Policy

Jakarta, 24 December 2024 – Indonesia Financial Services Authority (OJK) affirmed its readiness to perform its supervisory duties and functions over Digital Financial Assets and welcomes the transition of cryptocurrency oversight through the issuance of OJK Regulation (POJK) Number 27 of 2024 (POJK 27/2024) concerning the Implementation of Digital Financial Asset Trading, Including Cryptocurrency.

This regulation serves as a follow-up to the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK). Through the regulation, OJK regulates and supervises the implementation of Financial Sector Technology Innovation (ITSK) and digital financial assets, including cryptocurrency.

In preparing for the transition of cryptocurrency oversight duties and functions from Commodity Futures Trading Regulatory Agency (CoFTRA/Bappebti), OJK has developed a strategy comprising three transition phases. The first phase is a soft landing during the initial transition period. The second phase focuses on strengthening, followed by the third phase, which emphasizes development.

To support a swift, proper, and secure transition in the first phase, OJK has issued this regulation, which adopts CoFTRA/Bappebti regulations with necessary refinements based on best practice standards and regulations within the financial services sector.

This regulation aims to ensure that Digital Financial Asset Trading Operators conduct their activities in an orderly, fair, transparent, and efficient manner while ensuring governance, risk management, market integrity, information system and cyber security, anti-money laundering measures, and consumer protection. This regulation also stipulates the obligation to obtain a license status for Digital Financial Asset Operators as well as the submission of periodic and incidental reports.

OJK urges consumers and potential consumers of Digital Financial Assets, including cryptocurrency, to develop a strong understanding of the risks associated with digital financial assets as a consideration in conducting transactions. Furthermore, active participation from Digital Financial Asset Trading Operators is required to enhance consumer literacy.

OJK is committed to continuously overseeing the development and strengthening of Digital Financial Asset Trading while maintaining stability in the financial sector and ensuring consumer protection, as evidenced  through the issuance of this regulation.

Click here for the detail of POJK 27/2024 concerning the Implementation of Digital Financial Asset Trading including Cryptocurrency