OJK Reveals The Process Of Transiting Crypto Asset Settings From CoFTRA Runs Smoothly

Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar. (Photo: Doc. ANTARA)

JAKARTA - The Financial Services Authority (OJK) revealed that the transition to supervising crypto assets from the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade (Kemendag) is still ongoing, this is still in line with what is targeted to be completed on January 12 by 2025.

Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said that he had discussed and coordinated in preparing the transition to transitioning supervisory authority and regulating crypto assets from CoFTRA to OJK.

"So, in that case, we actually hope that the transition process will run smoothly, seamlessly the term. So, it doesn't bring up things that are not good and uncertain," Mahendra said after the 2025 IDX Trading Opening, Thursday, January 2.

As for Article 312 paragraph (1) of Law No. 4 of 2022 concerning the Development and Strengthening of the Financial Sector (UU PPSK), the full transfer of crypto assets must be carried out no later than 24 months, since the Law was passed on January 12, 2023, meaning that on January 12, 2025.

Mahendra said he had communicated with the Minister of Trade Budi Santoso to carry out the process of transitioning supervision and regulating crypto assets in official format.

"I had a brief discussion with the Minister of Trade in an official format. Actually, in cooperation and synergy so far, although there has been no Government Regulation (PP), the process for the transition has been discussed and prepared," he said.

In addition, Mahendra said that in the current transfer of supervision and regulation of crypto assets there are no obstacles and it still takes time for the transition process.

"I don't think there are any obstacles in principle. This is because it's more because of the transfer process from the person in charge of the supervisory authority from CoFTRA to the OJK," he said.

Meanwhile, through the issuance of OJK Regulation Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading, including Crypto Assets (POJK 27/2024), this is a follow-up to the mandate of the P2SK Law.