OJK Implements Three-Phase Transition to Oversee National Crypto Ecosystem

JAKARTA, investortrust.id – Indonesia’s Financial Services Authority, or OJK, is committed to ensuring the sustainability of the national crypto asset ecosystem through a strategic framework. To facilitate the transfer of crypto regulation and supervision from the Commodity Futures Trading Regulatory Agency, or Bappebti, the regulator has outlined a phased transition approach.

Hasan Fawzi, Chief Executive for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, stated that the transition is designed to accommodate the evolving crypto market while maintaining financial system stability and ensuring stakeholder protection.

“This transition is no simple task. To ensure the successful and sustainable regulation and supervision of crypto assets under OJK’s mandate, we have developed a structured strategic framework,” he said at the BLK 2025 Opening Ceremony at Hotel Sultan, Jakarta, on Monday, Feb 3, 2025.

Three-Phase Transition Strategy

According to Hasan, OJK's approach to crypto asset oversight consists of three key phases:

1. Transition Phase

   
   OJK is ensuring a smooth and stable transition from Bappebti, anchored by Financial Services Authority Regulation (POJK) No. 27 of 2024, which largely adopts Bappebti’s previous regulatory framework.

   “We have been preparing for this transition far in advance, holding countless meetings between our teams and Bappebti,” Hasan noted. The primary objective is to provide certainty for industry players and ensure the continuity of Indonesia’s crypto ecosystem.

2. Development Phase

   
   Once the transition is complete, OJK will focus on fostering the growth of Indonesia’s crypto ecosystem. This includes refining regulations, streamlining licensing processes, and encouraging innovation in digital asset trading.

   “If regulatory adjustments are needed to create more room for growth, we will accommodate them. We also acknowledge that some industry players have yet to complete their licensing process under Bappebti, and we will prioritize these cases,” Hasan explained.

   As of February 1, 2025, OJK has issued assignment letters based on Bappebti’s approval, ensuring a smooth licensing transition for three self-regulatory organizations (SROs)—including exchanges, clearinghouses, and custodians—as well as 16 registered crypto asset traders.

   “For those whose licensing process is still ongoing under Bappebti, we will continue the process under POJK 27 without restarting the procedures. Instead, we will complete the remaining steps until the business license is officially granted,” Hasan added.

3. Strengthening Phase

   
   The final phase will focus on strengthening the national crypto ecosystem by prioritizing sustainability and continuous innovation.

   “At this stage, we expect crypto trading activities to operate normally and grow steadily while being supported by new products, services, and activities that align with consumer needs,” Hasan concluded.