Likes To Cita INDODAX Sambut Regulatory Sandbox, Ready To Grow With The Indonesian Crypto Industry

INDODAX CEO, Oscar Darmawan. (Photo: Doc. INDODAX)

JAKARTA - Business actors welcome the issuance of OJK Regulation Number 3 of 2024 (POJK 3/2024) concerning the Implementation of Financial Sector Technology Innovation.

The existence of this regulation marks the matureness of the crypto ecosystem in Indonesia. The issuance of this regulation is also part of efforts to improve security, transparency, and sustainable growth in the crypto industry in Indonesia," said INDODAX CEO Oscar Darmawan, in his statement, Monday, April 1.

Moreover, in this regulation, improvements have been made to the sandbox regulatory mechanism, which is an OJK facility to test and develop innovative financial technology. According to Oscar Darmawan, this is a tangible form of OJK's commitment to encouraging innovation in line with market needs and maintaining financial sector stability.

"The existence of this sandbox regulatory is a space for INDODAX, as crypto exchange and industry players, to experiment and innovate new products and services in controlled environments and ecosystems, so as to expand the development of the crypto industry in Indonesia," said Oscar Darmawan.

Oscar Darmawan also said that the existence of space for this innovation could open access to new markets, where this can also open up new jobs for the wider community.

"This regulatory sandbox provides legal certainty for the crypto industry in Indonesia. Therefore, this helps investors invest in crypto easily, safely, and reduce the risk of fraud," said Oscar Darmawan.

This was also conveyed by Robby, Chairman of ABI-Aspakrindo, who believes that this sandbox regulatory can grow the crypto industry in Indonesia.

"The association fully supports the sandbox regulatory issued by the OJK. This regulation provides space for broader innovations for physical crypto asset traders. We are optimistic that the industry will progress with the provision of this sandbox," said Robby.

Oscar Darmawan also said this was the right step taken by the Indonesian government, especially given the rapid and positive growth of cryptocurrencies.

Indonesia has great potential to become a leader in the crypto industry in Southeast Asia. Plus, Indonesia has a large young population, high internet penetration rates, and mature regulations. This is an important asset to develop the crypto industry," said Oscar Darmawan.

In addition, Oscar Darmawan also highlighted developments in neighboring countries, such as Singapore, where online motorcycle taxi users can refill fiat currency balances using crypto. This shows that Indonesia also has the same potential.

"Therefore, we must have a strong crypto ecosystem to be ready for all existing developments," concluded Oscar Darmawan.