The Transfer Of The Crypto Exchange From CoFTRA To OJK Is Still In The Preparatory Process

Crypto illustration (Photo: dock. unsplash)

JAKARTA - The government continues to make policy updates in order to maintain public investment assets, especially for crypto assets.

One of them is by transitioning crypto trading supervision from the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade (Kemendag) to the Financial Services Authority (OJK) as the official authority to oversee crypto assets in Indonesia starting in 2025.

Meanwhile, this transition is a mandate from Law (UU) Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK) and is carried out within a maximum of 24 months, since the issuance of the Law.

On the other hand, OJK's involvement is expected to increase market confidence in crypto assets by providing guarantees for investors, reducing the risk of fraud and scams.

Deputy Commissioner for Financial Sector Technology Innovation, Digital Financial Assets and OJK Crypto Assets Moch. Ihsanuddin said the transfer of crypto exchanges from CoFTRA to OJK was still in process and his party did not target the transfer to be carried out quickly.

"OJK does not have a target, OJK is indifferent in nature following the P2SK law and the mandate in government regulations which are currently being processed," he explained after the AFTECH and AFSI events, Wednesday, November 1.

He added that the OJK will continue to follow the applicable P2SK Law, which is the longest transfer to be carried out in 2 years, so that if it is accelerated or a maximum of 2 years, it will still be carried out in accordance with the mandate of government regulations.

Ihsan said that currently the process of transferring crypto exchanges is still in the process of preparing and discussing with CoFTRA such as the condition of the crypto market, to regulations related to the crypto trading transaction system.

"Later, when we receive the transfer, we will also be ready from the HR side, from the regulatory side, business, SOP and others," he concluded.