Heaptalk, Jakarta — Following the transition from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the Financial Services Authority (OJK) on January 10, 2025, OJK, as conveyed by Hasan Fawzi, the Chief Executive of the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision at OJK, is ready to oversee crypto assets.
“This supervisory framework has been outlined in OJK Regulation (POJK) Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading, including Crypto Assets,” Hasan explained.
In his explanation, Hasan revealed that crypto assets with a specific basis, particularly project-based ones, would be monitored according to Article 8 Paragraph 1 of POJK No. 27 of 2024, where the traded assets must meet particular criteria, such as utilizing distributed ledger technology, having utility, or being backed by specific assets.
“OJK will ensure that every project-based crypto asset meets these standards, continually evaluate the background of the issuers, and ensure the availability of transparent information,” Hasan stated at a press conference on Tuesday (14/1).
Crypto asset traders will also be subject to transparency. Per Article 123 of POJK No. 27 of 2024, they must provide consumers with concise, accurate, and truthful information before transactions.
For crypto assets without a specific basis, Hasan mentioned that OJK would tightly monitor the risks of speculation and potential manipulation in their trading.
“This is regulated in Article 3 Paragraph 2 of POJK No. 27 of 2024, emphasizing the principles of good governance, risk management, market integrity, and consumer protection,” he explained.
OJK is also authorized to evaluate, prohibit, and halt the trading of specific crypto assets if they do not meet the criteria set out in Article 5 Paragraph 2, letter A of POJK No. 27 of 2024.
To support this supervision, OJK relies on the Indonesian Crypto Exchange to manage the list of crypto assets, monitor transactions, and maintain market integrity. Collaboration with associations and organizers is crucial to creating a transparent and accountable ecosystem.
