The opportunity was wide open for investors to conduct crypto business in Indonesia, he remarked in a statement on Saturday.
However, the business transaction should still comply with applicable regulations in Indonesia, he remarked.
While attending the ABA Event themed "Community Meet and Great Session Fireside Chat on Crossborder Blockchain, Cryptocurrency and Digital Asset" between Singapore and Indonesia in Singapore, he also highlighted other potential synergies in Indonesia.
Related news: MPR Speaker calls for crypto trade roadmap
This includes conducting dissemination and holding a seminar along with the Indonesian Blockchain Association and Indonesian Crypto Asset Trade Association for providing an understanding of the utilization and benefits of blockchain technology and crypto assets.
According to Sambuaga, Indonesia and Singapore can also cooperate to secure sensitive data and digital assets that can be transacted through the cross-border overseas trade platform.
Cooperation can be forged between government institutions to anticipate the risks of digital asset loss and utilization.
Both nations can also cooperate in developing a single blockchain platform based on communication between the governments, he noted.
Related news: Trade Ministry tightens monitoring towards crypto assets
This aims to anticipate the loss of important data, reduce training costs, lower administration expenses, and determine a single standard that can create other financing efficiencies, he explained.
The Indonesian government is also affiliated with several blockchain projects including blockchain utilization to secure data entry, land registration, food material process tracing, commodity supply chain, border customs and patrol, budget transparency, data management between institutions, replace paper-based system, and prevent fraud.
Through the statement, Sambuaga also noted that the Indonesian government is open to companies, both domestic and overseas, to join the currently developing crypto asset market in Indonesia.
Related news: Crypto asset exports can help boost exports: deputy minister
Related news: Expect number of crypto traders to grow further: ministry
Translator: Sella P G, Fadhli Ruhman
Editor: Fardah Assegaf
Copyright © ANTARA 2022
