OJK Records Crypto Asset Transactions Growing 354 Percent

Illustration (Photo: Doc Antara)

JAKARTA - The Financial Services Authority (OJK) noted that crypto asset transactions grew by 354 percent in the January to August 2024 period when compared to the same period the previous year, with a value of IDR 344.09 trillion.

"Accumulatively, the value of crypto asset transactions in January-August 2024 reached IDR 344.09 trillion," said OJK's Chief Executive Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Hasan Fawzi quoted from ANTARA, Friday, September 6.

In line with that, the number of investors also showed an increasing trend with a total of 20.59 million investors as of July 2024 from the previous 20.24 million as of June.

The transaction value of crypto assets also grew from IDR 40.85 trillion in June 2024 to IDR 42.34 trillion in July 2024.

As a form of regulatory support, OJK has issued a Roadmap for the Development and Strengthening of the Financial Sector Technology Innovation Sector, Digital Financial Assets and Crypto Assets (IAKD) for the 2024-2028 Period in Digital Financial Innovation Day (Digination) activities.

The Digination activity is said to be an annual event that will be carried out by the OJK in order to communicate the IAKD Sector policy to ITSK Organizers and the community.

The IAKD roadmap is meant to be the basis for policies and strategic work plans that will be carried out by the OJK to develop and strengthen the IAKD sector after the addition of the OJK's authority mandate to regulate and supervise the Financial Sector Technology Innovation Sector, Digital Financial Assets and Crypto Assets based on Law Number 4 of 2023 concerning Financial Sector Development and Strengthening (UU P2SK).

OJK also said that there was one sandbox participant with a scope of activities related to digital financial assets including crypto assets that had been approved to participate in the OJK sandbox.

Sandbox or a trial room/innovation development is a means and mechanism to facilitate the trial and development of innovation provided by the OJK to assess the feasibility and reliability of Financial Sector Technology Innovation (ITSK).