OJK Reveals Potential Crypto Transactions Grow In 2025

Chief Executive of Financial Sector Technology Innovation Supervision, Digital Financial Assets and OJK Crypto Assets Hasan Fawzi. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) revealed that crypto asset transactions in Indonesia will grow in 2024 and there will still be opportunities for rapid increase in crypto asset transactions in 2025.

Chief Executive of Financial Sector Technology Innovation Supervision, Financial Assets and OJK Crypto Assets Hasan Fawzi said that from January to November 2024 the value of crypto asset transactions in Indonesia reached Rp556.63 trillion, an increase of 356.16 percent compared to the same period in 2023.

"In 2024, the number of registered customers will reach 22.1 million, this value shows an increase in the number of customers by 33.4 percent compared to the previous year," he said in a written statement, Thursday, February 6.

Even so, Hasan said that his party could not provide specific estimates regarding the projected growth of crypto assets, considering that the market dynamics of crypto assets depends heavily on global factors, technology, and public preferences.

Hasan said that OJK has a main focus on developing ecosystems that support sustainable industrial development that applies good governance principles, is carried out regularly, naturally, transparently, and efficiently, and pays attention to consumer protection aspects.

On the other hand, Hasan said there were challenges, which hindered the development of cryptocurrencies, namely that first crypto assets were considered to have decentralized and global properties, so their supervision needed to be careful with several risks such as price volatility and market manipulation.

Next, crypto assets are vulnerable to cyber-based threats such as hacking, money laundering, and financing terrorism. In this case, OJK is working with other parties to increase supervision and formulate a new mechanism for detecting it.

Hasan added that the OJK is building a more reliable reporting and monitoring system to ensure crypto transactions remain in the corridor of applicable regulations.

Therefore, Hasan conveyed that public education is an important priority, given the many risks inherent in investing in crypto assets.

Hasan assessed that the main opportunity of developing crypto assets is technological innovation that can encourage efficiency and financial inclusion.

"With good supervision, crypto assets have the potential to make a positive contribution to the national economy, especially in the digital financial sector," he said.