JAKARTA - The Financial Services Authority (OJK) and the Commodity Futures Trading Supervisory Agency (CoFTRA) signed an addendum to the Handover Minutes (BAST) related to the transfer of management duties and supervision of digital financial assets, including crypto assets.
Meanwhile, the signing of the BAST addendum was carried out to expand the scope of OJK's supervision, including crypto asset derivatives.
In addition, the signing of the BAST addendum confirms the continuation of the process of transitioning the task of supervising digital financial assets starting on January 10, 2025, and carrying out the mandate of the Financial Sector Strengthening and Development Law (UU P2SK).
Chief Executive of the Financial Sector Technology Innovation Supervision, Digital Financial Assets, and OJK Crypto Assets Hasan Fawzi said that this step is a strengthening of the basics of the national digital financial asset ecosystem as well as a form of close synergy between OJK and CoFTRA.
"Today's BAST addendum signing is not just an administrative process, but is a strategic momentum to strengthen the foundation of the national digital financial asset ecosystem," Hasan said in his statement, Thursday, July 31.
Hasan added that the development of the national digital asset ecosystem needs to pay attention to the aspects of prudence, risk management, and consumer protection, so as not to pose a threat to the stability of the national financial system.
"We continue to prioritize the principles of prudence, risk management, and consumer protection within the framework of regulating digital financial assets including the derivative of crypto assets, as part of efforts to maintain the stability of the national financial system," he stressed.
Meanwhile, Head of CoFTRA Tirta Karma Senjaya conveyed the importance of the security aspect in monitoring digital assets.
"The most important thing is security. Because open technology-based crypto assets such as blockchain, security must still be a top priority, in addition to efficiency," said Tirta.
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Tirta also emphasized that CoFTRA's support for the implementation of OJK's duties and authorities was under the supervision of digital financial assets and the derivative of crypto assets in accordance with the mandate of the P2SK Law.
"In the future, we will continue to support the implementation of supervision by the OJK in accordance with existing cooperation agreements. If further coordination is needed, we are ready to continue working together," he said.
Meanwhile, the signing of this BAST addendum provides legal certainty for industry players that the function of regulating and supervising digital financial assets, including the derivative of crypto assets, has completely switched from CoFTRA to OJK.
OJK and CoFTRA are committed to continuing to collaborate and providing support to all stakeholders so that the process of transitioning this task runs smoothly, safely, and provides optimal protection for industry players and consumers in the digital financial asset sector.
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