infotech

The Government Is Committed To Preparing Comprehensive Regulations Regarding RWA

Deputy Minister of Creative Economy Irene Umar said that the government is committed to preparing comprehensive regulations regarding Real World Assets (RWA), tangible assets that can be tokenized and have the potential to become collateral in a decentralized financial ecosystem based on blockchain technology. 

"We will strive to create holistic RWA regulations, from new payment method standards to distribution mechanisms and registration of rights to digital assets," she said at an event titled "Tokenizing the World: Unlocking the Global Wealth with Web3 and Real World Assets" held by Coinkami in Jakarta, Friday (25/4). 

As quoted in the ministry's press release, she said that holistic regulations will help investors, creative business actors, and the general public utilize the potential of Web3 safely. 

She stated the need for intensive dialogue between the government, industry players, academics, and associations in formulating a regulatory framework regarding blockchain-based RWA. 

"We invite all blockchain ecosystem builders to sit together, discuss technical and legal aspects, and the need to socialize AI and blockchain technology to the wider community," she said. 

Irene conveyed the importance of implementing a hexahelix approach involving elements of government, academics, business, community, media, and society in the preparation of RWA regulations. 

"The fluctuating development of the crypto and blockchain markets requires us to sit together to solve existing problems. The RWA investment model, where physical assets or legal rights such as works of art, property, and intellectual property are represented digitally, brings great opportunities but also demands legal certainty," she explained.