OJK Issues New Regulations, One of which is Crypto Supervision

Liputan6.com, Jakarta The Financial Services Authority (OJK) issued OJK Regulation Number 3 of 2024 (POJK 3/2024) concerning the Implementation of Financial Sector Technology Innovation (ITSK) to strengthen the financial ecosystem that utilizes technological innovation, including financial technology (fintech) and digital financial assets such as crypto.

POJK 3/2024 is a follow-up to the mandate of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU P2SK).

“POJK 3/2024 marks an important step in providing legal certainty for the regulation and supervision of technological innovation in the financial sector,” said Head of the OJK Literacy, Financial Inclusion and Communications Department, Aman Santosa, quoted from BetweenMonday (11/3/2024).

Aman said, POJK 3/2024 is expected to create an integrated fintech ecosystem with an activity-based approach which aims to support innovation by ensuring consumer protection and effective risk mitigation.

Improvement

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

Improvements in the Regulatory Sandbox framework include several key aspects, including adding eligibility criteria, enforcing test plan requirements, and establishing results and exit policies (exit policy) from Sandbox.