Jakarta, The Indonesia Post – Chairman of the People’s Consultative Assembly (MPR RI) Bambang Soesatyo revealed that the speed of regulation and the lack of development of trading infrastructure such as crypto exchanges are problems in managing crypto assets and digital trading (digital trading).
“Law enforcement must continue to be carried out in the context of eradicating crypto assets and illegal trading robots that are detrimental to the community,” said Bamsoet, Bambang Soesatyo’s nickname, in a statement in Jakarta, Monday.
In addition, he views that there is a need for regulations governing commodity futures trading transactions with foreign brokers that have the potential to cause capital outflows.
“It is clear that Indonesia still has various problems related to crypto assets and digital trading,” he said.
Other problems related to crypto assets and digital trading are people who still use foreign exchanges, not yet developed trading infrastructure such as crypto exchanges, the level of public education about crypto assets is not sufficient, and there are still rampant frauds under the guise of investment, crypto assets, and digital trading. .
The Deputy Chairperson of the Golkar Party also highlighted the provisions of Article 51 letter o of Government Regulation Number 29 of 2021 concerning the Implementation of the Trade Sector. This regulation prohibits companies that already have business licenses in the direct sales sector from selling goods and/or services including futures commodity products in accordance with the provisions of the legislation.
According to Bamsoet, this regulation can hinder the implementation of digital trading activities and crypto assets in a multi-level marketing (MLM) manner.
“In order to provide legal certainty, contribute income to the state, protect the public, and obtain accurate data regarding the digital trading industry and crypto assets, various regulatory arrangements are needed,” said Bamsoet.
The Deputy Chairperson of Pemuda Pancasila added, for crypto assets, for example, the government must immediately draw up regulations regarding initial coin offerings (ICO) or initial token sales (ITS), as well as regulate exchanges that trade crypto assets outside of the 229 permitted parties.
Furthermore, the government must also build crypto asset infrastructure, develop and implement public education programs, and strengthen domestic exchanges so that people do not use foreign exchanges.
Meanwhile, in digital trading, the government needs to immediately draw up regulations regarding trading robot trading as goods/services that are traded, as well as formulate regulations regarding the use of digital trading in commodity futures trading.
“To speed up regulatory arrangements and supervision of crypto assets and digital trading, it is necessary to apply a regulatory sandbox mechanism,” he said.
This mechanism aims to bring together crypto asset and digital trading actors with regulators, conduct tests on aspects of the benefits for economic development, consumer protection, and system reliability, identify and observe the risks of using crypto assets and digital trading, as well as closing opportunities for asset license abuse. crypto and digital trading for investment fraud.
“The most important thing, of course, is increasing public literacy on crypto assets and digital trading,” said Bamsoet. (mhn/bbs)
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