Heaptalk, Jakarta — The blockchain industry in Indonesia is showing positive development despite several recent incidents involving some of its players. According to Asih Karnengsih, Executive Director of the Indonesia Blockchain Association, this positive growth is driven by several regulations that have come into effect, enabling industry players to develop products and services.
One of these regulations is the Standard Classification of Indonesian Business Fields (KBLI), issued by the Ministry of Communication and Informatics. This classification is specific to blockchain technology development activities. Companies can operate under applicable regulations with this classification, increasing their credibility and trust from related parties.
The Financial Services Authority (OJK) also has a Regulatory Sandbox, a testing mechanism implemented by the OJK to assess the reliability of business processes, business models, financial instruments, and provider governance. This regulation aims to ensure that digital financial innovations can be integrated into existing financial services while considering consumer protection and data security.
Supporting the industry as advocate and educator
“From the development side, it is very positive. On the one hand, some challenges arise. So, now people feel more confident in developing compared to a few years ago. Maybe that can describe how much the blockchain technology industry has grown in Indonesia,” Asih told Heaptalk in Jakarta (10/16).
The Indonesia Blockchain Association supports this industry in two roles: advocate and educator. As an advocate, the association listens to the complaints and needs of industry players, even if they are not members, and facilitates communication between them and relevant stakeholders.
Asih voiced, “For example, the industry wants to grow but is hindered by regulations. Hence, we usually coordinate with regulators. That’s what we do in advocacy, both in terms of regulations and implementation.”
As an educator, the Indonesia Blockchain Association organizes activities to introduce blockchain technology, targeting students on campuses, communities, and the wider public. “As users, we don’t need to understand the technology behind it, but at the very least, when using the product, we should know what can be developed or explored,” she concluded.
