OJK Wants Crypto Supervision in Indonesia to Be Real-Time, How's That?

Bittime - Financial Services Authority (OJK) has set the development of a real-time supervision system as one of the main focuses in the supervision of digital financial assets and crypto assets. This step was taken to respond to the rapid dynamics in the digital financial asset and crypto industry.

Chief Executive of OJK Financial Sector Technology Innovation, Digital Financial Assets and Crypto Asset Supervision, Hasan Fawzi, explained that OJK is currently implementing a Subtech approach by developing a supervisory information system designed to make it easier for supervisors to carry out their duties. 

Hasan Fawzi | Photo: Suara.com

"OJK has also provided monitoring space for crypto asset trading transactions carried out by crypto asset traders," said Hasan in a press conference on January 14 2025.

Read too Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions

Integration with Crypto Asset Traders

OJK plans to facilitate integration with crypto asset traders by providing connections and exchanging information and data between traders, crypto exchanges, crypto clearing institutions and crypto asset storage institutions. "These parties will assist OJK in supervising and monitoring transaction activities, as well as having a strategic role in the entire crypto asset trading ecosystem," he added.

Hasan emphasized the importance of building a supervisory system supported by technological solutions to ensure safe and adaptive supervision along with the development of the digital financial asset and crypto industry.

OJK Infrastructure Initiative: Real-time Monitoring of Crypto Assets

OJK has launched an Integrated Licensing and Registration System (Sprint) to increase efficiency, transparency and accountability in the licensing process. "We have also developed a reporting system for digital and crypto financial asset players in the OJK e-reporting system, which supports the implementation of risk-based supervision," explained Hasan.

With technology that allows almost real-time monitoring of crypto asset transactions, OJK hopes to be able to identify potential risks earlier and mitigate them more quickly.

Read too Crypto Supervision in Indonesia: Reasons for Moving Hands from Bappebti to OJK

Optimizing the Role of Crypto Exchanges and Associations

OJK also plans to optimize the role of crypto exchanges in supervising the digital financial asset sector. In this case, Hasan explained that the exchange would be responsible for managing the list of tradable crypto assets and monitoring transactions to ensure market integrity.

In addition, OJK will strengthen the role of crypto asset trader organizing associations. Hasan hopes that industry players can implement self-control mechanisms, such as early prevention, early detection and early risk management in crypto asset activities.

Conclusion

With these steps, OJK seeks to create a safer and more orderly ecosystem for the crypto asset industry in Indonesia. It is hoped that effective supervision can encourage healthy and sustainable growth of the crypto industry, as well as increase public confidence in investing in digital assets.

FAQ about Crypto Surveillance in Indonesia

What is OJK's main focus in supervising crypto assets? 

OJK focuses on developing a real-time supervision system to respond to the fast dynamics in the digital financial asset and crypto industry.

What is the Subtech approach implemented by OJK? 

The Subtech approach is the development of a supervisory information system that makes it easier for supervisors to carry out their duties, including monitoring crypto asset transactions.

BHow does OJK plan to integrate crypto asset traders? 

OJK will facilitate connections and exchange of information between traders, crypto exchanges, clearing institutions and crypto asset storage institutions to improve supervision and monitoring.

What are OJK's steps to increase efficiency in supervision? 

OJK has launched an Integrated Licensing and Registration System (Sprint) and e-reporting system to support risk-based supervision and real-time monitoring of crypto asset transactions.

Reference

Pratomo Yoga Ideas, Real Time Supervision System Becomes One of OJK's Main Focuses in Regulating Crypto, Accessed January 15, 2025

Author: IN