Illegal Crypto Exchange Threatened with Criminal Charges, Here's Tokocrypto's Response

Tokocrypto CEO Calvin Kizana (photo: Tokocrypto) 

JAKARTA - The Financial Services Authority (OJK) has officially issued a white list (whitelist) of Digital Financial Asset Trading Operators (PAKD) and Digital Financial Asset Trading Operator Candidates (CPAKD) that have been licensed and registered.

Thus, OJK emphasizes that trading crypto assets can only be done through entities listed in the whitelist.

Thus, the use of platforms outside the list has the potential to violate licensing provisions and can lead to criminal sanctions, ranging from a minimum of five years in prison and a maximum fine of IDR 1 trillion, in accordance with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

Responding to the policy, Tokocrypto CEO, Calvin Kizana, expressed support for the OJK's move to tighten supervision and action against illegal crypto exchanges.

"We fully support law enforcement against illegal exchanges because their existence is detrimental to consumers and damages trust in the national crypto industry," Calvin said in his statement quoted on Monday, December 29.

Calvin stated that the OJK whitelist provides legal certainty as well as stronger protection for the public and supports the growth of the crypto asset industry in a healthy manner and encourages responsible adoption.

"Clear, innovative, and open regulations on the results of studies will help create a safe ecosystem. This is important to encourage industry development and expand the responsible adoption of crypto assets," he added.

In addition to exchanges, OJK also oversees the main infrastructure of the digital financial asset market, including digital financial asset exchanges, clearing institutions, custodians, and asset storage managers that have been licensed.

This comprehensive supervision is aimed at strengthening transparency, governance, and consumer protection.