Jakarta, January 10, 2025 – In a significant move to strengthen the regulation and supervision of the digital financial sector in Indonesia, the Ministry of Trade, through the Commodity Futures Trading Regulatory Agency (Bappebti), officially transferred its regulatory and supervisory duties for digital financial assets, including cryptocurrencies and financial derivatives, to the Financial Services Authority (OJK) and Bank Indonesia (BI). This transfer was formalized with the signing of a Handover Agreement (BAST) and a Memorandum of Understanding (MoU) in Jakarta.
Source: Ministry of Trade of the Republic of Indonesia.
The transfer implements Article 8 point 4 and Article 312 paragraph (1) of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK) and Government Regulation No. 49 of 2024. The transition process will be completed no later than 24 months after the enactment of the UU P2SK.
Purpose and Implications of the Transfer
Minister of Trade Budi Santoso emphasized that this transfer aims to provide legal certainty and enhance security for market participants. The initiative is expected to bring long-term benefits to the development of the financial sector and cryptocurrency markets in Indonesia.
OJK will oversee the regulation and supervision of digital financial assets in the capital market, while BI will monitor financial derivatives related to instruments in the Money Market and Foreign Exchange Market (PUVA). This effort also supports the implementation of the “same activity, same risk, same regulation” principle to ensure integrated financial system stability.
Coordination and Technical Preparations
Bappebti, OJK, and BI have coordinated efforts to ensure a seamless transition. These efforts include preparing regulatory infrastructure, developing new regulations, enhancing public literacy, and forming a dedicated Working Group.
OJK, in its role, has issued Financial Services Authority Regulation (POJK) No. 27 of 2024 and OJK Circular Letter (SEOJK) No. 20/SEOJK.07/2024, which outline technical rules on the trade of digital assets and derivatives. Meanwhile, BI governs PUVA derivatives under Bank Indonesia Regulation No. 6 of 2024.
Significant Growth in Digital Financial Assets
Statistics highlight the immense potential of this sector. From January to November 2024, cryptocurrency transaction values reached IDR 556.53 trillion, a 356.16% increase compared to the same period in 2023. The number of registered cryptocurrency customers reached 22.11 million, reflecting the strong public interest in digital assets.
Conclusion
This transfer of duties represents a crucial step toward creating a more credible and integrated financial market in Indonesia. Through synergy between Bappebti, OJK, and BI, the digital financial and derivatives sectors are expected to grow more transparently, securely, and competitively, supporting Indonesia’s vision for 2045 as a golden era.
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