Authority in Transition: The Evolution of Crypto Oversight in Indonesia
by aria-crypto.com
January 2, 2025 at 10:01
Authority in Transition: The Evolution of Crypto Oversight in Indonesia
Indonesia's shift of cryptocurrency supervision from the Commodity Futures Trading Agency (Bappebti) to the Financial Services Authority (OJK) is delayed, despite the Financial Sector Law mandating this transfer by January 2025. Local reports reveal that the move is pending due to the absence of a crucial government regulation which is yet to be issued. OJK Chairman Mahendra Siregar has emphasized ongoing preparations, including draft regulations awaiting formal approval to ensure a smooth transition. Critics and digital economy experts, such as Nailul Huda, express concerns about the delay, citing potential resistance from the Trade Ministry. Market stakeholders, including brokers and crypto exchanges, anticipate that this change will provide clearer legal frameworks and enhance direct oversight. The regulatory shift is expected to benefit Indonesia's growing crypto market by utilising OJK's regulatory experience, even if this results in stricter controls. Both Bappebti and OJK have affirmed their readiness for the change, maintaining that current regulations will continue until the new framework is officially enacted.
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