The Financial Services Authority (OJK) has revealed that a cryptocurrency company is preparing to launch its initial public offering (IPO) on the Indonesia Stock Exchange (IDX).
“We are currently reviewing several potential issuers, one of which operates in the crypto industry,” Inarno Djajadi, Executive Head for Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, said in a statement on Saturday, December 14, 2024.
While confirming the interest, Inarno refrained from disclosing specific details about the company, including its name, assets, or the expected value of the public offering.
He emphasized that further information will only be made public after the prospective issuers receive the necessary approvals to begin the bookbuilding process, which sets the share pricing.
Responding to concerns raised by President Prabowo Subianto, who likened small-scale stock trading to gambling, Inarno stressed the importance of investor education.
He reaffirmed OJK’s commitment to increasing financial literacy among the public to help potential investors better understand market risks and make informed decisions.
“We encourage investors to equip themselves with sufficient knowledge and thoroughly study the products available in the Indonesian capital market to ensure alignment with their financial profiles,” he explained.
Market integrity
To safeguard investor interests, OJK is strengthening oversight and enforcing regulations to address fraudulent practices that could harm small investors and undermine the integrity of Indonesia’s capital markets.
“The Indonesian capital market should serve as a safe and profitable investment avenue for investors while also providing companies with the resources needed to grow their businesses,” Inarno said.
Inarno also highlighted the capital market’s pivotal role in supporting government initiatives and achieving national economic growth targets.
