Indonesia is preparing for a transition in oversight of the country's digital asset sector from the Trade Ministry to the Financial Services Authority (OJK) as a new law is set to take effect on January 12. The OJK has published a transition plan for a gradual handover over the next two years. Stakeholders believe that OJK is better suited to oversee digital assets and expect stricter regulations but also improved investor protection. The leaders of Indonesian virtual asset service providers (VASPs) have also called on the government to scrap the value-added tax (VAT) on digital asset transactions, arguing that it could boost trading volumes.



Other News from Today