OJK Is Preparing Regulations For The Transition Of Cryptocurrency Asset Supervision

The Financial Services Authority (OJK) will take over the supervision and regulation of cryptocurrency assets from the Commodity Futures Trading Regulatory Agency (Bappebti) starting January 2025. Mahendra Siregar, the Chairman of the OJK Board of Commissioners, stated that discussions and cooperation have been ongoing to prepare for this transition. He expressed hope that the process would be smooth and seamless, avoiding any negative impacts or uncertainties. This announcement was made after the opening ceremony of the Indonesia Stock Exchange for 2025 on January 2, 2025.

According to Article 312, paragraph (1) of Law No. 4 of 2022 on the Development and Strengthening of the Financial Sector, the full transition of cryptocurrency assets must be completed by January 12, 2025, which is 24 months after the law was enacted on January 12, 2023. During the same event, Mahendra mentioned that he has communicated with Trade Minister Budi Santoso to formalize the transition process.

He noted that even without a Government Regulation (PP) in place, preparations for the transition have been discussed. Mahendra added that there are currently no significant obstacles to the transition, although time is needed for the process. He emphasized that the main issue is simply the transfer of responsibility from Bappebti to OJK. Previously, through the issuance of OJK Regulation No. 27 of 2024 regarding the Management of Digital Financial Assets, including cryptocurrencies, OJK confirmed its readiness to oversee digital financial assets and welcome the transition of cryptocurrency supervision.

POJK 27/2024 is a follow-up to the mandate of the P2SK Law. This regulation by OJK oversees and regulates the implementation of Financial Sector Technology Innovations (ITSK) and digital financial assets, including cryptocurrencies.

For your information, the Commodity Futures Trading Regulatory Agency (Bappebti) reported that the value of cryptocurrency transactions in Indonesia from January to November 2024 reached Rp 556.53 trillion. Acting Head of Bappebti, Tommy Andana, stated that this figure increased by 356.16 percent compared to the same period last year, which was Rp 122 trillion. Tommy also noted that the number of cryptocurrency customers reached 22.1 million by November 2024.

Tag: Bappebti Financial Services Authority OJK