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3 weeks ago

April 7, 2024

Stephen Douglas

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Supervision Moves to OJK, Quo Vadis Indonesian Crypto Industry

Liputan6.com, Jakarta – The Financial Services Authority (OJK) recently held a Focus Group Discussion (FGD) entitled “Framework for Supervision and Development of Digital Financial Assets, including Crypto Assets.” This FGD aims to gather input from stakeholders regarding the supervision and development of crypto assets in Indonesia.

As is known, OJK has received a mandate to supervise the crypto industry as stated in Law (UU) Number 4 of 2023 concerning Strengthening and Development of the Financial Sector (UU P2SK).

Regulation and supervision of crypto assets, which was previously under CoFTRA, will officially move to the OJK in January 2025. This change is a response to the rapid growth of crypto assets, where the transaction value has reached IDR 33.69 trillion in February 2024.

Meanwhile, there are 35 CPFAK with supporting institutions consisting of the Futures Exchange, Futures Clearing and Repository. The number of types of crypto assets being traded has also increased to 545 types, including 39 types of local crypto assets.

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Along with this growth, of course, potential risks will emerge that need to be addressed by regulators in order to ensure market integrity and consumer protection.

Deputy General Chair of the Indonesian Crypto Asset Traders Association (ASPAKRINDO) Yudhono Rawis explained that collaboration between industry players and regulators is important to build stronger regulations to maintain market integrity and protect consumers.

“Strong synergy is needed between regulators and industry to create a healthy and innovative digital financial asset ecosystem, reminding us of the potential risks that accompany crypto assets,” he explained as quoted on Sunday (7/4/2024).

“After the issuance of the P2SK Law, crypto assets have become a new asset class which is one part of digital financial assets, where the regulatory and supervisory approach that will be implemented will be adjusted to best practices in the financial sector,” added Yudho.