Tokocrypto Welcomes The Electability Of OJK Commissioners Who Will Supervise Crypto

Photo: Doc. Antara

JAKARTA - Tokocrypto CEO Yudhono Rawis appreciates and welcomes Hasan Fawzi's election as the new Board of Commissioners at the Financial Services Authority (OJK), which will later oversee the crypto sector. According to him, Hasan has a background and experience that fits his duties and responsibilities in the financial industry.

"With the new OJK commissioner, we hope that crypto asset investment can become more inclusive and cover all levels of society," Yudho said in an official statement, quoted from Antara, Friday, July 14. With the vision and mission that has been prepared and the strategy that has been defined, he assessed that the digital financial sector technology industry and financial assets in Indonesia will continue to develop and make a positive contribution to national economic growth.

The House of Representatives (DPR) has approved Hasan Fawzi as Chief Executive of the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets concurrently for Members of the OJK Board of Commissioners for the period 2023-2028. The addition of this commissioner has been mandated by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK).

In the context of the P2SK Law, OJK will oversee the financial sector as a whole, from banking, capital markets, pension funds, insurance, financial technology (fintech), crypto transactions, to cooperatives.

Regarding crypto transaction activities, Yudho explained that it had been agreed to transfer digital financial asset surveillance including crypto assets from the Commodity Futures Trading Supervisory Agency (CoFTRA) to OJK. This is done so that digital financial arrangements and supervision are stronger, especially in terms of investor or consumer protection.

Thus, he explained that OJK has an increasingly important role. This role also involves the addition of new functions in the OJK, including supervision of emerging new industries, such as fintech and digital financial asset transactions that include cryptocurrencies in it.

"The purpose of this supervision is to ensure that the industrial development provides real benefits and does not pose new risks to the economy," he also said.

The government is optimistic that crypto asset trading will continue to grow. Through the P2SK Law, it is hoped that coordination and strengthening the role of relevant ministries and institutions in regulating the implementation of crypto asset trading will be better.