To Prevent Fraudulent Investments, OJK Requires New Crypto Assets to Enter the Test Room

Liputan6.com, Jakarta The Financial Services Authority (OJK) requires financial products and service innovations to enter a testing room called the regulatory sandbox, including new crypto asset products.

This provision is stated in OJK Regulation (POJK) Number 3 of 2024 concerning the Implementation of Financial Sector Technology Innovation.

Chief Executive of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets Supervisory OJK Hasan Fawzi said that crypto companies would later have the same position as financial services institutions (LJK).

Especially after the regulation and supervision of crypto assets shifted from the Commodity Futures Trading Supervisory Agency (Bappebti) of the Ministry of Trade to the OJK.

“Since the new mandate was given to regulate the supervision of new fields at the OJK through the P2SK Law, including financial assets and crypto assets, the organizers of ITSK (financial sector technology innovation) have become on the same footing as organizers in other financial sectors,” he explained, quoted on Wednesday ( 3/27/2024).

“Where carrying out activities of a financial services institution must also be registered, even if there are already licensing arrangements, it must also have an official business license from us at the OJK,” stressed Hasan.

So, Hasan added, after the transfer of duties from CoFTRA to OJK, new crypto asset products will be required to utilize the existence of a regulatory sandbox.

“So it will be the same as the others, because activities related to digital financial assets including crypto in accordance with the P2SK Law are also included in one of the scopes of ITSK, namely implementing technological innovation in the financial sector,” he explained.