OJK Issues Crypto Asset Trading Supervision Rules

JAKARTA - The Financial Services Authority (OJK) has issued OJK Regulation Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading, including Crypto Assets (POJK 27/2024).

Plt. Head of the Department of Literacy, Financial and Communication Inclusion M. Ismail Riyadi conveyed the regulation to ensure its readiness in carrying out the duties and functions of monitoring Digital Financial Assets and welcoming the shift in the supervision of Crypto Assets.

Ismail said that POJK 27/2024 was a follow-up to the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

"Through POJK 27/2024, OJK regulates and oversees the implementation of Financial Sector Technology Innovation (ITSK) and digital financial assets including crypto assets," he explained in his official statement, Wednesday, December 25.

In the face of the transition task and supervisory function of crypto assets from CoFTRA, the OJK develops a strategy into three phase transitions. The first phase is soft landing which took place at the beginning of the transition period. Then, the second phase is the strengthening phase and the third phase which is the development phase.

To support a smooth, good, and safe task transition in the first phase, Ismail said that the OJK issued POJK 27/2024 which adopted the CoFTRA Regulation with various necessary improvements based on best practices standards and arrangements in the financial services sector.

Ismail said that POJK 27/2024 was intended to ensure that Digital Financial Asset Trading Organizers trade Financial Assets regularly, fairly, transparently and efficiently, as well as ensure the implementation of governance, risk management, market integrity, information and cyber system security, money laundering prevention, while still paying attention to consumer protection.

According to Ismail POJK, this also stipulates the obligation to obtain a permit status for Digital Financial Asset Operators as well as submitting periodic and incidental reporting.

"OJK urges consumers and prospective consumers of Digital Financial Assets including Crypto Assets to have a good understanding regarding the risk of digital financial assets as a consideration in conducting digital financial asset transactions," he said.

In addition, Ismail said that it is also necessary to play an active role for Digital Financial Asset Trading Organizers in increasing consumer literacy.

"OJK is committed to continuing to oversee the development and strengthening of digital Financial Asset trade by maintaining stability in the financial sector and protecting consumers with tangible evidence through the issuance of POJK 27/2024," he concluded.