Indonesia Expat
Business/Property News

OJK and Bank Indonesia to Supervise the Crypto Exchange

OJK Indonesia
OJK and Bank Indonesia to Supervise the Crypto Exchange. Image Source:

The Indonesian parliament has passed the Omnibus Law for the financial sector (P2SK).

This will have an impact on crypto industry players because it includes crypto assets as an important topic of discussion.

In response to the P2SK law, the CEO of Indodax (Indonesia Bitcoin and Crypto Exchange), Oscar Darmawan stated that he has always appreciated the government’s efforts to focus on the crypto asset ecosystem. He said that the regulations are continuously updated following existing developments and can accommodate the needs of crypto stakeholders.

“I appreciate the government’s role so far regarding the issued regulations, and in my opinion, it is sufficient to follow the development of the crypto and blockchain ecosystem. So far, crypto assets have been under the auspices of the Commodity Futures Trading Regulatory Agency (Bappebti) of the Ministry of Trade,” said Darmawan on Thursday, 8th December 2022.

Under the P2SK Law, crypto supervision will be brought under the Financial Services Authority (OJK) and Bank Indonesia (BI). This new law gives OJK additional tasks, including regulating and supervising crypto asset transactions and cooperatives. In this regard, Darmawan believes the government will provide appropriate regulations for the crypto industry in Indonesia.

“Regarding the decision on the P2SK Law, later whether supervision will sit under Bappebti or move to OJK and BI, I’m sure the government will provide proper regulations for crypto in the future,” he added.

The team organising the Financial Sector Technology Innovation (ITSK) needs to send information to BI and OJK. Then both BI and OJK will regulate and supervise the implementation of ITSK according to their scope of authority.

Deputy Chairman of the Board of Commissioners of the OJK Mirza Adityaswara said he is ready to implement the P2SK Law and would immediately prepare the organisation for its budget for crypto and cooperatives.

“Indeed, the P2SK Law mentions that there are additional tasks for OJK regarding crypto assets, digital assets, and related to carbon exchanges, and also related to strengthening law enforcement, strengthening consumer protection. In addition, OJK must be ready to be given the mandate and will prepare the organisation, the people, and the budget,” said Adityaswara.

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