Jakarta. The Indonesian government has yet to finalize the transfer of crypto asset supervisory authority from the Commodity Futures Trading Agency (Bappebti) under the Trade Ministry to the Financial Services Authority (OJK), as mandated by the Financial Sector Law.

The transition, scheduled to be completed by Jan. 12, 2025, remains stalled due to the absence of a supporting government regulation.

OJK Chairman, Mahendra Siregar, said discussions and preparations for the transition are ongoing. Speaking during the 2025 stock market opening event in Jakarta, Mahendra said the draft government regulation had been prepared in an official format.

“We’ve been working closely with the Trade Ministry to ensure a seamless process. Once the regulation is issued, it will provide the legal basis for the transition,” he said.

Digital economy expert Nailul Huda criticized the delay, suggesting that the government’s slow response indicates hesitation on the part of the Trade Ministry to relinquish its supervisory role. Huda emphasized the importance of a smooth handover, given the nascent state of Indonesia’s crypto industry.

“While OJK oversight may bring stricter regulations, its experience will benefit investors,” he noted.

Industry players, including brokers and crypto exchanges, expressed their anticipation for the transition, citing the need for legal certainty. Ibrahim Assuaibi, Director of Laba Forexindo Berjangka, said the handover would streamline regulatory oversight and allow for direct transactions under OJK and Bank Indonesia’s supervision.

Crypto exchange Bittime’s Chief Marketing Officer, Immanuel Giras Pasopati, expressed support for the transition, highlighting the OJK’s proactive communication about the process. Similarly, Triv CEO Gabriel Rey said the OJK’s new regulations showed continuity with Bappebti’s existing framework, alleviating industry concerns.

Both OJK and Bappebti affirmed their readiness for the transition. OJK Commissioner Hasan Fawzi noted that the agency had conducted in-depth studies on global practices in crypto regulation and prepared its workforce for the role. Meanwhile, Bappebti Head Kasan stated that existing rules would remain effective until the new regulation is enacted.