Heaptalk, Jakarta — Indonesia Financial Services Authority (OJK) and Bank Indonesia (BI) have officially authorized the regulation and supervision of digital financial assets, including cryptocurrencies and financial derivatives. Initially from CoFTRA, the transfer was formalized by signing a Handover Minutes (BAST) and a Memorandum of Understanding (MoU).
“This transfer aims to retain financial system stability, deepen integrated financial markets, and ensure consumer protection. ”
The Transfer details to OJK and BI
Comprehensive regulatory changes involve transferring responsibilities from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the OJK and BI. The OJK will now oversee Digital Financial Assets (AKD), including cryptocurrencies and financial derivatives, in the capital market. In parallel, the BI will regulate financial derivatives in the Money and foreign exchange market (PUVA).
This transition aligns with the mandates outlined in Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law) and Government Regulation No. 49 of 2024. OJK has established new regulatory frameworks through Regulation No. 27 of 2024 and Circular No. 20/SEOJK.07/2024 to ensure seamless oversight of digital financial assets.
Concurrently, BI has issued Regulation No. 6 of 2024, setting guidelines for PUVA derivatives to enhance market stability and efficiency. In their supervisory approaches, OJK and BI emphasize “same activity, same risk, same regulation” and interconnectivity.
The implementation includes developing digital licensing systems like SPRINT by OJK and forming a Working Group by BI to facilitate a smooth transition. Stakeholder engagement is a critical component, with both institutions conducting consultations and educational initiatives to prepare the market for these regulatory shifts.
“This new role for BI provides an opportunity to expand financial instruments supporting our monetary policy and PUVA marketing deepening measures,” Senior Deputy Governor of BI Destry Damayanti said.
Commodity Futures Trading Developments
Between January and November 2024, the Notional Value of Commodity Futures Trading (PBK) transactions reached USD1.8 billion, or approximately Rp30.503 trillion, a 30.20% increase from the same period in 2023. Active PBK customers surged by 53.93% to 70,676 in November 2024.
Meanwhile, cryptocurrency transactions in Indonesia for the same period totaled USD34.2 billion, or around Rp556.53 trillion, a 356.16% increase from 2023. The cumulative registered crypto asset customers since February 2021 reached 22.11 million, with 16 licensed Physical Crypto Asset Traders (PFAK) and 14 pending approvals.
