Bitcoin prices continue to soar causing cuan seekers to also look at the prospects for this crypto investment. In Indonesia, crypto assets are still prohibited if used as a means of payment, but they are allowed as an investment instrument that is included as a commodity and can be traded on a futures exchange. The trading mechanism is regulated in Bappebti regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Crypto Asset Market in the Futures Exchange.
There are actually many types of tradable crypto assets. Globally, more than 1,000 species are claimed. Some of the popular types are cryptocurrency with the most famous product, bitcoin, then there are token platforms whose famous products are ether (ETH) from the ethereum blockchain, and fiat crypto currencies. In Indonesia, these products have been marketed by various existing crypto companies. Upbit Exchange, for example, has sold 164 crypto assets to date. Meanwhile, Tokocrypto served transactions for 106 products.
As of December 2020, there are at least 13 crypto asset companies that have obtained permits from Bappebti according to data from the Indonesian Crypto Asset Trading Association (Aspakrindo). The thirteen companies are:
1. PT Crypto Indonesia Berkat (Tokocrypto),
2. PT Upbit Exchange Indonesia,
3. PT Tiga Inti Utama,
4. PT Indodax Nasional Indonesia,
5. PT Pintu Anywhere,
6. PT Zipmex Exchange Indonesia,
7. PT Bursa Kripto Prima,
8. PT Luna Indonesia Ltd,
9. PT Rekeningku Dotcom Indonesia,
10. PT Indonesia Digital Exchange,
11. PT Cipta Koin Digital,
12. PT Triniti Investama Berkat (Bitocto)
13. PT Plutonext Digital Aset.
Through a Kontan search, the following is the amount of transaction fees at several crypto companies in Indonesia. For transaction fees, Upbit Exchange pegs 0.2% per transaction while at Tokocrypto it is 0.01%. Then, at Zipmex it is set at 0.2% per transaction and at Luno it depends on the product, but transaction fees range from 0.10% -0.20%. For interested investors, the amount of initial capital to deposit into crypto assets varies depending on each company. Some have a minimum fund of IDR 50,000, some are even only IDR 10,000. Co-founder of Cryptowatch and channel manager of Duit Pintar Christopher Tahir said, despite the number of applications and crypto asset brokers appearing, for investors the most important thing is to use a company in Indonesia that already has a business license from Bappebti. "The nature of crypto assets is pseudonymous, so it will be very dangerous if funds are placed in an outside company, even if the company is well established, let alone an unlicensed one. Because it will be uncertain for investors to handle it when a problem occurs, ”Christopher told Kontan.co.id, Friday (8/1).
Furthermore, Christopher said that crypto companies in Indonesia have a high barrier of entry because the demand for paid-up capital is quite high. Thus, investors will feel safer when investing in a company that has a license from Bappebti. If the company does not have a license, the position of investors is said to be very vulnerable when the crypto company diverts funds by reason of being hacked, for example. Meanwhile, if the company is licensed by Bappebti, investors can at least feel safer because there is a binding legal basis. In addition to obtaining permits, Christopher also advised investors to choose companies with easy and practical deposit and withdrawal systems and many payment system options. This will make it easier for investors as well as increase financial inclusion.
Meanwhile, COO of Crypto Stores Teguh Harmanda revealed that apart from being registered with CoFTRA, investors should also look for crypto companies that have also been certified with ISO 27001: 2013 certification and are registered with Kominfo. "Investors must also ensure that the crypto asset exchange platform has proper know your customer (KYC) standards. The use of KYC in the world of crypto assets is not much different from the objectives of KYC in banking, "Teguh said. Teguh explained, KYC in banking aims to get to know customers well so that the bank can monitor every customer transaction and can report suspicious transactions. Meanwhile, in the world of crypto assets, KYC also aims to provide security for users and the market itself. KYC can also be used to monitor crypto asset transactions, minimize fake account accounts that can lead to cyber crime, and avoid possible money laundering.
Regarding the mapping of crypto asset investors in Indonesia, Christopher assessed that currently investors in Indonesia are still dominated by speculative investors. So the transactions carried out are still limited to trading without really understanding about the crypto asset itself. Moreover, the number of investors has not increased significantly after the long winter of the crypto market in 2018-2019. But if going forward, Christopher believes that the prospects for crypto assets will still be bright as the crypto market develops and its supporting technology. Especially with the growing development of communities such as Cryptowacth and the existence of a translation of the Bitcoin whitepaper in Indonesian which can straighten out the misinformation that has been circulating about this crypto asset. "However, in Indonesia it seems that its development is still limited to being an investment considering that Bank Indonesia has emphasized that only rupiah can be a medium of payment. This will be a practical obstacle for innovation for these technology activists, "he added. Regarding his choice of crypto assets, Christopher has so far admitted that he has only chosen two assets, namely Bitcoin and Ether. While Teguh prefers products such as bitcoin for store of value, ethereum for the increasingly massive blockchain technology development utility, and USDT for use in asset transfer without reducing the value of the crypto.