To implement the provisions stipulated in Law No. 4 of 2023, a new regulation* has been issued governing the transfer of the regulatory and supervisory duties of digital financial asset activities including crypto assets and financial derivatives.

Previously, these duties were under the jurisdiction of the Commodity Futures Trading Supervisory Agency (Badan Pengawas Perdagangan Berjangka Komoditi/”Bappebti”). However, the responsibility has now been transferred to the Financial Services Authority (Otoritas Jasa Keuangan/”OJK”) and Bank Indonesia (“BI”).

The regulatory and supervisory duties transferred from Bappebti to OJK include:

1. digital financial assets, including crypto assets, in accordance with OJK’s authority under the Law on the Development and Strengthening of the Financial Sector.
2. financial derivatives, specifically instruments whose values are derived from underlying assets related to securities in the capital market.

Meanwhile, the regulatory and supervisory duties transferred from Bappebti to BI apply to financial derivatives whose values are derived from underlying assets, including instruments in the money market and instruments in the foreign exchange market.

With the transfer of regulatory and supervisory duties of digital financial assets including crypto asset, then:

1. offering and trading activities of digital financial assets including crypto assets to the public and the settlement of transactions; and
2. supporting infrastructure for the digital financial asset activities, including crypto asset,

must meet the requirements set out by the OJK.

Additionally, any financial derivatives transacted in Indonesia must obtain approval from OJK and BI, depending on their respective regulatory scope.

*Government Regulation No. 49 of 2024 on the Transfer of Regulatory and Supervisory Duties of Digital Financial Assets Including Crypto Assets and Financial Derivatives