The Indonesian government delays the transfer of crypto asset oversight from Bappebti to OJK due to pending regulatory measures.
Reasons for the Transition Delay
The transition, originally set for January 12, 2025, has been delayed due to the absence of supporting government regulation. OJK Chairman Mahendra Siregar announced at the Jakarta stock market opening that a draft regulation is being prepared and discussions with the Trade Ministry are ongoing, emphasizing the necessity for a smooth transition.
Expert Criticism and Support
Digital economy expert Nailul Huda criticized the delay, attributing it to the Trade Ministry’s reluctance to cede control. He noted that while OJK's oversight might introduce stricter regulations, it could ultimately benefit investors. Industry leaders, including brokers and crypto exchanges, are urging swift action for regulatory clarity. Ibrahim Assuaibi from Laba Forexindo Berjangka stated that the transition would enhance oversight and facilitate direct transactions under OJK and Bank Indonesia's supervision.
Readiness for Transition and Market Growth
Both OJK and Bappebti have expressed readiness for the transition. OJK Commissioner Hasan Fawzi mentioned thorough studies on global crypto regulations and workforce preparations. Meanwhile, Bappebti Head Kasan assured that current rules will remain effective until the new regulation is implemented. This comes amid explosive growth in Indonesia's cryptocurrency market, with transaction volumes reaching $30 billion in 2024, a 352% increase from the previous year. The number of crypto traders has risen to 21 million.
The significant growth of the crypto market in Indonesia and the need for clear regulations highlight the importance of a smooth transfer of oversight to OJK.
