OJK's New Rules On Crypto Assets Become Fresh Winds For Industry Players

Illustration of crypto assets (photo: Unsplash)

JAKARTA - As a follow-up to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), the Financial Services Authority (OJK) officially issued a Financial Services Authority Regulation (POJK) 3/2024.

The Financial Services Authority Regulation (POJK) 3/2024 concerning the Implementation of Financial Sector Technology Innovation (ITSK), which includes supervision of the fintech sector and crypto assets, is expected to form an integrated fintech ecosystem.

Responding to this new policy, Tokocrypto CEO and Deputy Chairperson of ASPAKRINDO Yudhono Rawis welcomed OJK's proactive steps in preparing a crypto surveillance program in January 2025.

"Although this rule has not detailed in detail about crypto assets, it shows OJK's positive steps in creating a basis for managing crypto advances in the financial sector," Yudho said in a statement on Thursday, March 14.

According to him, this indicates OJK's commitment to encouraging innovation and development of financial technology in Indonesia. He also hopes that the issuance of POJK 3/2024 can provide legal certainty for crypto asset industry players and provide protection for consumers.

In addition, according to Yudho, one of the important aspects of POJK is the improvement of the Regulatory Sandbox mechanism, which is a facility to test and develop innovative financial technology.

This improvement is carried out to ensure that innovation and technology development are carried out responsibly, with good risk management, and prioritizing market integrity and consumer protection.

In the future, OJK's Regulatory Sandbox is expected to be a catalyst for the creation of a conducive and beneficial crypto asset ecosystem for all parties, both investors, industry players, and regulators.