Crypto Asset Control Transition Is Expected To Generate An Integrity And Stable Crypto Industry
JAKARTA - The transfer of crypto asset supervision from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the Financial Services Authority (OJK) is still in progress.
This transfer period is given a transition period of two years or 24 months, in accordance with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).
The OJK is currently drafting a Government Regulation (RPP) which includes several regulations and coordination with CoFTRA to prepare for the transition.
In addition, OJK is actively coordinating with industry players and other stakeholders, including the Indonesian Crypto Asset Traders Association (Aspakrindo).
Observing the ongoing transition process, Tokocrypto CEO Yudhono Rawis stated that this transfer was carried out by emphasizing consumer protection, as well as ensuring the integrity and stability of the crypto industry in Indonesia.
In addition, he argues, this government initiative shows a commitment in maintaining the development of the crypto industry in the country.
"With the transfer to the OJK, it is hoped that the harmonization of regulations between crypto assets and other financial instruments will be created. This is essential to create a conducive investment climate and reduce risks due to legal uncertainty," he explained in his statement Thursday, November 2.
Yudho said that OJK has greater potential in integrating crypto assets into traditional financial sectors, such as banking, so as to facilitate collaboration between industry players and conventional financial institutions, and create wider service opportunities for consumers.
According to Yudho, OJK has shown its dedication in developing financial industry regulations.
With crypto assets under its supervision, OJK can maximize its experience in building a more solid regulatory framework for the crypto market, thereby increasing investor confidence and other stakeholders.
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Furthermore, Yudho explained, OJK also has the potential to integrate education about crypto in their programs, providing a more in-depth understanding to the public about the risks and opportunities that exist in the crypto market.
"Under the supervision of the OJK, the legitimacy of the crypto industry in Indonesia will experience a significant increase. We also give appreciation to CoFTRA who has played a role in developing this industry rapidly in the last 1-2 years. This has positively strengthened public trust and accelerated crypto adoption in Indonesia," he explained.
Yudho emphasized the challenges that may arise in the transfer process, such as adaptation of technology infrastructure and increasing the capacity of human resources.
However, with the government's commitment and support from all relevant parties, he is optimistic that this transition will run well and support the growth of the crypto asset industry in Indonesia.