Have Crypto Assets? Your Transactions Are Illegal According To OJK If You Use Bank Facilities

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) reiterates that it prohibits financial service institutions from using, marketing, and/or facilitating the trading of crypto assets.

Chairman of the OJK Board of Commissioners, Wimboh Santoso, said that his party did not supervise and regulate crypto assets. According to him, the regulation and supervision of crypto assets is carried out by the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade.

"Crypto assets are a type of commodity that has fluctuations in value which can go up and down at any time, so people must understand the risks," he said in a press statement on Tuesday, January 25.

Wimboh added, the authorities have even found indications that investments made in these crypto instruments use schemes that have been widely banned in Indonesia.

"Beware of alleged fraudulent crypto investment ponzi schemes," he stressed.

On the same occasion, the Deputy Commissioner for Public Relations and Logistics at OJK Anto Prabowo revealed that the efforts made by the authorities to ensure the use of bank accounts or equivalent to this were not used for this activity.

Anto revealed, it is reasonable to suspect that there are elements of fraud, loan shark activities, gambling, money laundering, illegal investments and/or containing ponzi schemes in crypto investments.

"OJK urges institutions/ministers that supervise legal entities outside the authority of OJK that conduct savings and loans, trade and/or investment businesses involving public funds to ensure that bank accounts are used in accordance with applicable regulations," he explained.

He also said that the OJK had coordinated directly with banks in Indonesia to follow up on this appeal.

"Meanwhile, OJK asks banks to ensure bank accounts are not used to accommodate funds for activities that violate the law," concluded Anto.