Indonesian Bapebuti has formally handed over responsibility for regulation and supervision of digital financial assets, including virtual currencies and financial derivatives, to the Financial Services Authority (OJK) and Bank Indonesia (BI).
The move aims to provide greater legal certainty and stability in the country’s evolving digital financial sector.
The transfer, mandated by Law No. 4 of 2023 and Government Regulation No. 49 of 2024, will see OJK oversee crypto assets and capital market derivatives.
Meanwhile, BI oversees derivatives related to money and foreign exchange markets. This transition will be fully completed within 24 months.
To ensure a smooth handover, Bapebuti, the Commodity Futures Trading Supervisory Authority under the Ministry of Trade, is working with OJK and BI on the regulatory framework, supervisory infrastructure, and public awareness efforts.
OJK has already issued regulations outlining its approach to crypto asset trading.
This change in oversight reflects the growing importance of digital financial assets in Indonesia.
Data from January to November 2024 shows a significant increase in the amount of commodity futures trading and crypto asset trading.
This transfer is expected to strengthen the financial system, enhance consumer protection, and foster further development of the Indonesian financial market.
Existing licenses for derivative players will remain valid and current reporting procedures will continue until the new system is implemented.
Although Bank Indonesia is new to derivatives supervision, it sees this as an opportunity to expand its financial products and contribute to deepening the market.
Featured image credit: Edited from freepic
