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

JAKARTA, Indonesia, Sept. 2, 2022 /PRNewswire/ -- The Indonesian Blockchain Association (A-B-I) successfully held a Private Session: Regulatory Roundtable, which time and place coincided with the Coinfest Asia 2022 event in Bali.

The private session which was held privately and exclusively for members of the Indonesian Blockchain Association was sponsored by Bitocto, Reku, Twoba Box, Advance 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 of Informatic Application Ministry of Communication and Informatics (Aptika Kominfo), Deputy for Digital Economy and Creative Product at the Ministry of Tourism and Creative Economy (Kemenparekraf), and Head of the Commodity Futures Trading Development and Expansion Bureau. According to Asih Karnengsih, Chairwoman of A-B-I, this Regulatory Roundtable activity "has the aim of discussing current and future regulations or policies", in addition, "This activity is a discussion forum to facilitate business actors who have become members of A-B-I and government institutions and related agencies so that they can continue to synergize and collaborate in a sustainable manner in developing and advancing the blockchain industry in Indonesia," said Asih.

Affan Giffari, Managing Partner of Trifida at Law also appreciated this activity, according to Affan, "The Regulatory Roundtable is a good event in providing a forum, both for the government and business actors, to convey their concerns or interests related to crypto assets and/or other blockchain technology use cases." Affan also said, "The session needs to be held regularly so that the government can convey material issues or decisions to associations and/or business actors which will then become a forum for socialization for business actors and encourage synergy between the government and business actors in crypto asset issues and/or regulatory frameworks. Associations as a forum to convey interests require legitimacy in positive law, the implementation of a token sandbox program, as well as the delivery of inputs to existing regulations as well as regulations that are being and will be made by the government". However, "it is hoped that in the future the Regulatory Roundtable can be made more 'concentrated' or more thematic on certain issues."

Some of the main discussions in the Private Session: Regulatory Roundtable, one of which was discussed by Jerry Sambuaga as the Vice Minister of Trade who hoped that "There will be optimization of regulations/policies and conducive governance for business actors and consumers in the digital ecosystem." Jerry also emphasized the discussion about the formation of the Crypto Asset Exchange, according to Jerry "The establishment of this Exchange is one of the government's efforts to ensure consumer security in the business processes of business actors from the aspect of regulating transaction activities, governance, clearing, depository to custodian. The Crypto Asset Exchange will ensure that the crypto asset ecosystem develops well and is conducive."

Didid Noordiatmoko, The Act. Head of CoFTRA also spoke about the formation of the Exchange, "Currently the process of establishing the Crypto Asset Exchange is still in the process of further review because CoFTRA expects more collaboration by Crypto Asset Physical Traders who have registered with CoFTRA in establishing the Crypto Asset Exchange", and it is hoped that "the Crypto Asset Exchange, which is still in the process of being formed, can 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 that are currently being discussed in the community regarding the Crypto Asset List which was recently published in CoFTRA Regulations No 11 of 2022 were also discussed by Didid who said, "CoFTRA will open transparency of the results of the Analytical Hierarchy Process (AHP) assessment for the Crypto Asset List worthy of being traded as reference material in evaluation efforts for both business actors and CoFTRA. The list set out in CoFTRA Regulations No 11 will continue to be re-evaluated with standards that will later be improved."

Meanwhile, Director of Digital Economy, Directorate General of Aptika Kominfo - Dr. Ir. I Nyoman Adhiarna discussed data protection regulations and the closure of unregistered PSE websites that develop blockchain technology, he said, "Business actors requirement to register and report periodically aimed at all PSEs that provide services in Indonesia to ensure the same level-playing-field and good relations between business actors as well as future enforcement efforts in the event of negative effects from related activities. However, at this time, enforcement in the form of access closures is still being carried out periodically."

In addition, the Deputy for the Digital Economy and Creative Economy of the Ministry of Tourism and Creative Economy, Muhammad Neil El Himam discussed the NFT arrangement plan, according to Neil "NFT can be viewed 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 hope that there would be input from business actors through the Indonesian Blockchain Association in a sustainable manner so that they could continue to synergize and collaborate in advancing the blockchain industry. One of the outputs of the Private Session organized by A-B-I also initiated the formation of collaborations contained in a forum in the form of a WhatsApp/Telegram group for A-B-I members with various local and international projects as a forum to form strategic cooperation.