Custodian Is Important in Crypto Trading

Deputy Minister of Trade of Indonesia Dr Jerry Sambuaga was the Guest Of Honor for TRESCON World Blockchain Summit which took place in Marina Bay Sand Expo, Singapore, facilitated by Asia Blockchain Association

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8831/132303_62ff9e8c4446682f_001full.jpg

Singapore, Singapore–(Newsfile Corp. – July 30, 2022) – Vice Minister Of Trade of Indonesia, Dr. Jerry Sambuaga met his colleague Singapore’s Minister of State for Ministry of Trade and Industry and Culture, Community and Youth (MCCY) – also a member of Board Of Directors of the Monetary Authority of Singapore – Mr Alvin Tan, on his visit to Singapore on 15-18 July 2022. On this visit, Mr. Jerry was also invited as the Guest of Honor for TRESCON World Blockchain Summit, facilitated by Asia Blockchain Association, which took place in Marina Bay Sand Expo.

Mr Sambuaga and Mr Tan discussed how emerging technologies and industry like Blockchain (Cryptocurrency) could be applied in the two countries. The Trading crypto – the intangible commodity – is their core concern.

In recent years, governments in many countries have been trying to figure out the proper and adequate regulations for crypto, the digital assets known for its decentralised nature. For Mr. Sambuaga, it’s critical for governments to have a monitoring and surveillance system for crypto trading. The trading must have a proper custodian structure as well. The decentralised nature of crypto has to be controlled and supervised by the government.

Dr. Jerry Sambuaga said, “Currently, Indonesia is preparing an integrated Crypto Exchange which will adopt the existing integrated commodity trading system, which will be more advanced and updated. This integrated exchange will make Indonesia the first country to centrally control domestic crypto trading. The Custodian of exchange is part of the system to regulate and supervise the circulation of crypto assets. Custodian is important to be implemented to the industry for safeguarding consumers and investors’ digital asset.”

At the same time, Mr. Alvin Tan said, “We had a good meeting about strengthening our bilateral trade and economic links, and especially exchanged views about the future of Blockchain-based assets. I am looking forward to strengthening ties with Pak Jerry and also with the new generation of Indonesian leaders.”

Figure 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8831/132303_62ff9e8c4446682f_002full.jpg

Both Ministers and Asia Blockchain Association’s Singapore headquarters pro tem board, subcommittee members and lead of the secretariat along with Sangkara ($MISA). a blockchain startup from Indonesia also had another close door round-table discussion. 

Both countries’ thought leaders exchanged views on how crypto will change the world in commerce and finance with the introduction of Securitised Token, Non Fungible Token and money…