Bappebti Says OJK's New Regulations Will Boost Strengthening of the Indonesian Crypto Industry

Liputan6.com, Jakarta – Head of the CoFTRA Commodity Futures Trading Development and Development Bureau, Tirta Karma Senjaya, said that OJK Regulation (POJK) Number 3 of 2024 concerning the Implementation of Financial Sector Technology Innovation (ITSK), which was recently issued by the Financial Services Authority (OJK), could strengthen the country's crypto industry.

According to Tirta, POJK can create other derivative regulations specifically to regulate the crypto industry.

“I hope that this POJK will really strengthen what the crypto industry aspires to,” said Tirta in the Reku Finance Flash discussion event, written Friday (15/3/2024).

Even so, Tirta explained that the government currently still needs to develop its regulations more broadly, especially regarding the blockchain ecosystem in Indonesia. He gave the example of Non Fungible Tokens (NFT) as an industry that takes advantage of blockchain innovation.

“Until now, there are no specific regulations governing NFTs in Indonesia. Therefore, regulators still have a lot of homework to complete in order to support the development of the crypto industry in Indonesia. We may not yet regulate the NFT industry, because there is no curator yet, right?” he explained.

Meanwhile, Tirta assesses that the issuance of a crypto supervision permit from the Commodity Futures Trading Supervisory Agency (Bappebti) to the OJK will have a positive impact on the industry, because Bappebti's supervision is currently still limited to trading. Meanwhile, the OJK will later have the authority to supervise crypto from a broader aspect.

“OJK will be in the financial sector. This means he can coordinate everything related. So of course he will be able to coordinate on that matter,” he concluded.

In POJK 3/2024, improvements have been made to the Regulatory Sandbox mechanism, which is an OJK facility for testing and developing innovative financial technology.

In addition, POJK 3/2024 is intended to ensure that innovation and technological development is carried out responsibly, has good management, prioritizes market integrity, while still paying attention to consumer protection.

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