The Financial Services Authority (OJK) plans to create a Securities Investor Protection Fund (SIPF) institution which is currently being considered to provide protection for crypto investors in Indonesia.
Hasan Fawzi, Chief Executive of Financial Sector Technology Innovation Supervisor, Digital Financial Assets and Crypto Assets at OJK said that in the early stages it will emphasize the literacy aspect.
He cited that an understanding of the risks of crypto instruments must really reach every prospective investor who is interested in becoming an investor in crypto assets because each investment instrument has its own characteristics and risks.
“Don’t let (investors) feel that they are competent enough or fully understand other instruments, suddenly entering crypto with a mindset and risk calculation pattern that is more or less the same. That’s what is happening now,” Hasan said on Thursday, January 2, 2025.
Oversight takeover
According to the Law on the Development and Strengthening of the Financial Sector (UU P2SK), supervision of the crypto industry will be transferred from the Commodity Futures Trading Supervisory Agency (Bappebti) to the OJK starting in 2025.
Hasan said that the latest transition to the P2K Law must be carried out within 24 months or two years since the law was enacted.
“So the latest is January 12, 2025. The Government Regulation (PP) that has gone through harmonization if agreed by the Ministry of Trade, states in its article that the transition will be carried out on January 10, 2025,” Hasan cited.
He said further that in the OJK Regulation, every form of licensing, approval, and whether product, service or institutional licensing that has been carried out by Bappebti will be fully recognized by OJK.
However, in carrying out this mandate, a PP is required which will regulate technical aspects of the transfer of supervision.
Currently, the PP regarding the transfer of supervision of crypto trading from Bappebti to OJK is in the finalization stage at the State Secretariat.
Furthermore, Hasan said that OJK provides a guarantee of certainty of continuation for crypto asset exchange platforms (exchangers) that are not yet members of the stock exchange.
