Indonesia’s government is transferring supervision of crypto assets to the Financial Services Authority, known by its local acronym OJK.
The OJK regulates and supervises Indonesia’s banking, capital markets, and non-bank financial industries.
Crypto assets are currently supervised by the Commodity Futures Supervisory Agency.
The OJK is now preparing draft regulation, and the transfer of supervision is expected to be completed in early 2025.
“As of now, the government regulation draft on financial assets including the handover of crypto and derivatives supervision has entered the consolidation of concept stage,” Hasan Fawzi, chief executive of financial sector technology innovation at the OJK, said at a press conference on January 29.
He said the OJK will coordinate formation of a transition team to prepare for the handover, working with the central bank and the Commodity Futures Supervisory Agency.
