Finance

The Financial Services Authority (OJK) has determined the development of a real-time monitoring system as one of the focuses in supervising digital financial assets.

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

<img src="https://static.bittime.com/cms-static/upload/OJK_Wants_Crypto_Supervision_in_Indonesia_to_Be_Real_Time_How_s_That_3efdfb55a7.webp" alt="OJK Wants Crypto Supervision in Indonesia to Be Real-Time, How's That.webp" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/ojk-keluarkan-kebijakan-peraturan-perdagangan-aset-kripto">Financial Services Authority (OJK)</a> 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.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img class="image_resized" style="aspect-ratio:1800/903;width:75%;" src="https://static.bittime.com/cms-static/upload/lucky_draw_15_juta_9609487346.webp" alt="lucky draw 15 juta.webp" width="1800" height="903"></a>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.&nbsp;<figure class="image"><img style="aspect-ratio:970/544;" src="https://static.bittime.com/cms-static/upload/Pengawasan_Kripto_di_Indonesia_Alasan_Pindah_Tangan_Bappebti_ke_OJK_hasan_fawzi_875357da27.webp" alt="Pengawasan Kripto di Indonesia Alasan Pindah Tangan Bappebti ke OJK - hasan fawzi.webp" width="970" height="544"></figure>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&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/ojk-keluarkan-kebijakan-peraturan-perdagangan-aset-kripto">Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions</a><h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Integration with Crypto Asset Traders</h2>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">OJK Infrastructure Initiative: Real-time Monitoring of Crypto Assets</h2>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&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/pengawasan-kripto-pindah-tangan-ke-ojk">Crypto Supervision in Indonesia: Reasons for Moving Hands from Bappebti to OJK</a><a target="_blank" rel="noopener noreferrer" href="https://play.google.com/store/apps/details?id=com.bittime.currency.exchange&amp;hl=id&amp;pli=1?cn=400001"><img class="image_resized" style="aspect-ratio:1800/903;width:75%;" src="https://static.bittime.com/cms-static/upload/auto_earn_8f054d6d6e.webp" alt="auto earn.webp" width="1800" height="903"></a><h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Optimizing the Role of Crypto Exchanges and Associations</h2>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Conclusion</h2>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">FAQ about Crypto Surveillance in Indonesia</h2><h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">What is OJK's main focus in supervising crypto assets?&nbsp;</h3>OJK focuses on developing a real-time supervision system to respond to the fast dynamics in the digital financial asset and crypto industry.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">What is the Subtech approach implemented by OJK?&nbsp;</h3>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.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">BHow does OJK plan to integrate crypto asset traders?&nbsp;</h3>OJK will facilitate connections and exchange of information between traders, crypto exchanges, clearing institutions and crypto asset storage institutions to improve supervision and monitoring.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">What are OJK's steps to increase efficiency in supervision?&nbsp;</h3>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Reference</h2>Pratomo Yoga Ideas,&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.liputan6.com/crypto/read/5881689/sistem-pengawasan-real-time-jadi-salah-satu-fokus-utama-ojk-atur-kripto?page=4">Real Time Supervision System Becomes One of OJK's Main Focuses in Regulating Crypto</a>, Accessed January 15, 2025Author: IN&nbsp;

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The Financial Services Authority (OJK) has now taken over crypto supervision from the Commodity Futures Trading Regulatory Agency (Bappebti). Check out the info here.

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

<img src="https://static.bittime.com/cms-static/upload/Crypto_Supervision_in_Indonesia_Reasons_of_Moving_Hands_from_Bappebti_to_OJK_dd2baeac7b.webp" alt="Crypto Supervision in Indonesia Reasons of Moving Hands from Bappebti to OJK.webp" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> - Supervision of crypto assets in Indonesia is becoming an increasingly important topic as the industry grows.&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/ojk-keluarkan-kebijakan-peraturan-perdagangan-aset-kripto">Financial Services Authority (OJK)</a> 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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Challenges in Crypto Asset Supervision</h2>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.<figure class="image"><img style="aspect-ratio:970/544;" src="https://static.bittime.com/cms-static/upload/Pengawasan_Kripto_di_Indonesia_Alasan_Pindah_Tangan_Bappebti_ke_OJK_hasan_fawzi_875357da27.webp" alt="Pengawasan Kripto di Indonesia Alasan Pindah Tangan Bappebti ke OJK - hasan fawzi.webp" width="970" height="544"></figure>Source: Suara.com<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">1. Rapidly Changing Characteristics of Crypto Assets</h3>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.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">2. Differences with Other Financial Instruments</h3>Crypto assets have different characteristics compared to traditional financial instruments. This difference is a challenge for the OJK in terms of supervision and regulation.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">3. Cyber ​​Security</h3>Maintaining cyber resilience and security is an equally important challenge. OJK continues to monitor movements in this industry to manage risks that may arise.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">4. Development of Supervision Infrastructure</h3>Adequate infrastructure is essential for effective monitoring. OJK realizes that developing this infrastructure is the basic capital for monitoring crypto assets well.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">5. Coordination with Institutions and Stakeholders</h3>Good coordination between OJK and law enforcement officials is very necessary to handle and prevent violations and crimes related to crypto assets.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">6. Consumer Education and Protection</h3>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&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/ojk-keluarkan-kebijakan-peraturan-perdagangan-aset-kripto">Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions</a><h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Regulations Regarding Crypto Assets</h2>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.&nbsp;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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Conclusion</h2>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">FAQ about Crypto Surveillance in Indonesia</h2><h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">1. Why has supervision of crypto assets in Indonesia moved from Bappebti to OJK?</h3>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.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">2. What are the challenges faced by OJK in supervising crypto assets?</h3>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.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">3. What are the latest regulations issued by the OJK regarding crypto assets?</h3>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.<h3 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">4. What is the OJK's aim in supervising the crypto asset industry?</h3>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.<h2 style="line-height:1.7999999999999998;margin-bottom:12pt;margin-top:12pt;" dir="ltr">Reference</h2>Imamatul Silfia,&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.antaranews.com/berita/4583302/ojk-ungkap-tantangan-pengawasan-aset-kripto">OJK reveals challenges in supervising crypto assets</a>, Accessed January 15, 2025Author: IN

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