Indonesia Scrambles to Meet Deadline for Crypto Oversight Transfer to OJK

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Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Indonesia

Indonesia is yet to finalize the transfer of crypto regulation, supervision and oversight from the Commodity Futures Trading Agency (Bappebti) to the Financial Services Authority (OJK).

Since 2018, Bappebti has overseen crypto assets. However, the transition, set to be completed by Jan. 12, 2025, is delayed due to the lack of a supporting government regulation, the Jakarta Globe reported on Thursday.

OJK is expected to create a more transparent regulatory environment aligned with international standards. It plans to introduce clearer rules on trading, taxation, and crypto exchange operations, areas previously managed under Bappebti’s less detailed oversight.

This shift aligns with the Financial Sector Development and Strengthening Law, aiming to streamline oversight and foster a safer, more inclusive framework for digital assets.

OJK Confirms Progress on Crypto Oversight Transition, Regulation Draft Finalized

OJK Chairman Mahendra Siregar reportedly confirmed that discussions and preparations for the transition are actively underway. He announced that the draft government regulation is now officially formatted.

“We’ve been working closely with the Trade Ministry to ensure a seamless process. Once the regulation is issued, it will provide the legal basis for the transition,” he said.

Finance Minister Sri Mulyani Indrawati first introduced the plan during financial sector discussions in late 2022. The bill was to become law once both the legislative and executive branches reached an agreement on all provisions.

Indonesia Crypto Market Hits $30B in 2024 Transactions

By Oct. 2024, Indonesia’s crypto market reached a major milestone with over 475 trillion rupiah (around $30b) in transactions. This marks a 352% jump from the $6.5b recorded during the same period in 2023. However, it still falls short of the $54b achieved in the bullish market of 2021.

At the same time, Indonesia’s crypto trader base has grown significantly, reaching 21m users. Of these, 716,000 trade through locally registered exchanges. Notably, over 60% of these investors are aged 18 to 30, highlighting strong youth participation in the market.

This growth places Indonesia among the countries with the highest number of crypto traders worldwide.

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