OJK Issues New Regulation, Welcoming Crypto Assets Under Its Oversight

By Editorial Team 15/03/2024
cryptocurrency
Summary

The Financial Services Authority (OJK) has issued Regulation No. 3/2024 regarding the Financial Technology Innovation (ITSK) Implementation. This regulation is a follow-up to Law No. 4/2023 concerning the Development and Strengthening of the Financial Sector (P2SK Law). The new regulation supports innovation while ensuring consumer protection and risk mitigation.

Key articles in OJK Regulation No. 3/2024 include refining regulatory sandbox mechanisms or facilities for testing and developing financial technology innovations. These refinements encompass various aspects, such as additional eligibility criteria, testing requirements, and exit policies.

Yudhono Rawis, CEO of Tokocrypto, stated that this regulation lays the groundwork for crypto assets. "This signifies OJK's commitment to fostering innovation and the development of financial technology in Indonesia," he said on Mar. 14.

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