JAKARTA - Crypto industry players assess the ratification of the revision of the Financial Sector Development and Strengthening Law or P2SK Law as an important momentum for strengthening the crypto asset industry in Indonesia.
Tokocrypto CEO, Calvin Kizana, said that strengthening the legal umbrella at the legislative level can be an important foundation to encourage the growth of a healthier, transparent, and sustainable national crypto industry.
"We welcome the ratification of this revision of the P2SK Law as an important step in strengthening the governance of the crypto asset industry in Indonesia. Currently, we are also waiting and looking forward to the final draft being distributed to industry players so that they can see in more detail what changes will affect the ecosystem," said Calvin.
According to him, industry players need technical clarity regarding the direction of implementation of the new rules. This is important so that the transition process of regulation can run effectively, not create new uncertainties, and still support innovation in the digital asset sector.
"We believe that strong, clear, and adaptive regulations will be the key to increasing public confidence and accelerating the growth of the Indonesian crypto industry," he added.
The DPR RI previously officially passed the Draft Law on Amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector into a law in the DPR Plenary Meeting, Thursday, June 4.
The content of the P2SK Law revision includes a number of strategic sectors, including strengthening the institutional Lembaga Penjamin Simpanan or LPS, expanding the authority of the OJK, and improving the duties and governance of Bank Indonesia. One of the important points in the regulation is the strengthening of the regulation of crypto assets.
Although welcomed positively, the implementation of the revision of the P2SK Law remains a crucial aspect that needs to be guarded. Industry players assess the clarity of derivative rules, supervision mechanisms, and dialogue space between regulators and the industry will determine the effectiveness of the policy in strengthening investor protection while maintaining the competitiveness of the national crypto ecosystem.
With the support of regulators and the readiness of industry players, the revision of the P2SK Law is expected to strengthen legal certainty, increase consumer protection, and open up healthier growth space for the crypto asset industry in Indonesia.
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