{"id":5309,"date":"2025-01-03T03:08:51","date_gmt":"2025-01-03T03:08:51","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=5309"},"modified":"2025-01-03T03:08:51","modified_gmt":"2025-01-03T03:08:51","slug":"indonesia-fails-to-transfer-crypto-oversight-from-trade-ministry-to-financial-services-authority","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=5309","title":{"rendered":"Indonesia Fails To Transfer Crypto Oversight From Trade Ministry To Financial Services Authority"},"content":{"rendered":"
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Indonesia\u2019s plan to shift crypto asset supervision from the Commodity Futures Trading Agency (Bappebti) under the Trade Ministry to the Financial Services Authority (OJK) has yet to materialize.<\/span><\/p>\n

The transition, mandated by the Financial Sector Law, was expected to be completed by January 12, 2025<\/span>, but progress<\/span> has stalled due to the absence of supporting government regulation, according to a <\/span>report by local media outlet Jakarta Globe<\/span><\/a>. <\/span><\/p>\n

Per the report, OJK Chairman Mahendra Siregar addressed the issue at the 2025 stock market opening in Jakarta, stating that preparations and discussions are ongoing. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>3 Experts Predict: How High Can Bitcoin Go In 2025?<\/span><\/a><\/strong><\/p>\n

Draft Government Regulation Awaits Formal Issuance<\/span><\/h2>\n

Siregar reportedly said that a draft government regulation has been prepared <\/span>in an official format<\/span> but awaits formal issuance. \u201cWe\u2019ve been working closely with the Trade Ministry to ensure a seamless process. The regulation will provide the legal basis for the transition,\u201d he said.<\/span><\/p>\n

Experts have voiced concerns over the delay. Digital economy expert Nailul Huda criticized the government\u2019s slow response, suggesting reluctance from the Trade Ministry to relinquish control.<\/span><\/p>\n

Huda also highlighted the importance of a smooth transition, noting that OJK\u2019s experience could benefit the country\u2019s burgeoning crypto industry, even if stricter regulations are introduced.<\/span><\/p>\n

Industry players, including brokers and crypto exchanges, are eager for the transition to bring legal clarity. Ibrahim Assuaibi, Director of Laba Forexindo Berjangka, said the handover would streamline oversight and facilitate direct transactions under OJK and Bank Indonesia\u2019s supervision.<\/span><\/p>\n

Similarly, Triv CEO Gabriel Rey appreciated the OJK\u2019s efforts to ensure continuity with Bappebti\u2019s existing framework.<\/span><\/p>\n

Both OJK and Bappebti have reiterated their readiness for the transition. OJK Commissioner Hasan Fawzi highlighted the agency\u2019s in-depth studies on global crypto regulation practices<\/span>, while<\/span> Bappebti Head Kasan confirmed that current rules would remain in place until the new regulation is enacted. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n

Binance-Backed Tokocrypto Gains License in Indonesia<\/span><\/h2>\n

Last year, Binance subsidiary Tokocrypto\u00a0<\/span>secured a full license<\/span><\/a> from the country\u2019s Commodity Futures Trading Regulatory Agency (Bappebti).<\/span><\/p>\n

Since 2014, Indonesian exchanges have been categorized as \u201cprospective crypto exchanges.\u201d They operating under provisional regulatory frameworks. Tokocrypto was registered in 2019 as a Prospective Physical Crypto Asset Trader (CPFAK).<\/span><\/p>\n

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We are thrilled to announce that Tokocrypto, a part of the #Binance<\/a> group, has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia\u2019s Bappebti. <\/p>\n

This milestone highlights our commitment to regulatory compliance and investor trust. <\/p>\n

Read more \"\u2935\"\u2026 pic.twitter.com\/zMxZ2yQJ5g<\/a><\/p>\n

\u2014 Binance (@binance) September 9, 2024<\/a><\/p>\n<\/blockquote>\n