The Regulatory Roundtable of the Indonesian Blockchain Association was successfully held in Bali

by Arthur · September 2, 2022

JAKARTA, Indonesia, 2 September 2022 /PRNewswire/ — The Indonesian Blockchain Association (ABI) held a private session: Regulatory Roundtable, which coincided with the Coinfest Asia 2022 event in Bali.

The private session held privately and exclusively for Indonesian Blockchain Association members was sponsored by Bitocto, Reku, Twoba box, Advanced AI, LUNO, and Indodax and was attended by the Deputy Minister of Trade (Wamendag), Act. Head of CoFTRA, director of digital economy at the Directorate-General for Informatics Application Ministry of Communications and Informatics (Aptika Kominfo), deputy head of digital economy and creative product at the Ministry of Tourism and Creative Economy (Kemenparekraf), and head of Commodity Futures Trade Development and Expansion Agency. According to Asih Karnengsih, Chairman of ABI, this Regulatory Roundtable activity “aims to discuss current and future regulations or guidelines”, in addition, “This activity is a discussion forum to facilitate business actors who have become members of ABI and public institutions and related agencies so that they can continue to synergize and cooperate in a sustainable way to develop and promote the blockchain industry in Indonesia“, Asih said.

Affan Giffari, managing partner of Trifida at Law, also appreciated this activity, according to Affan, “The Regulatory Roundtable is a great event to provide a forum, both for government and business stakeholders, to air their concerns or interests related to crypto-assets and/or other blockchain technology use cases.” Affan also said, “The session must be held regularly so that the government can convey material matters or decisions to associations and/or business actors which will then become a forum for socialization for business actors and encourage synergy between the authorities and business actors in matters of crypto-assets and Associations as a forum to convey interests require legitimacy in positive law, the implementation of a token sandbox program, as well as the provision of input to existing regulations as well as regulations that are and will be made by the authorities”. However, it is hoped that in the future the regulatory roundtable can be made more ‘concentrated’ or more thematically about certain issues.”

Some of the main discussions in the private session: Regulatory Roundtable, one of which was discussed by Jerry Sambuaga as Deputy Minister of Commerce who hoped that “There will be optimization of regulations/policies and conducive governance for business players and consumers in the digital ecosystem.” Jerry also emphasized the discussion on the formation of Crypto Asset Exchange, according to Jerry “The establishment of this Exchange is one of the government’s efforts to ensure consumer safety in the business processes of business actors from the aspect of regulation of transaction activities, management, clearing, depository to custodian. Crypto Asset Exchange will ensure that the crypto-asset ecosystem develops well and is beneficial.”

Didid Noordiatmoko, The Act. The head of CoFTRA also spoke about the formation of the stock exchange, “Currently, the process of establishing Crypto Asset Exchange is still undergoing further review because CoFTRA expects more cooperation from Crypto Asset Physical Traders who have registered with CoFTRA to establish Crypto Asset Exchange”, and it is hoped that “Crypto Asset Exchange , which is still being formed, could become an extension of CoFTRA in the process of monitoring crypto-asset trading activities.” said Tirta Karma Senjaya, head of the Commodity Futures Trading Development and Expansion Bureau.

In addition, the issues of pros and cons currently being discussed in the community regarding the Crypto Asset List recently published in CoFTRA Regulations No. 11 of 2022 were also discussed by Didid who said, “CoFTRA will open to transparency the results of the assessment of the Analytical Hierarchy Process (AHP) for the Crypto Asset List worthy of being traded as reference material in evaluation work for both business actors and CoFTRA. The list in CoFTRA Regulations No 11 will continue to be re-evaluated with standards that later will be improved.”

Meanwhile, Director of Digital Economy, Directorate General of Aptika Kominfo – Dr. Ir. In Nyoman Adhiarna discussed data protection regulations and closure of unregistered PSE websites developing blockchain technology, he said, “Business operators’ requirement to register and report periodically aimed at all PSEs that deliver services in Indonesia to ensure equal conditions of competition and good relations between business players as well as future enforcement efforts in the event of negative effects of related activities. However, at this time, enforcement in the form of access blocks is still carried out periodically.”

In addition, Deputy for Digital Economy and Creative Economy in the Ministry of Tourism and Creative Economy, Muhammad Neil El Himam, discussed the NFT event plan, according to Neil “NFT can be seen as the Internet of Values”. Neil also said: “In the future, digital assets will have more added value with the underlying blockchain technology. The Ministry of Tourism and Creative Economy believes that although there are various challenges in the digital era, especially for creators, blockchain technology can solve existing and future challenges.”

In this Regulatory Roundtable activity, government agencies also expressed the hope that there would be input from business players through the Indonesian Blockchain Association in a sustainable way, so that they could continue to synergize and cooperate to promote the blockchain industry. One of the results of the private session organized by ABI also initiated the formation of cooperation contained in a forum in the form of a WhatsApp/Telegram group for ABI members with various local and international projects as a forum to form strategic cooperation.