Indonesia• Индонезия Rushes
To Finalize Crypto Oversight Transfer Ahead
of Jan.
12 Deadline
–
Report
Indonesia• Индонезия Rushes To Finalize Crypto Oversight Transfer Ahead of Jan. 12
Deadline – Report
by Rubmar Garcia
5 minutes ago
in Crypto News
0
The Indonesian government is reportedly racing to finalize the authority
transfer to oversee the crypto industry from the Commodity Futures Trading
Agency (Bappebti) under the Trade Ministry to the Financial Services Authority
(OJK) ahead of its approaching deadline.
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Indonesia• Индонезия s Crypto Oversight Transition Stalled
On Thursday, OJK Chairman Mahendra Siregar talked about the preparations for
the crypto authority transition at the 2025 stock market opening event in
Jakarta• Индонезия » Население Индонезии » Населенные пункты Индонезии » Города Индонезии » Джакарта. Mahendra revealed that discussions and arrangements are ongoing, with
the draft government regulation prepared in an official format, the Jakarta• Индонезия » Население Индонезии » Населенные пункты Индонезии » Города Индонезии » Джакарта
Globe reports.
The transition, scheduled to be completed by January 12, will transfer the
crypto industry’s supervision from the Commodity Futures Trading Agency, which
has overseen digital assets since 2018, to the Financial Services Authority.
The transfer has been reportedly stalled due to “the absence of a supporting
government regulation.” Finance Minister Sri Mulyani Indrawati introduced the
plan in late 2022. The bill is expected to become law once the legislative and
executive branches of the Indonesian government reach an agreement on all
provisions.
By January 2, 2025, the official bill for the transition has yet to be
published, but the OJK Chairman stated the agency has “been working closely
with the Trade Ministry to ensure a seamless process.” Mahendra added, “Once
the regulation is issued, it will provide the legal basis for the transition.”
The transfer to OJK is expected to foster a more transparent and comprehensive
regulatory framework that aligns with international standards. However,
Bappebti Chief Kasan explained that the existing rules will remain effective
until the new regulation is enacted.
According to the report, OJK Commissioner Hasan Fawzi detailed that the agency
“conducted in-depth studies on global practices in crypto regulation and
prepared its workforce for the role.”
Indonesia• Индонезия’s Landscape
Nailul Huda, a digital economy expert, criticized the transition delay, adding
that the slow response suggests reluctance from the Trade Ministry to
relinquish its supervisory role. He asserted that “while OJK oversight may
bring stricter regulations, its experience will benefit investors.”
Moreover, several brokers and crypto exchanges reportedly believe the
transition will streamline regulatory oversight and allow direct transactions
under the supervision of OJK and the Bank of Indonesia• Индонезия.
It’s worth noting that the Indonesian government has been criticized for its
regulatory measures and cautious approach, which prohibited using
cryptocurrencies as a direct payment method for goods and services. Similarly,
various industry players consider the country’s dual taxation on crypto
potentially hindered the market’s growth in recent years.
Despite the regulatory landscape, Indonesia• Индонезия has one of the highest adoption
rates in the world. Bappebti reported that over 18.51 million people invested
in cryptocurrencies in 2023. That year, the country ranked 7th in Chainalysis’
global crypto adoption ranks.
By 2024, Indonesia• Индонезия ranked 3rd, surpassing countries like the United States and
Russia and becoming one of the largest nations by crypto trader numbers.
Additionally, the country’s market recorded a 350% year-on-year (YoY) increase
in crypto transactions, crossing $30 billion between January and October.
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