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Overview of Indonesia’s New Crypto Regulations
Starting in January 2025, crypto firms operating in Indonesia must undergo evaluation in a regulatory sandbox before obtaining a license. This change comes as the supervision of the crypto industry shifts to the Financial Services Authority (OJK).
Importance of Regulatory Sandbox for Crypto Assets
A regulatory sandbox serves as a vital testing ground to assess the safety, reliability, and innovative potential of financial products and services. It provides a controlled environment for trial runs to enhance security measures and promote responsible management in the financial sector.
Indonesia’s crypto industry, currently overseen by the commodities and futures trading regulator, Bappebti, will see a transition to OJK supervision. Crypto assets are expected to be reclassified as financial instruments under this new oversight.
Collaboration for Comprehensive Crypto Regulation
Indonesia has been actively collaborating with global partners to develop a comprehensive crypto regulation strategy. The Financial Services Authority (OJK) has been working with regulators from Malaysia, Singapore, and Dubai to establish a strong foundation for crypto policy.
Partnerships with entities like the Monetary Authority of Singapore and Bank Negara of Malaysia aim to address challenges and opportunities in the cryptocurrency space.
New Rules for Cryptocurrencies in Indonesia
Earlier this year, the OJK released new rules that will govern cryptocurrencies starting January 2025. These regulations focus on managing digital financial assets, including cryptocurrencies, and emphasize leveraging new technologies, customer protection, and transparency in financial operations.
While specific technical details are forthcoming, these regulations demonstrate OJK’s proactive approach to assuming control over crypto regulation in 2025.
