The transition of crypto asset oversight in Indonesia from the Commodity Futures Trading Agency to the Financial Services Authority is facing delays due to a lack of supporting government regulation. The transfer was set to occur by January 12, 2025, but may be delayed further. The Indonesian FSA is coordinating discussions and making preparations for the transfer once the necessary regulation is issued. The official government bill for the transition has not been published yet. OJK and Bappebti have confirmed that they are preparing for the transition, with OJK studying how other countries implement crypto regulations and training regulators. Industry players believe the move will help regulate the crypto sector and legitimize crypto trading. OJK works closely with the central bank, which could potentially streamline crypto regulations in the future. Bank Indonesia recently completed the Proof of Concept for its central bank digital currency project.



Other News from Today