The 'SPRINT' Application Is A Positive Step For The Indonesian Crypto Ecosystem

Photo: Doc. Antara

JAKARTA - The Financial Services Authority (OJK) has officially launched an Integrated Licensing and Registration System (SPRINT) application to support the development of Financial Sector Technology Innovation (ITSK), Digital Financial Assets, and Crypto Assets (IAKD).

The Chief Executive of ITSK Supervisory, Digital Financial Assets, and Crypto Assets, Hasan Fawzi, explained that the SPRINT application aims to accelerate communication between OJK and ITSK organizers.

"This application makes it easier to apply to Regulatory Sandbox as well as registration as an ITSK organizer at OJK," Hasan said, quoted on Friday, June 21.

With SPRINT, Hasan hopes that the licensing process for ITSK operators can be monitored properly and implemented more quickly, easily, and efficiently. Based on the results of the sandbox trial conducted by OJK, business models such as Innovative Credit Scoring (ICS) and the Financial Services Product Information Aggression (LJK) have been designated as objects of OJK regulation and supervision, especially in the IAKD sector.

Hasan said ITSK organizers with such a business model could register with the OJK. In addition, the OJK will also open registration for ITSK organizers with a business model determined to be regulated and supervised by the OJK.

Oscar Darmawan, CEO of Indodax, gave his response regarding the launch of the SPRINT application.

The launch of the SPRINT application by OJK is a positive step for the growth of the crypto ecosystem in Indonesia. This not only accelerates the licensing process but also gives confidence to industry players that their innovation will be well monitored by competent authorities," he said.

Oscar added that with the SPRINT application, ITSK operators and crypto assets will get clearer guidance and more structured procedures in submitting applications and registration.

"This OJK step shows that our regulator is proactive in supporting and regulating rapidly growing industries. This will help create a conducive environment for innovation while protecting consumer interests and maintaining financial system stability," Oscar explained.

Oscar also hopes that the cooperation between industry players and OJK will continue to be well established.

"We hope to continue working with the OJK to ensure that this industry grows and provides benefits for the Indonesian economy," he said.

The more positive steps are being opened by the OJK, making INDODAX consistently seek to innovate and provide the best service to users. INDODAX is also ready to accompany regulators to educate and literacy to the public by providing knowledge of crypto assets and industries to users through INDODAX academy for free through websites, YouTube, and other social media platforms, which are expected to be able to increase the understanding of crypto assets from zero to powerful.