Indonesia Vice Minister of Trade Dr Jerry Sambuaga’s Visit to Singapore: 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

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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.”

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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 transfers etc. In conclusion, custodianship is important to be implemented to safeguard consumers’ and investors’ digital assets.

ABA through its pro tem board member Mr. Goh Seh Harn was invited by the Minister to further share his thoughts on certification and how ABA can provide a clear pathway for industry practitioners and companies to engage with the web3 community in addition to introducing training programmes to further explore standards on education certification.

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Mr. Goh welcomed and applauded the Indonesian and Singaporean government for their initiatives in the advancement of cryptocurrency exchanges and hoped it inspired more regional countries, resulting in greater exchange of knowledge throughout the region. “For example, Singapore may also contribute from its knowledge base of governance and in turn gain experience from Indonesia’s initiatives. ABA through its global chapters hopes to foster these relationships and help various industry stakeholders, including the private sector and regulators to strengthen blockchain capabilities globally,” he added.

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The day-long programme ended with a VIP Meet And Greet session with the Guest Of Honour Dr Jerry Sambuaga and a fireside chat conducted by representatives from ABA, Sangkara, Bloomberg LP and Rubix Network. ABA is the bridge for inter-governmental programme and inter-country community where the platform synergies cross-border initiatives to further promote the new economy. Ministry of Trade Indonesia and ABA are also in discussion for a Memorandum Of Agreement. During the founding stage (June-September 2022), contributors and supporters across APAC are greatly appreciated : http://tinyurl.com/3ta9uyzz

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ABA headquarters interim Chief Executive Officer Ms. Wendy Vanessa Yew added, “Cryptocurrency and digital assets should be regulated in a more structured manner as Blockchain technology, especially decentralised finance, is the future of the financial world. The Republic of Singapore is ready to be positioned as a leading international blockchain, cryptocurrency and digital asset hub.”

Headquartered in Singapore, serving the Asia and Pacific region with country specific chapters and notes on a Decentralised Autonomous Organization (DAO) format, ABA aims to be a beacon and serve as an advocate for the Web3 space. With that the association will be supporting partner for the upcoming programmes like:

(1) FutureX Hackathon 2022 by NTUC Income, Amazon Web Services, Plug and Play APAC 25-27.7.22 (Regional) : http://hive.income.com.sg/FutureXHackathon2022

(2) The Web3Con, Web3 Conference 28.7.22 (Singapore) : www.web3con.info

(3) Play To Earn Expo 10-13.8.22 (Thailand) : www.play2earnexpo.com

(4) Coin Fest 25-26.8.22 (Indonesia) : www.coinfest.asia

(5) Game On! 2022 8-9.9.22 (Hong Kong) : www.gameon.io

(6) FIL-Singapore Web3 Summit 26-27.9.22 (Singapore) : http://fil-singapore.io

Asia Blockchain Association will also host its very first signature event – Asia Metaverse Festival on Asia Crypto Week (26 Sept – 2 Oct 2022) in conjunction with Token 2049 and Formula 1 Grand Prix in Singapore. For more information, please visit www.asiablockchainassociation.org.

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