Jakarta. House of Representatives member Ahmad Najib Qodratullah on Thursday expressed support for the issuance of Government Regulation No. 49/2024, which transfers regulatory and supervisory authority for crypto and derivative asset trading from the Commodity Futures Trading Supervisory Agency (Bappebti) to the Financial Services Authority (OJK).

Najib said the change would enhance efficiency in the country’s financial sector but emphasized the need for harmonization among regulations issued by OJK, Bappebti, and Bank Indonesia.

“It takes serious efforts to prevent these regulations from overlapping, coupled with close coordination, mutual understanding, and common standards in the rule-making process,” Najib said.

The National Mandate Party (PAN) politician welcomed the transition as a positive step for the crypto asset trading industry but stressed the importance of continued collaboration between OJK and the central bank.

“We need harmonized policies to ensure transparency in trade mechanisms and enhance financial literacy among the public,” he said.

Najib also noted potential challenges, such as increased operational costs in the financial technology sector, and called on the government to consult lawmakers to ensure the smooth implementation of the new regulation.

The Crypto Asset Market in Indonesia
Indonesia's crypto asset market has experienced rapid growth in recent years, with increasing adoption among retail investors and a growing number of platforms offering digital asset trading.

• Market Size: According to Bappebti, the number of crypto investors in Indonesia surpassed 17 million in 2023, compared to 9 million stock market investors. The trade value of crypto assets reached Rp 300 trillion ($19.6 billion) in 2023, reflecting the significant interest in digital currencies.
• Regulatory Evolution: The shift in oversight to OJK aligns with efforts to integrate the crypto market into the broader financial ecosystem. The regulation aims to provide stronger consumer protection and ensure compliance with anti-money laundering and counter-terrorism financing standards.
• Key Players: Major crypto exchanges operating in Indonesia include Tokocrypto, Indodax, and Pintu. These platforms have grown rapidly, offering services like crypto-to-fiat trading, wallet solutions, and educational resources to boost financial literacy.
• Public Perception: While cryptocurrencies like Bitcoin and Ethereum remain popular, the government has consistently warned about the risks of speculative investments and the need for informed decision-making by traders.