One of the founders of Reku, Robby, revealed to Blockchainmedia.id that Indonesia is getting closer to becoming the Asian crypto center. There are a number of strong reasons behind that. One of them is that Indonesia is the only country in Asia that has a special crypto asset exchange that was established in 2023 and is currently ready to accept institutional investors.
He conveyed this in relation to Kasan exclusive statement, Head of the Commodity Futures Trading Supervisory Agency (Bappebti) to Blockchainmedia.id recently.
Kasan ensures that in accordance with the latest regulations, institutions (legal entities and business entities) in Indonesia are allowed to create crypto asset accounts in a number of areas crypto exchange in Indonesia who have obtained a license as a Physical Crypto Asset Trader (PFAK).
Reku Predicts Indonesia Will Become a Crypto Center in Asia
This policy is seen by Robby as a step that brings Indonesia closer to becoming a crypto center in Asia, especially because this country has made history as the first in the world to operate crypto exchange.
Apart from that, regarding the legalization of crypto asset derivative products which will later be traded on the CFX crypto futures exchange, it is considered a step that further matures the crypto industry in Indonesia, which now embraces more stakeholders, including institutions apart from individual investors.
This also shows that crypto assets are increasingly competing with traditional investment instruments such as stocks and bonds, which have existed for a long time.
“In my opinion, this policy brings Indonesia closer to becoming the center of crypto assets in Asia. So, this regulation is increasingly maturing the crypto industry in Indonesia which is embracing more stakeholders“Not only individual investors but also institutions, so they can compete with other financial products, such as shares and bonds,” explained Robby via WhatsApp, Sunday (3/11/2024).
Regarding optimism regarding the sustainability of the crypto industry, Robby emphasized that there could be growth in the number and number of crypto transactions globally and in Indonesia benchmarks for the success of this regulation.
“Currently, crypto investors around the world have reached 560 million people, while in Indonesia it has reached 21.28 million people. This figure continues to grow every month until it exceeds the number of capital market investors, which indicates the great interest of the global and national community in crypto assets. This can also be used as an aspect for companies to adopt crypto assets demand “said Robby.
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Even so, Robby said that adoption of crypto assets by institutions globally is still quite small and is still dominated by companies from the United States. However, he sees this as an opportunity as the blockchain industry and crypto assets themselves develop.
“Refer Latest report from Rivercurrently it is US companies that dominate crypto adoption, collectively holding 683,332 Bitcoin (BTC) or representing 3.3 percent of the total Bitcoin supply in August 2024. Microstrategy And Tether for example, it dominated 85 percent of Bitcoin purchases in the first quarter of this year. “In fact, River also projects that there will be 10 percent of US companies converting 1.5 percent of their cash reserves to Bitcoin,” added Robby.
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Even though the proportion of Bitcoin ownership in the realm of business institutions is still relatively minimal, the increasing trend in this segment shows the optimism of business people towards crypto assets.
“This means that the positive prospects for driving volume in crypto assets are very wide open. This also illustrates the commitment of Indonesian regulators to continue up to date “with the development of the crypto industry globally, it can strengthen Indonesia's position on the international stage,” said Robby. [ps]
