Crypto Supervision in Indonesia: Reasons of Moving Hands from Bappebti to OJK

Bittime - Supervision of crypto assets in Indonesia is becoming an increasingly important topic as the industry grows. Financial Services Authority (OJK) is now taking over this oversight from the Commodity Futures Trading Supervisory Agency (Bappebti) to face complex challenges and exploit the enormous potential offered by digital assets.

Challenges in Crypto Asset Supervision

Chief Executive of OJK's Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets (IAKD) Supervision, Hasan Fawzi, revealed that supervision of the crypto asset industry faces various challenges that require a careful and effective approach.

Source: Suara.com

1. Rapidly Changing Characteristics of Crypto Assets

Crypto assets have the nature of continuing to develop and move quickly. Therefore, OJK needs to formulate a supervision scheme that can adapt to these dynamics in order to remain relevant and effective.

2. Differences with Other Financial Instruments

Crypto assets have different characteristics compared to traditional financial instruments. This difference is a challenge for the OJK in terms of supervision and regulation.

3. Cyber ​​Security

Maintaining cyber resilience and security is an equally important challenge. OJK continues to monitor movements in this industry to manage risks that may arise.

4. Development of Supervision Infrastructure

Adequate infrastructure is essential for effective monitoring. OJK realizes that developing this infrastructure is the basic capital for monitoring crypto assets well.

5. Coordination with Institutions and Stakeholders

Good coordination between OJK and law enforcement officials is very necessary to handle and prevent violations and crimes related to crypto assets.

6. Consumer Education and Protection

OJK also emphasizes the importance of education for the public and consumers. Ensuring that people have a good understanding of digital financial assets, including crypto, is key to protecting them before engaging in investment activities.

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

Regulations Regarding Crypto Assets

As a concrete step in supervision, OJK has released Financial Services Authority Regulation (POJK) Number 27 of 2024 concerning the Implementation of Trading in Digital Financial Assets, Including Crypto Assets. 

Apart from that, OJK also issued Financial Services Authority Circular Letter (SEOJK) Number 20/SEOJK.07/2024 which regulates the implementation of digital financial asset trading.

Conclusion

With these steps, OJK seeks to create a safer and more regulated ecosystem for the crypto asset industry in Indonesia, while providing better protection for consumers. It is hoped that effective supervision can encourage the healthy and sustainable growth of the crypto industry in the country.

FAQ about Crypto Surveillance in Indonesia

1. Why has supervision of crypto assets in Indonesia moved from Bappebti to OJK?

Oversight is moving to the OJK to face complex challenges and exploit the enormous potential offered by digital assets, as well as to create more effective regulations.

2. What are the challenges faced by OJK in supervising crypto assets?

Challenges include the rapidly changing characteristics of crypto assets, differences with traditional financial instruments, cybersecurity, development of supervisory infrastructure, coordination with other institutions, and consumer education.

3. What are the latest regulations issued by the OJK regarding crypto assets?

OJK has released Financial Services Authority Regulation (POJK) Number 27 of 2024 and Financial Services Authority Circular Letter (SEOJK) Number 20/SEOJK.07/2024 which regulates the implementation of digital financial asset trading.

4. What is the OJK's aim in supervising the crypto asset industry?

OJK's goal is to create a safer and more regulated ecosystem for the crypto asset industry, as well as provide better protection for consumers to encourage healthy and sustainable growth.

Reference

Imamatul Silfia, OJK reveals challenges in supervising crypto assets, Accessed January 15, 2025

Author: IN