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Crypto Literacy Month Webinar: Consumer Protection of Crypto Assets Post-PPSK Law
Crypto Literacy Month Webinar: Consumer Protection of Crypto Assets Post-PPSK Law
Monday, 27 February 2023

Jakarta, February 27, 2023-The rapid growth of the crypto asset market needs to be followed by customer security. This, of course, further encourages the urgency of better crypto asset management. ICDX, in the context of Crypto Literacy Month held a webinar entitled "Crypto Asset Consumer Protection in the PPSK Law". Transparency is the main key to the success of crypto asset trading. Transparency legitimizes the crypto asset industry in the eyes of regulators and the general public.

"On a global scale, literacy has a very important role. As we know, the FTX situation has made us aware of the need for an appropriate ecosystem and regulation in crypto asset trading. We know three lines of defense, which in this case are traders/exchangers, SROs, and regulators, for consumer security in trading crypto asset transactions. Protection of consumers will also build consumer confidence in the industry," said Mr. Nursalam as Main Director of ICDX Group.

"The crypto asset market, if the ecosystem and consumer protection system meet the requirements, of course, will develop rapidly. Arrangements are needed in the ecosystem so that people are protected and can make transactions safely and comfortably. CoFTRA's role in protecting customers from illegal investments includes, among others, acting as a regulator, conducting coaching, supervising, and taking action," said Mr. Tirta Karma Sanjaya as the Head of the CBA Development and Development Bureau, CoFTRA.

"There are 3 points of development in crypto asset trading in the UK that we can also develop, namely clarifying crypto asset regulations regarding promotions that are more transparent, not misleading, and fair; encouraging technical provisions for reporting transaction data to the government, and limiting pump and dump practices. During the transition period, there are ideal things that need to be done, starting from clarifying the definition of commodities and assets, transaction costs, transaction security, education and literacy of crypto assets, and anti-money laundering programs," said Mr. Bhima Yudhistira, Director of the Center of Economics and Law Studies (CELIOS).

"There are several views from consumers regarding improvements that can be made in the crypto asset trading system, namely security in storing assets to avoid scams and regulations that make consumers more comfortable and safe. One of the innovations that has also been discussed in the PPSK Law is related to custodians, so assets consumers own are still kept safe even if unexpected things happen, for example bankruptcy," said Mr. Rob Raffael Kardinal as Chair of the Indonesia Crypto Consumer Association (ICCA).

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