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The Deputy Minister of Trade Joins in Opening Voices on 3 Maladministrations of Bappebti Regarding the Crypto Exchange

Deputy Minister of Trade Jerry Sambuaga also opened his voice regarding the findings of the Ombudsman of the Republic of Indonesia regarding 3 maladministrations carried out by the Commodity Futures Trading Supervisory Agency (Bappebti). This relates to PT Digital Future Exchange’s crypto exchange permit, where violations are suspected in the form of protracted delays, procedural deviations, and abuse of authority.

Related to this, Jerry said that his party would review the findings.

“In general, I think we are referring to the regulations. In view of which regulations may not be appropriate according to the Ombudsman. Yes, of course we will review them, we will see if there is something missing, we will together make sure it is appropriate,” he said when met in Magelang, Central Java, Tuesday (21/3/2023).

Jerry said that what was done by CoFTRA referred to the applicable regulations. He also said that his party was doing it all for consumer protection. “We believe that what we are doing is in the framework of the most important thing is consumer protection,” he explained.

Previously, the Ombudsman had found 3 maladministrations committed by CoFTRA against DFX, 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, that in fulfilling the requirements for a futures exchange business license, PT DFX has undergone all series of examinations and has fulfilled all document requirements as stipulated in the statutory provisions for futures exchange business license licensing.

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

Fourth, regarding transparency and accountability in the application process for PT DFX futures exchange business licenses. The Ombudsman saw that CoFTRA was not transparent and accountable in carrying out the fit and proper test of PT DFX’s board of directors and did not provide a dossier for a complete inspection of PT DFX’s physical facilities and infrastructure.

Fifth, there are additional requirements for the PT DFX futures exchange business license outside the provisions of the legislation.

Sixth, related to the needs of the crypto exchange ecosystem and the urgency of the presence of crypto exchanges to protect the interests of the state and society. Ombudsman member Yeka Hendra Fatika said the government must choose to ban crypto or allow crypto exchanges according to its needs. If the crypto exchange is banned, then don’t make regulations related to crypto.

“But if crypto is to regulate so as to prevent victims from happening, as is currently busy with alternative trading systems, then this exchange is one of the ecosystems that must be built in order to prevent losses to society and the state,” he explained in a press conference: Maladministration of Bappebti in Online Crypto Exchange Licensing, quoted Monday (20/3/2023).

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