OJK Denies Overlapping Regulations on Delayed Crypto Bourse
Jakarta. Financial Services Authority, or OJK, recently denied overlapping regulations had led to the protracted delay of the crypto bourse which was initially slated for 2021.
The Indonesian Ombudsman is currently investigating a complaint alleging maladministration on the crypto bourse by the Commodity Futures Trading Regulatory Agency (Bappebti). The complaint was filed by Digital Futures Exchange, a company that applied to be the operator of the bourse.
The Ombudsman on Thursday called OJK officials for questioning, as the recently enacted 2023 Law on financial sector strengthening has moved the crypto regulation from Bappebti to OJK.
But according to Daud Tarigan, the deputy director at the capital market department in OJK, there is no overlapping regulation with the Bappebti that caused the bourse postponement.
“There is no [overlapping regulation]. We are here because [the Ombudsman] just asked for confirmation on the crypto asset,” Daud said at the Ombudsman headquarters in Jakarta after the questioning, as reported by Investor Daily.
Daud said that OJK would be in charge of the decree, supervision, and regulation of crypto.
OJK simply answered the Ombudsman’s summons to give an explanation of the authorities and procedures of a crypto bourse, according to Daud.
“The new financial law stated that there would be a two-year transition phase and that the government regulation bill will be in six months since the law got enacted. After this, we would discuss the bill together with the Finance Ministry, the Central Bank [BI], and Bappebti,” Daud said.
The Ombudsman said that they had gathered enough info from the OJK, and had no plans to summon the financial services authority again in regards to the crypto bourse. The Ombudsman will also cross-check the complaint with BI on Friday, as well as the Finance Ministry next week.
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