JAKARTA - Supervision of digital financial assets, including crypto, has now officially transferred from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the Financial Services Authority (OJK).

This transition is in accordance with two rules, namely Article 8 number 4 and Article 312 paragraph 1 of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), as well as Government Regulation no. 49 of 2024 concerning the transition to the duties of regulating and supervising digital financial assets and crypto.

The handover process was carried out on January 10, 2025, after the P2SK Law was promulgated on January 12, 2023.

Chairman of the OJK Board of Commissioners Mahendra Siregar explained that this transition aims to maintain financial system stability, explore integrated financial markets, and increase public confidence in consumer protection.

"We are committed to making the transition, regulatory task and supervision carried out smoothly or seamlessly to avoid turmoil in the market," he said at a press conference, Tuesday, January 14.

As a first step, OJK has issued Financial Services Authority Regulation (POJK) No. 27 of 2024 and OJK Circular (SEOJK) No. 20 of 2024.

Mahendra said that the party is also preparing a new POJK related to financial derivatives, which are expected to be issued in early 2025 where the regulation is currently in the administrative process of legislation.

To support supervision, Mahendra said that OJK has prepared a digital licensing system through the Integrated Licensing and Registration System (SPRINT).

"OJK and CoFTRA have coordinated and are committed to supporting the development and strengthening of the financial derivative ecosystem as a whole in accordance with their respective powers," he said.

On the same occasion, OJK Financial Sector Technological Innovation Supervision Chief Executive Hasan Fawzi said that this transition makes crypto assets now considered as financial instruments, no longer commodities.

"This change also has an impact on the way of regulating and supervising crypto assets in Indonesia, among others in the regulatory and supervisory approach," he said.

With the shift of supervision to OJK, Hasan said that the regulatory aspect will be more comprehensive, including supervision of transactions, products, services, risks, governance, and integration with other financial sectors.

According to Hasan, consumer protection is the main focus of the OJK, with the hope that crypto regulations can be more integrated and support financial system stability.

"OJK also certainly wants to ensure that crypto activities can operate within a more alignmental framework, more in line with the principles of financial system stability," he said.

As of November 2024, the number of crypto investors in Indonesia was recorded at 22.11 million, with total transactions reaching Rp556.53 trillion, recording a significant increase compared to the previous year.


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