Crypto Enter Discussion Of The P2SK Bill, CEO Of Indodax: May Not Over Regulated

Indodax CEO Oscar Darmawan appreciates the government's move to focus on the crypto asset ecosystem (photo: Ist)

JAKARTA - The Draft Law (RUU) on the Development and Strengthening of the Financial Sector (P2SK) is officially included in the DPR's National Legislation Program (Prolegnas) list which will be discussed in 2023.

This P2SK Bill certainly affects crypto industry players, because it includes crypto assets as a discussion that will be regulated in the bill.

As one of the crypto industry players, Indodax CEO Oscar Darmawan appreciated the government's steps to focus on the crypto asset ecosystem so far.

Because according to him, existing regulations are always updated following existing developments and can accommodate the needs of crypto stakeholders.

"I am approached by the role of the government so far regarding the regulations issued, and I think it is enough to follow the development of the crypto and blockchain ecosystem," Oscar said in a statement received on Friday, December 2.

So far, crypto assets are under the auspices of the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade. In the discussion of the P2SK Bill, crypto surveillance will later be under the Financial Services Authority (OJK) and Bank Indonesia (BI).

"Regarding the decision of the P2SK Bill, later on whether the supervision will remain under CoFTRA or move to OJK - BI, I am sure the government will provide the right regulations for crypto later," he concluded.

As an industry player, Oscar hopes that decisions related to this authority will be made quickly by the government, and hopes for the best decision for all.

"As long as these regulations will create an even better Indonesian crypto ecosystem, support industrial growth in the country, and also protect consumers, I am optimistic that this rule will support the smooth running of business actors," Oscar said further.

Oscar also hopes that the regulations that will be ratified will not be overregulated, and make transaction costs even more expensive, considering that the crypto industry is now running quite efficiently.

"If the transaction becomes expensive, it is feared that investors are reluctant to transact on domestic exchanges and will run for transactions on foreign exchanges. If that happens, it is feared that Indonesian consumer protection will not be achieved if they transact abroad," he said.