OJK Issues Crypto Asset Trading Regulatory Policy
2024-12-27
Bittime - The Financial Services Authority (OJK) has announced its readiness to carry out supervision of Digital Financial Assets, including crypto assets, through the issuance of OJK Regulation Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading (POJK 27/2024). This policy is an important step in the transition of supervision of crypto assets from the Commodity Futures Trading Supervisory Agency (Bappebti) to the OJK.
POJK 27/2024 was presented as a response to the mandate of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU P2SK). With this regulation, OJK aims to regulate and supervise the implementation of Financial Sector Technology Innovation (ITSK) as well as digital financial assets, including cryptocurrency.
Three Phases of Supervision Transition
In order to face the transition to crypto asset supervision, OJK has designed a strategy that is divided into three phases. The first phase is a "soft landing," which will take place at the start of the transition period. Next, the second phase will focus on strengthening, and the third phase will focus on development.
To ensure a smooth and safe transition, OJK issued POJK 27/2024 which adopts previous regulations from CoFTRA with various improvements in accordance with best practice standards in the financial services sector.
Goals and Obligations in POJK 27/2024
POJK 27/2024 aims to ensure that digital financial asset trading organizers carry out transactions in an orderly, fair, transparent and efficient manner. Apart from that, this regulation also emphasizes the importance of implementing good governance, risk management, market integrity, and information system and cyber security. OJK also emphasizes preventing money laundering and consumer protection as top priorities.
This regulation stipulates obligations for digital financial asset operators to obtain official permits and submit periodic and incidental reports to the OJK.
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Consumer Education and Literacy Regarding Digital Assets
OJK urges consumers and potential consumers of digital financial assets, including crypto assets, to understand the risks associated with digital asset transactions. In addition, OJK emphasizes the importance of the active role of trade organizers in increasing consumer literacy regarding digital financial assets.
With the issuance of POJK 27/2024, OJK is committed to continuing to supervise and strengthen the implementation of digital financial asset trading, while maintaining financial sector stability and protecting consumers. This policy is expected to provide certainty and security for all parties involved in trading crypto assets in Indonesia.
FAQ (Frequently Asked Questions)
1. What is POJK 27/2024 and why is it important?
POJK 27/2024 is an OJK Regulation that regulates the implementation of trading in digital financial assets, including crypto assets. This regulation is important because it provides a clear legal framework for monitoring and managing risks in digital asset trading, as well as protecting consumers.
2. What are the transition phases implemented by OJK in supervising crypto assets?
OJK implemented three transition phases:
First Phase (Soft Landing): Ensure a smooth and safe transition.
Second Phase (Strengthening): Strengthen regulations and supervision.
Third Phase (Development): Develop policies and best practices for digital asset trading.
3. How does OJK ensure consumer protection in crypto asset trading?
OJK ensures consumer protection through the implementation of good governance, risk management and information system security. In addition, OJK requires digital financial asset providers to obtain permits and submit regular reports, so that consumers can make transactions safely.
4. What should consumers know before investing in crypto assets?
Consumers need to understand the risks associated with investing in digital financial assets, including price volatility and potential losses. OJK also encourages consumers to increase their financial literacy and seek accurate information before making transactions.
5. What is the role of the OJK in overseeing the development of digital financial assets in Indonesia?
OJK acts as the main supervisor in the digital financial sector, including crypto assets. Through POJK 27/2024, OJK is committed to maintaining financial sector stability, protecting consumers, and ensuring that digital asset trading is carried out in an orderly, fair and transparent manner.
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Reference
OJK website, Press Release: OJK Issues Rules for Organizing Trading in Digital Financial Assets, Including Crypto Assets, Accessed December 27, 2024
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