OJK Trace Record Grows Optimism In Crypto Ecosystem

Illustration. (Photo: Unsplash)

JAKARTA - In the current era of digital technology disruption, companies engaged in Digital Financial Innovation (IKD) have grown to double over the past five years. This development needs to be addressed swiftly by the government, not only to increase the potential of digital finance but also to deal with risks. Including the utilization and adaptation of Financial Sector Technology Innovation (ITSK) which can increase efficiency and inclusion in the Financial Services Industry.

Moreover, after the stipulation of the P2SK Law, the Financial Services Authority (OJK) has a role in the regulation and integrated supervision of digital assets and the protection of consumers. With clear regulations, ITSK and digital assets such as crypto assets and non-fungible tokens (NFT) will have directed guidelines to continue to grow in Indonesia.

OJK as a regulator is also considered necessary to apply adaptive knowledge, so that it is not left behind by the latest technological innovation developments. On the other hand, as concrete evidence, OJK as well as supporting the digital asset ecosystem has launched an application that functions to implement and monitor licensing processes for financial sector technology innovation providers more quickly, easily, and efficiently labeled SPRINT (Integrated Licensing and Registration System).

"This application makes it easier to submit applications to the sandbox regulator and registration as providers of technological innovation in the financial sector at the OJK," said OJK's Chief Executive Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Hasan Fawzi.

With various efforts made by OJK to contribute to the crypto ecosystem, it helps grow public trust and has had a positive impact on the volume of crypto trading in Indonesia. The crypto exchange, which has the largest trading volume in Indonesia, is INDODAX, with a trading volume of 14,231,209 US dollars in the last 24 hours when this news was created, made it the largest crypto exchange in Indonesia.

In addition, other crypto exchanges in Indonesia recorded a trading volume of US$10,616,385 in the same period according to CoinGecko.

Oscar Darmawan, CEO of INDODAX, said that he was grateful for the trust that has been given by users. According to him, the achievement as a market leader in the volume of crypto trading is so positive. CoinGecko data is clear evidence that INDODAX has succeeded in meeting the needs and expectations of crypto investors and traders in Indonesia.

"We will continue to strive to improve services and provide the best experience for users," he said, in a written statement, Monday, July 22.

In addition, INDODAX is also always committed to providing a platform that is safe, easy to use, and reliable. The security of user funds and information is a top priority.

We continue to update technology and security systems to ensure optimal protection. In addition, we also focus on educating and increasing digital financial literacy in Indonesia so that more people understand the benefits and risks of investing in crypto, "he added.

As a market leader, INDODAX also continues to innovate by adding the features needed by members, such as the Earn (stating) feature, and the Routine Investment feature. with a focus on creating educational and literacy programs designed to increase public understanding of crypto investment.