Following the recent hack of local crypto exchanges, investor interest in Indonesia's crypto industry remains high due to enhanced security measures and strict regulation.
Industry Stability Post Hacks
Tokocrypto CEO Yudhono Rawis confirmed that despite the recent hack of the crypto exchange on September 11, 2024, investor interest in cryptocurrencies in Indonesia remains high. According to him, the cryptocurrency industry in Indonesia remains strong due to the implementation of effective security measures.
Security Measures and Technologies
Yudhono Rawis, who also serves as Vice Chairman of the Indonesian Crypto Traders Association (Aspakrindo) and the Indonesian Blockchain Association (ABI), emphasized the importance of collaboration between associations and industry players to ensure security and convenience for investors. Tokocrypto has taken steps to enhance security, including the use of cold wallets for asset storage, multi-signature wallets, and multi-factor authentication. The platform has also obtained international security certifications such as ISO 27001 and ISO 27017 and has introduced AI-based technologies for real-time detection of suspicious activity.
Regulation and Licensing
In order to maintain investor trust, strict regulation is also being emphasized. Only three crypto exchanges in Indonesia have obtained a license from Bappebti as Physical Crypto Asset Traders (PFAK): Pintu, Pluang, and Tokocrypto. Another 15 companies are in the process of obtaining this license. Yudhono Rawis also stressed the importance of regulatory compliance for all companies trading cryptocurrencies.
Through enhanced security measures and strict regulation, Indonesia's crypto industry continues to develop despite the threats of hacks. These steps are aimed at ensuring the safety of investors and maintaining their trust in local platforms.
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