OJK and BI Take Over Digital Asset Supervision from Bappebti to Promote Innovation and Security

Jakarta, January 12, 2025 - In an effort to enhance oversight and regulation of the digital finance sector in Indonesia, the Commodity Futures Trading Regulatory Agency (Bappebti) has officially transferred the duties of regulating and supervising digital financial assets, including cryptocurrencies and financial derivatives, to the Financial Services Authority (OJK) and Bank Indonesia (BI). This change was announced through various official channels and has received full support from the Ministry of Trade.

This shift follows the enactment of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK), which stipulates that OJK and BI will take over responsibility for digital financial assets to ensure legal certainty and market stability. With this transition, OJK will play a role in setting regulations, supervision, and licensing related to cryptocurrencies and financial derivatives, while BI will focus on payment aspects and monetary policies related to digital assets.

The Minister of Trade stated that this transition aims to strengthen governance and consumer protection in this rapidly growing sector. "We believe that with more integrated oversight from OJK and BI, we can provide a stronger foundation for innovation and security in digital asset trading," said the Minister of Trade in a joint press release.

OJK has prepared itself by issuing OJK Regulation Number 27 of 2024 on the Implementation of Digital Financial Asset Trading Including Cryptocurrencies (POJK 27/2024) and OJK Circular Letter (SE) 20/2024, which cover various aspects such as compliance, consumer protection, and law enforcement. OJK has also coordinated with Bappebti and various industry players to ensure policy harmonization and continuity in digital asset supervision.

This change is expected to provide clarity and legal certainty for industry players, investors, and consumers, while fostering innovation while maintaining national financial stability. Cryptocurrency traders who were previously registered and licensed by Bappebti are not required to re-register with OJK, indicating a smooth and coordinated transition.

With this step, Indonesia reaffirms its commitment to becoming one of the most advanced countries in regulating cryptocurrencies and financial derivatives, adapting to technological developments and global market needs.