Industry Players Appreciate OJK's Steps In Making New Regulations On Crypto Assets

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JAKARTA - Industry players assess the new rules regarding crypto assets show the Financial Services Authority (OJK) positive steps in creating a basis for managing crypto advances in the financial sector.

"This indicates OJK's commitment to encouraging innovation and development of financial technology in Indonesia," said Deputy Chairperson of the Indonesian Crypto Asset Traders Association (Aspakrindo) Yudhono Rawis in his statement in Jakarta, quoted from Antara, Friday, March 15.

Yudho said the regulation was a proactive step for the OJK in preparing a crypto surveillance program in January 2025, when the transition period process from the Commodity Futures Trading Supervisory Agency (CoFTRA) was fully completed.

OJK in collaboration with other government agencies such as CoFTRA and Bank Indonesia (BI) is forming a transition team to manage the digital financial asset control transition.

OJK has issued OJK Regulation Number 3 of 2024 (POJK 3/2024) concerning the Implementation of Financial Sector Technology Innovation (ITSK), which includes supervision of the fintech sector and crypto assets. The regulation marks an important step in providing legal certainty for the regulation and supervision of technological innovation in the financial sector.

Yudho hopes that the issuance of POJK 3/2024 can provide legal certainty for crypto asset industry players and provide protection for consumers. In addition, he hopes that this new regulation can encourage the growth of the crypto asset industry in Indonesia responsibly and sustainably.

POJK 3/2024 contains a refinement of the Regulatory Sandbox mechanism which is a facility to test and develop innovative financial technology. Improvements are made to ensure that innovation and technology development are carried out responsibly, with good risk management, and prioritize market integrity and consumer protection.

According to Yudho, OJK's Regulatory Sandbox provides space for industry players to develop new products and services in the field of crypto assets safely and measurably. In addition, Regulatory Sandbox also allows crypto asset trading trials with other underlying assets, such as gold and other commodities in Indonesia.

Yudho said investors can also buy and sell crypto assets easily through the same platform they use to transact with traditional assets. Integration with traditional financial systems can increase the security of crypto asset transactions and reduce the risk of fraud.

"This trial can also open up opportunities for the development of new investment products that combine crypto assets with traditional assets," said Yudho, who is also the CEO of Tokocrypto.

Furthermore, in the future, OJK's Regulatory Sandbox is expected to be a catalyst for the creation of a conducive and beneficial crypto asset ecosystem for all parties, both investors, industry players, and regulators.