Upbit Indonesia Optimistic OJK Will Strengthen Crypto Asset Regulations And Innovations In Indonesia

JAKARTA - Upbit Indonesia, as one of the leading crypto asset trading platforms in Indonesia, welcomes the government's strategic steps through the Commodity Futures Trading Supervisory Agency (CoFTRA) which has transferred the task of regulating and supervising digital financial assets, including crypto assets, to the Financial Services Authority (OJK). This step is an implementation of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

Upbit Indonesia's Chief Operating Officer (COO), Resna Raniadi, expressed her appreciation for the transfer of this regulatory task which is expected to provide a stronger direction for regulation, support the growth of the crypto asset sector, and increase protection for market participants.

"We believe that under the supervision of the OJK, the digital financial asset ecosystem in Indonesia will be stronger and more focused. This diversion is also a positive signal for industry players to continue to innovate while still prioritizing the safety and comfort of users," said Resna, in a written statement, Monday, January 20.

The transfer of this task was marked by the signing of the Handover Minutes (BAST) and Memorandum of Understanding (NK) between CoFTRA, OJK, and Bank Indonesia in Jakarta. In a transition that lasts for a maximum of 24 months, OJK will be responsible for the supervision and arrangement of digital financial assets, including crypto assets in the capital market. Meanwhile, Bank Indonesia will handle financial derivatives at the Money Market and Foreign Valuta Market (PUVA).

In his statement, Resna Raniadi added that this step reflects the government's commitment to strengthening the governance of the digital financial sector.

"We fully support this transition process and are optimistic that OJK will be able to create adaptive and sustainable regulations to support innovation in the crypto asset industry," he said.

As part of its support for this process, Upbit Indonesia also affirms its commitment to continue to comply with applicable regulations, provide education to the public, and provide safe and reliable services for users.

Upbit Indonesia hopes that, under the supervision of the OJK, the crypto asset ecosystem in Indonesia can further develop and provide broad benefits for the country's digital economy.