Crypto Exchange Targeted to Launch in July 2023, CoFTRA Selects 3 Companies

The Indonesian Ombudsman stated that he would write to the Minister of Trade Zulkifli Hasan (Zulhas) to immediately issue a warning to the Futures Trading Supervisory Agency (Bappebti). This happened because the ombudsman found many irregularities in CoFTRA’s administrative activities.

“The Ombudsman will ask the Minister of Trade to give a firm warning to the Head of CoFTRA to act professionally in carrying out governance. So in the not too distant future, on the basis of these results the Ombudsman will send a letter to the Minister of Trade to give a strong warning,” said the Ombudsman Member Yeka Hendra Fatika in a press conference at the RI Ombudsman Building, South Jakarta, Wednesday (17/5/2023).

According to Yeka, CoFTRA’s operations violated the provisions of Law on State Administration No. 30 of 2014 and Law No. 28 of 1999 on Clean and Free of Corruption, Collusion and Nepotism.

Regarding the mismanagement of CoFTRA, there are three problems. First, Bappebti reportedly delayed the licensing process for crypto commodity futures exchanges for almost two years. Second, CoFTRA is suspected of violating procedures and third, CoFTRA is suspected of abusing its authority.

The Ombudsman also gradually explained the violations committed by CoFTRA. The first is the issue of prolonged delays in the licensing process for crypto commodity futures contracts. The Ombudsman found three leads.