Summary
TLDR: Indonesia’s Financial Services Authority (OJK) will enforce strict regulations on crypto operations starting in 2025. Financial institutions must undergo a regulatory sandbox program to assess innovations. The move aims to protect consumers and prevent fraudulent investments. Non-compliance will result in operations being classified as unauthorized. The OJK’s initiative reflects Indonesia’s commitment to responsible technology innovation in the financial sector.
Key Points
1. Indonesia’s Financial Services Authority (OJK) will enforce stringent regulations on crypto operations starting in 2025, with all financial service institutions required to undergo a regulatory sandbox program.
2. Hasan Fawzi, the Executive Head of Financial Sector Technology Innovation, emphasized that the move aims to protect consumers and prevent fraudulent investments, with companies introducing new products or business models being mandated to enter the sandbox.
3. The regulatory sandbox will serve as a platform for digital financial asset practitioners to familiarize themselves with OJK’s regulations and supervision, marking a significant shift in crypto asset supervision from the Commodity Futures Trading Regulatory Agency (Bappebti) to the OJK.