UUP2SK Seen as Momentum to Strengthen National Crypto Ecosystem

The ratification of Law Number 4 of 2026 on Financial Sector Development and Strengthening (UUP2SK) is considered a momentum to strengthen the competitiveness of the crypto asset industry in Indonesia. Industry players hope its derivative rules can create fair competition while ensuring that more of the industry’s economic benefits are enjoyed domestically. Indodax CEO William Sutanto stated that Indonesia’s crypto asset industry has been developing for more than a decade. Therefore, the focus of industry development is no longer on building the market, but on ensuring the economic value generated can contribute more significantly to the national economy. “Indonesia has a large crypto asset market and an ecosystem that has been developing for more than a decade. Therefore, regulatory discussions are not only about compliance, but also about how to ensure the economic benefits of this industry can continue to grow and be felt domestically,” William said on Monday (6/7/2026). William said the presence of global crypto exchanges is a dynamic that can drive industry innovation and efficiency. However, according to him, all players serving users in Indonesia should ideally be under the same regulatory framework to create healthy competition. “We support competitiveness, both at the national and global levels. The hope is for a level playing field, so that all players serving users in Indonesia can operate within a fair and balanced regulatory framework,” he stated. William also assessed that strengthening the rupiah’s position as a quote currency in crypto asset transactions is important for building the domestic ecosystem. “The national order book should use the rupiah as the quote currency, so that strengthening the crypto asset ecosystem can go hand in hand with strengthening national economic value,” he said. Furthermore, William hopes the implementation of UUP2SK’s technical rules will provide certainty regarding the division of functions between the Exchange and Crypto Asset Traders (PAKD). According to him, clarity of roles is necessary so that each party can carry out its functions according to the provisions. William also cautioned that transaction fees on the exchange should not increase as this could burden market participants. “The Exchange should not replace the role of traders in serving consumers directly. Also, the Exchange must not arbitrarily raise exchange fees because it could suppress transaction volume,” William said. He hopes the drafting of UUP2SK’s derivative regulations can accommodate the fast-moving characteristics of the crypto asset industry while enhancing consumer protection and the competitiveness of national business players.