In early 2025, supervision of crypto assets in Indonesia officially shifted from the Commodity Futures Trading Supervisory Agency (Bappebti) to the Financial Services Authority (OJK). This step was marked by the issuance of Government Regulation (PP) No. 49 of 2024 by President Prabowo Subianto. This change is seen as a strategic step to strengthen security, transparency, and consumer protection in the rapidly growing crypto industry.
Key Points in Transfer of Control
1. Transition Period with Protection of Old Permits
During the transition period, all permits issued by Bappebti remain valid. This provides legal certainty to business actors in the crypto industry and prevents operational disruptions. This step also ensures that there is no regulatory vacuum during the transfer process.
2. Technology Infrastructure by OJK
OJK has prepared a technology-based infrastructure to support more effective supervision. This information system is designed to provide higher transparency and accountability, as well as facilitate business actors in fulfilling reporting obligations.
3. New Legal Basis
OJK has issued two important regulations, namely:
- POJK 27/2024: Regulates the digital asset trading framework, including licensing requirements, risk management, and consumer protection mechanisms.
- SE OJK 20/2024: Provides technical and operational guidance for business actors and regulators to ensure compliance with new regulations.
4. Coordination with Bappebti and Business Actors
OJK conducts intensive coordination with Bappebti and business actors to ensure policy harmonization. This cooperation includes data synchronization, monitoring mechanisms, and the preparation of policies that support industry growth.
Benefits for the Crypto Industry
The transfer of supervision to OJK brings a number of important benefits:
- Security and Consumer Protection: With stricter supervision, the risk of fraud and misuse of digital assets can be minimized.
- Higher Transparency: Technology-based systems enable more transparent oversight, thereby increasing investor and consumer confidence.
- Digital Innovation: With a stronger legal foundation, opportunities for innovation in the digital financial sector are increasingly open, including the integration of blockchain in financial services.
Future Prospects of the Indonesian Crypto Market
The crypto industry in Indonesia has bright prospects, especially with strategic steps taken by the government and regulators. Here are some potentials that can be optimized:
1. Growth of the Crypto Ecosystem
With clearer regulations and strict supervision, Indonesia has the potential to become one of the crypto trading centers in Southeast Asia. This can attract investment from within and outside the country.
2. Adoption of Blockchain Technology
The new regulation could encourage the adoption of blockchain technology in other sectors, such as logistics, health, and education. This will strengthen Indonesia's position in the global technological revolution.
3. MSME participation
Crypto assets and blockchain can be used to support funding and digitalization of MSMEs, thereby accelerating financial inclusion in Indonesia.
4. Potential for CBDC Development
With the support of OJK, Bank Indonesia can accelerate the development of Central Bank Digital Currency (CBDC) as a safe and efficient digital payment tool.
Challenges to be Overcome
Although the prospects are promising, there are several challenges to be faced:
- Crypto Literacy: The public needs to be educated about the risks and benefits of digital assets.
- Cyber Security: Cyber security threats must be taken seriously to protect consumer data and funds.
- Global Competition: Indonesia must be able to compete with other countries that are also developing their crypto industry.
Conclusion
The transfer of crypto asset supervision to OJK is the right step to strengthen this industry in Indonesia. With clear regulations, adequate infrastructure, and good coordination, Indonesia has a great opportunity to become a major player in the global digital economy. However, this success requires collaboration between the government, regulators, business actors, and the community. With a spirit of innovation and a commitment to transparency, the Indonesian crypto industry is ready to step into a brighter future.