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Indonesia clears 400 cryptocurrencies for local traders

By Carine Lee

03:22, 15 August 2022

Jakarta the center of economics, culture and politics of Indonesia
Government says it is now legal to trade over 380 crypto assets with crypto exchanges – Photo: Shutterstock

Indonesia’s Ministry of Trade recently issued a regulation listing over 380 crypto assets in the List of Established Crypto Assets Traded in the Physical Crypto Asset Market (crypto exchange).

The Commodity Futures Trading Supervisory Agency Regulation Number 11 of 2022 was listed through the Commodity Futures Trading Supervisory Agency (CoFTRA).

Ethereum’s ETH, Tezos (XTZ), Tron (TRX), The Sandbox’s SAND, Polygon (MATIC) and SHIB were included in the newly issued regulation of 383 crypto assets.

ETH to US dollar

Acting chief of CoFTRA Didid Noordiatmoko said in a statement that “this regulation is to accommodate the needs of prospective crypto asset traders, including the crypto asset industry in Indonesia.”

“This is in accordance with the growth in data on the number of customers and the volume of crypto asset transactions that continue to increase, as well as the types of crypto assets that continue to grow,” Didid said.

The acting chief added that the regulation stipulated 383 types of crypto assets that could be traded on the physical market for crypto assets.

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SOL/USD

173.78 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

66,965.10 Price
-0.740% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.59 Price
-2.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.13 Price
-2.090% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

Protecting investors

The news comes after the Indonesian government swung its weight behind the country’s growing crypto sector to protect retail investors.

“This is done to provide legal certainty so that people who will invest get clear information and guidance on each type of crypto asset being traded,” said Didid.

In addition to providing legal certainty, prospective physical crypto asset traders who will list or delist the specified types of crypto assets, must first submit a written notification to the head of CoFTRA.

MATIC to US dollar

The regulation also contains mechanisms and criteria regarding the registration and trading of new crypto assets.

The regulation revokes CoFTRA Regulation Number 7 of 2020, according to a local report, which listed 229 types of crypto assets traded.

Markets in this article

ETH/USD
Ethereum / USD
3502.80 USD
-26.47 -0.750%
MATIC/USD
MATIC/USD
0.55572 USD
-0.00656 -1.210%
SAND/USD
SAND/USD
0.35326 USD
-0.00249 -0.720%
SHIB/USD
Shiba Inu / USD
0.00001849 USD
-0.00000049 -2.680%
TRX/USD
TRON / USD
0.13682 USD
-0.00024 -0.180%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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