypto transactions was recorded at only 20 trillion rupees, down 65.5% compared to the June 2021 period of 58.06 trillion rupees.

This drop is partly due to the recent decline in the value of crypto assets, which also suffered from the global cryptocurrency market, which is currently under pressure. Currently, the global crypto-asset market capitalization has fallen below $1 trillion, the lowest level since February 2021.”

Other factors also play a role, for example the Fed’s tightening of interest rates to suppress inflation, investors’ reluctance to decide whether to enter or exit positions, or the weakness in the US stock market.

Countries Extra Income – Cryptocurrency News Today

On the other hand, the rapid growth of the number of cryptocurrency investors is also affecting the state’s income, also known as taxation.

Currently, the government has received IDR 48 billion from activities related to crypto assets, both in the form of income tax (PPh) and value-added tax (VAT) since it came into effect on May 1, 2022 until the end of June 2022.

In detail, as much as Rs23.08 billion of PPh 22 came in crypto-asset transactions through local PPMSE and self-deposits. It comes from the local value-added tax (VAT) collected by non-trustees at Rs 25.11 crore.

CoFTRA Adds 154 New Crypto Assets That Can Be Traded in Indonesia – Crypto News Today

starting from CNN IndonesiaIn Indonesia, cryptocurrencies are not considered legal tender, but are classified as commodities so that they are subject to the authority of the Indonesian Ministry of Commerce.

There are currently 383 types of crypto assets in circulation locally according to CoFTRA data. A total of 10 crypto assets come from Indonesia.

“Although the number is still small, it is likely to continue to grow and can support Indonesia’s trade balance of digital products,” said Deputy Minister of Commerce of the Republic of Indonesia, Jerry Sambuaga.

While on the other hand, there are 25 crypto exchanges that are licensed by CoFTRA in Indonesia. Here is the list:

  • PT Endodex Indonesian National (Endodex)
  • PT Grow Together Nano (nanovest.oi)
  • PT Amazed Technology Indonesia (Magic)
  • PT Aset Digital Berkat (Tokocrypto)
  • PT Aset Digital Indonesia (Incrypto)
  • PT Bomi Santosa Simerlang (Bluang)
  • PT Cipta Koin Digital (koinku.id)
  • PT Coinbit Digital Indonesia (coinbit.id)
  • PT Galad Coin Indonesia (galad.id)
  • PT Gudang Crypto Indonesia (gudangkripto.id)
  • Indonesia Digital Exchange
  • PT Crypto Maxima Coin (cryptomaxima)
  • PT Luno Indonesia Ltd (Luno)
  • PT Mitra Crypto Sukses Company (cryptoSuccess)
  • PT Pantheras Teknologi Internasional (Pantheras)
  • PT Crypto Asset Trader
  • PT Pintu Kimana (Pintu.id)
  • PT Plutonext Digital Asset (plutonext)
  • PT My Account Dotcom Indonesia (My Account)
  • PT Tiga Inti Utama (triv.co.id)
  • PT Triniti Investama Berkat (Bituktu)
  • PT Upbit Exchange Indonesia (Upbit)
  • PT Utama’s digital assets in Indonesia (bittime)
  • PT Ventura Koin Nusantara (Vonix.id)
  • PT Zipmex Exchange Indonesia (Zipmex).

This is the review about cryptocurrency news today. We hope this information is useful to you.

Read also: Cryptocurrency News Today: Cryptocurrency exchange comes to help anticipate money laundering

Read on for the latest Indonesian fintech and crypto news only at Duniafintech.com.

Author: Contributor / Shuhada Banji A

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