The Commodity Futures Trading Regulatory Agency (Bappebti) has set a target of launching the Indonesian Crypto Asset Exchange in June 2023. How far has the process of setting up a crypto asset exchange gone so far? Head of CoFTRA, Didid Noordiatmoko, revealed that so far the process of establishing a crypto exchange is still on track.

“The crypto asset exchange process is still on track, but in its establishment we also need to pay attention to the PPSK Law so it can’t be arbitrary in the process,” Didid told reporters at the closing ceremony of the PBK Literacy Month, Tuesday (4/4/2023).

Previously, Didid revealed that the Indonesian crypto exchange would launch in June 2023. This was in accordance with the direction of the Minister of Trade for CoFTRA to immediately form a crypto exchange.

“For CoFTRA, having a crypto exchange is a necessity. With a crypto exchange, we will share the risk between CoFTRA and the crypto exchange itself,” Didid said at a CoFTRA work meeting, January 2023. On the same occasion, Didid also provided the latest information regarding maladministration cases in the process of applying for a Futures Exchange Business Permit (IUBB).

“We will follow the suggestions given by the Ombudsman, but we CoFTRA must also comply with laws and regulations,” Didid explained.

The Ombudsman of the Republic of Indonesia stated that the Commodity Futures Trading Supervisory Agency (Bappebti) was proven guilty of maladministration in the process of applying for a Futures Exchange Business Permit (IUBB).

Member of the Indonesian Ombudsman, Yeka Hendra Fatika said, based on a series of examinations of documents and related parties, three forms of maladministration were found by CoFTRA in the futures exchange licensing process. Includes protracted delays, procedural deviations and abuse of authority.

Deputy Minister of Trade (Wamendag) Jerry Sambuaga spoke about the findings of the Indonesian Ombudsman regarding 3 maladministrations of the Commodity Futures Trading Supervisory Agency (Bappebti) regarding the business license case for crypto exchanges.

CoFTRA was accused of three maladministrations against PT Digital Future Exchange (DFX) in the form of protracted delays, procedural deviations and abuse of authority. Jerry said the Ministry of Trade (Ministry of Trade) and CoFTRA must have followed the existing rules. Regarding the Ombudsman’s findings, his party will review this matter.

“In general, I think we are referring to the regulations. Judging from the regulations, which according to the Ombudsman may not be appropriate. We will examine it, we will see if it turns out that something is missing, we will together ensure that it is appropriate,” he said at the Welcome event. Reception of ASEAN Ministers in Six Skies by Plataran in Magelang, Central Java, Tuesday (21/3/2023).

Even so, Jerry appreciates all parties who have provided corrections to the Ministry of Trade. He also emphasized that consumer protection remains the main thing that is carried out by the government.

“Of course we thank all parties. I think not only the Ombusdman, but all parties, both associations, observer friends, including actors. Please, we are also open. The important thing is, from CoFTRA, the government refers to the government,” he said.

“We believe that what we are doing is for the most important thing is protection for consumers,” said Jerry.

Previously, the Ombudsman had found 3 maladministrations committed by CoFTRA against PT Digital Future Exchange, namely protracted delays, procedural deviations, and abuse of authority. The maladministration is based on 6 opinions put forward by the Ombudsman.

First, the Indonesian Ombudsman is of the opinion that PT DFX has followed the entire series of requirements fulfillment processes based on the requirements file submitted by CoFTRA to PT DFX and the Ombudsman.

Second, in fulfilling the requirements for a futures exchange business license, PT DFX has undergone a series of inspections and has fulfilled all document requirements as stipulated in the futures exchange business license legislation.

Third, the Ombudsman of the Republic of Indonesia saw that there had been protracted delays in granting the licensing process.