DIGIVESTASI - Upbit Indonesia, one of the country's cryptocurrency brokers, has revealed its strategy to prevent crypto assets from being used as a means of money laundering or terrorist financing.

This is because, according to the official website of the Financial Transaction Reporting Center (PPATK), crypto assets, including bitcoin, are vulnerable to being used as a means to commit money laundering and funding terrorist acts. Andi Novi, Chief Compliance Officer of Upbit Indonesia, said the company is strengthening governance, risk and compliance to drive sustainable growth in the blockchain ecosystem in Indonesia.

"We are committed to implementing good corporate governance standards, such as implementing strict anti-money laundering procedures and conducting background checks on every user who completes the verification process." ). 
In addition, he said, Upbit also regularly conducts internal training on compliance-related issues, such as anti-money laundering and counter-terrorism financing.

"We will maximize Bappebti's compliance with applicable regulations and also contribute to positive developments throughout the blockchain industry," he concluded. As previously reported, the Commodity Futures Trading Supervisory Agency (Bappebti) and the Financial Services Authority (OJK) through a transition team will prepare a memorandum of understanding before the supervision of crypto asset transactions moves to the OJK in January 2025. Bappebti data noted that there were 18.51 million crypto investors in Indonesia throughout 2023. This position has increased by 9.8% since the beginning of the year.

Crypto asset transactions also reached IDR 149.25 trillion. Despite a decline in transactions of IDR 306.4 trillion in 2022 (year-on-year), the industry still has strong economic potential. To date, there are 501 officially registered crypto assets and 33 prospective physical crypto asset traders (CPFAK) have been registered and regulated. This move reflects the Indonesian government's commitment to creating a safe and fair business environment and encouraging economic innovation.

Meanwhile, in November 2023, Indonesia was officially accepted as the 40th permanent member of the Financial Action Task Force (FATF). FATF is an international organization that focuses on global efforts to eliminate money laundering, terrorist financing, and funding the proliferation of weapons of mass destruction. Looking at the value of crypto assets, based on Coinmarketcap data on Monday (2 May 2024) at 10.50 WIB, the cryptocurrency with the largest capitalization, Bitcoin, touched a range of 42,598 USD per coin.

Bitcoin rose 0.58% after a week of trading. Meanwhile, another crypto asset Ethereum (ETH) recorded a 0.42% increase in a week to reach $2,283 per coin. As for the stablecoins USDC and USDT, their prices remained around 1 USD per coin.

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