The Indonesian government has recently enacted the Financial Sector Omnibus Law,* which aims to provide comprehensive regulations for the Indonesian financial sector. As the name suggests, this regulation covers a wide range of financial-related topics, from financial institutions, banking, capital market, and insurance to law enforcement. This Omnibus Law amends various existing legislation, revokes legislation and introduces new concepts and provisions.

Some notable points include that the Omnibus Law:

• introduces the digital Rupiah and authorizes Bank Indonesia to manage it;
• introduces new regulations governing domestic and international carbon trading through a carbon exchange mechanism;
• transfers authority over the management of digital financial assets and crypto assets from the Commodity Futures Trading Supervisory Body (Badan Pengawas Perdagangan Berjangka Komoditi) to the OJK;
• requires financial institutions that intend to carry out bullion related business activities to apply to the OJK for a license; and
• broadens access to finance for micro, small and medium enterprises.

To further regulate the provisions in this Omnibus Law, the government and relevant institutions such as Bank Indonesia and the OJK will issue various implementing regulations.

*Law Number 4 of 2023 concerning Financial Sector Development and Reinforcement.