Indonesia continues to develop regulations related to crypto assets, blockchain technology, and digital currencies. Most recently, the Financial Services Authority (OJK) has issued OJK Regulation (POJK) Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading, including crypto assets. This POJK is a derivative of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).
BOY 27/2024
This POJK regulates and supervises the implementation of Financial Sector Technology Innovation (ITSK) and digital financial assets, including crypto assets. The aim is to ensure that digital financial asset trading is carried out in an orderly, fair, transparent, and efficient manner, as well as to ensure the implementation of governance, risk management, market integrity, information and cyber system security, prevention of money laundering, and consumer protection.
Key points in POJK 27/2024:
* OJK Supervision: OJK has the authority to regulate and supervise activities in the ITSK sector, digital financial assets, and crypto assets.
* Consumer Protection: This POJK emphasizes consumer protection in digital financial asset trading.
* Market Integrity: This POJK aims to maintain market integrity by preventing unhealthy practices.
* Information System Security: This POJK regulates information system and cyber security in digital financial asset trading.
* Prevention of Money Laundering: This POJK also regulates the prevention of money laundering in digital financial asset trading.
Other Regulations
In addition to POJK 27/2024, there are also other relevant regulations, such as:
* Law Number 11 of 2008 concerning Electronic Information and Transactions (ITE Law): This law regulates electronic transactions, including those related to crypto assets and blockchain.
* Regulation of the Minister of Trade No. 99 of 2018 concerning General Policy for the Implementation of Crypto Asset Futures Trading: This regulation classifies crypto assets as commodities.
* Bappebti Regulation No. 7 of 2020 concerning the Determination of the List of Crypto Assets that Can be Traded in the Physical Crypto Asset Market: This regulation determines the list of crypto assets that can be traded in Indonesia.
Conclusion
Regulations related to crypto, blockchain, and digital currencies in Indonesia continue to develop. POJK 27/2024 is a step forward in regulating and supervising the trading of digital financial assets, including crypto assets. However, it is important to remember that this regulation is still in its development stage and may change in the future. Therefore, it is important for industry players and investors to continue to monitor regulatory developments in this area.#BinanceAlphaAlert #MarketRebound #USBitcoinReserves