Jakarta. Following its official assumption of cryptocurrency oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) on Jan. 10, the Financial Services Authority (OJK) has implemented several regulatory changes aimed at enhancing investor protection, governance, and market transparency.

Hasan Fawzi, OJK’s Executive Head of Crypto Asset Supervision, said the authority has transferred the responsibility for cryptocurrency listing to approved crypto exchanges.

“Exchanges now play a central role in validating the cryptocurrencies eligible for trading, while OJK ensures that consumer protection and transparency principles are upheld,” Hasan said during the Annual Financial Services Industry Meeting on Tuesday.

Under Regulation No. 27/2024, the list of tradable cryptocurrencies will be determined by the exchanges and must be reviewed at least every three months. Currently, Bursa Komoditi Nusantara (CFX) is the sole OJK-approved crypto exchange, following its transition from Bappebti's oversight.

The initial list includes 1,396 cryptocurrencies previously approved by Bappebti. However, each cryptocurrency must meet strict criteria outlined in Article 8 of Regulation 27/2024, which mandates that assets must:

1. Operate on public, accessible Distributed Ledger Technology (DLT).
2. Have clear utility or be backed by assets with measurable economic value.
3. Be traceable without anonymity features.
4. Pass exchange evaluations, with input from traders within the ecosystem.

International Crypto Listings
Hasan also addressed the potential for international cryptocurrencies to enter Indonesia’s market, stating that foreign assets could apply for listing through local exchanges. “These applications will be evaluated against established criteria, with periodic reviews to ensure compliance,” he explained.

Additionally, OJK is preparing new regulations for digital asset offerings, including the issuance of new cryptocurrencies. Set for release in 2025, these rules aim to enable the tokenization of real assets and economic projects, benefiting the digital financial sector.

Risk Management and Governance
OJK has stressed the importance of risk management and regulatory compliance, particularly in areas such as anti-money laundering, counter-terrorism financing, and preventing illicit fund flows.

"OJK is committed to maintaining financial system stability by prioritizing consumer protection, improving digital financial literacy, and promoting growth within a well-governed industry," Hasan stated.

To support the crypto industry’s growth, OJK is encouraging blockchain technology exploration, asset tokenization development, and infrastructure improvements to enhance market liquidity and efficiency. A Regulatory Sandbox initiative is also underway, with four participants testing cryptocurrency-based business models.

Hasan concluded by reaffirming OJK’s focus on striking a balance between fostering innovation and ensuring robust oversight, as Indonesia seeks to solidify its position as a key player in the global digital asset industry.