OJK Issues New Rule for Crypto Asset Trading Supervision

Jakarta, VIVA – The Financial Services Authority (OJK) has confirmed its readiness to undertake the tasks and functions of supervising digital financial assets, including the transition to overseeing crypto assets.

This is outlined in the issuance of OJK Regulation (POJK) Number 27 of 2024 concerning the Administration of Digital Financial Asset Trading, including Crypto Assets.

POJK 27/2024 is a follow-up to the mandate of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK).

"Through POJK 27/2024, OJK regulates and supervises the implementation of Financial Sector Technology Innovation (ITSK) and digital financial assets, including crypto assets," stated Acting Head of the Department of Financial Literacy, Inclusion, and Communication, M. Ismail Riyadi on Tuesday (Dec 24).

In facing the transition of duties and functions of crypto asset supervision from Bappebti, Ismail explained that OJK has designed a three-phase transition strategy.

The first phase is the soft landing, which occurs at the beginning of the transition period.

The second phase is the strengthening phase, followed by the third phase, which focuses on development.

"To ensure a smooth, proper, and safe transition during the first phase, OJK issued POJK 27/2024, adopting Bappebti's regulations with necessary improvements based on best practice standards and regulations in the financial services sector," he explained.

POJK 27/2024 is intended to ensure that digital financial asset trading administrators conduct asset trading in an orderly, fair, transparent, and efficient manner. It also aims to ensure the implementation of governance, risk management, market integrity, information and cyber system security, and anti-money laundering measures, all while prioritizing consumer protection.

This regulation also establishes the obligation to obtain licensing status for Digital Financial Asset Administrators, as well as periodic and incidental reporting requirements.

"OJK urges consumers and potential consumers of digital financial assets, including crypto assets, to have a good understanding of the risks associated with digital financial assets as a consideration when conducting transactions," he said.

Additionally, the active role of Digital Financial Asset Trading Administrators in enhancing consumer literacy is also required.

OJK is committed to continuously monitoring and strengthening the administration of Digital Financial Asset Trading while maintaining stability in the financial sector and protecting consumers, as evidenced by the issuance of POJK 27/2024.