The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has transferred the authority for regulating and overseeing digital assets, including cryptocurrency, to the Financial Services Authority (OJK) and Bank Indonesia (BI). This move aims to enhance the security of cryptocurrency owners and establish stricter industry standards.
The crypto asset market in Indonesia has been growing rapidly in recent years, with cryptocurrencies becoming increasingly popular among retail investors. The number of platforms offering digital assets continues to rise.
According to Bappebti, the number of crypto investors in Indonesia exceeded 17 million in 2023, more than double the number of investors in the stock market. Cryptocurrency trading volume last year reached 300 trillion rupiahs ($19.6 billion), highlighting significant interest in the sector. In 2024, from January to November, cryptocurrency turnover in the country reached 556.53 trillion rupiahs, marking a 356% increase compared to the same period in 2023.
The total number of registered cryptocurrency users in Indonesia from February 2021 to November 2024 reached 22.11 million people.
The transfer of supervisory authority to OJK aligns with efforts to integrate the cryptocurrency market into the country’s broader financial ecosystem. It is also a step toward strengthening consumer protection and ensuring compliance with international anti-money laundering standards.
Several major cryptocurrency exchanges operate in Indonesia, including Tokocrypto, Indodax, and Pintu. These platforms continue to expand, offering cryptocurrency and fiat trading services as well as digital asset storage solutions.
Although cryptocurrencies like Bitcoin and Ethereum remain popular, authorities regularly remind investors of the risks associated with crypto market volatility and urge them to make more informed and cautious investment decisions.
In preparation for the transfer of authority, OJK and Bank Indonesia have established the necessary conditions to improve financial literacy among citizens. The transition process involves not only regulatory bodies but also ministries, industry players, and entrepreneurs.
OJK is now responsible for regulating and overseeing stock indices and foreign shares, which also impacts the development of the cryptocurrency market.
OJK has developed the Integrated Licensing and Registration System (SPRINT), which will significantly simplify the process of obtaining licenses and registering for market participants.
Sources: ojk.go.id
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