Indonesia’s Crypto Oversight Transfer to OJK Faces Delay
The Indonesian government is racing against time to finalize the transfer of crypto asset supervision from the Commodity Futures Trading Agency (Bappebti) to the Financial Services Authority (OJK) before the January 12, 2025 deadline. The transition, mandated by the Financial Sector Law, has been stalled due to the absence of a supporting government regulation.
OJK Chairman Mahendra Siregar confirmed that preparations are ongoing, with a draft regulation prepared in official format. “We’ve been working closely with the Trade Ministry to ensure a seamless process,” Siregar stated.
Industry players and experts have mixed reactions to the delay. While some criticize the government’s slow response, others anticipate that OJK oversight will bring more comprehensive regulations benefiting investors.
Both OJK and Bappebti assert their readiness for the transition. OJK has conducted studies on global crypto regulation practices, while Bappebti assures that existing rules will remain effective until new regulations are enacted.
As the deadline approaches, the crypto industry in Indonesia, which saw significant growth in 2024, eagerly awaits regulatory clarity and a smooth transition of oversight.
Financial Services Authority (OJK) Chairman Mahendra Siregar speaks to reporters during the 2025 stock market opening event in Jakarta on Thursday, Jan. 2, 2025. (Beritasatu.com/Monique Handa Shafira)