OJK And VARA Dubai Officially Strengthen Digital Financial Assets Supervision Cooperation

Cooperation (Photo: unsplash)

JAKARTA - The Financial Services Authority (OJK) and Virtual Assets Regulatory Authority (VARA) officially signed a Memorandum of Understanding (MoU) regarding cooperation in surveillance collaboration in the field of digital assets.

The partnership between the two authorities aims to improve coordination of arrangements and oversight between Indonesia, one of the world's largest retail markets for digital assets, and Dubai, known as the global hub for virtual asset service providers (Virtual Asset Service Providers/VASPs), investors, and digital talent.

Based on the MoU, OJK as the integrated financial services authority in Indonesia and VARA as the first regulator in the world to specifically regulate virtual assets, will cooperate in various fields, including information exchange, capacity development, policy discussions, cross-border supervision, as well as investigative and technical assistance.

Chief Executive of the Financial Sector Technology Innovation Supervision, Digital Financial Assets and Crypto Assets (IAKD) OJK Hasan Fawzi, said that VARA is an institution with a mandate that is in line with the function of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets (IAKD) in OJK.

"This mandate equation is a strong basis for the establishment of meaningful collaboration between the two authorities. Given the nature of digital assets that are global and without limits, cross-jurisdictional cooperation between supervisory authorities is very important," he said in his statement, quoted Friday, November 14.

According to him, this collaboration will support increased interoperability, effectively strengthen the application of AML/CFT standards, and increase consumer protection in the digital asset ecosystem.

VARA Chief Executive Officer Matthew White, added that the partnership between OJK and VARA brings together the two most dynamic and rapidly growing virtual asset markets in the world, in a common vision to encourage responsible innovations and regulatory advantages.

He added that by formalizing structured cooperation in surveillance, enforcement, and data exchange, we not only strengthen investor protection and the shared ability to mitigate the risk of financial crime, but also set new standards for cross-border surveillance in an increasingly infinite economy.

"VARA is committed to building a trusted global framework so that industry players can operate with confidence, clarity, and compliance," he explained.

Matthew added that his collaboration with the OJK confirms Dubai's role as the global hub of the virtual asset industry by connecting emerging markets and advanced markets through transparent, interoperable, and visionary regulations.