Indonesia’s Financial Services Authority (OJK) has formally designated the Indonesian Blockchain Association (ABI) as the organizer for Innovation Technology in the Financial Sector (ITSK).

The decision was outlined in Letter Number S-335/IK.01/2025, dated June 25, 2025, and took effect on the same date.

"This appointment represents a strategic role that strengthens the Association's position as OJK’s partner in shaping the future of Indonesia’s digital financial innovation," said ABI Chairman Robby on Saturday, July 5, 2025.

"This is not just formal recognition, but a clear affirmation of ABI's position as a strategic bridge between industry and policymakers," he added.

ABI’s Duties as an ITSK Organizer

As an official ITSK organizer, ABI now carries the responsibility of supervising and guiding its members.

This includes monitoring compliance with reporting requirements, establishing and enforcing codes of ethics and standard operating procedures (SOPs), receiving and forwarding complaints, conducting training and education, and protecting consumers.

ABI is also tasked with developing self-evaluation mechanisms, implementing OJK directives applicable to other ITSK organizers, forming domestic and international strategic partnerships, and reporting industry developments regularly to OJK.

Alignment with National Regulatory Direction

ABI Executive Director Asih Karnengsih emphasized the importance of ensuring that ABI’s new responsibilities are in line with broader regulatory strategies.

"We will ensure this transition and new responsibilities are carried out accountably, in line with OJK’s supervisory principles and national policy direction," said Asih.

Crypto Asset Oversight Transition

Mohammad Naufal Alvira, ABI Vice Chairman for Crypto Assets, highlighted the strategic importance of the transfer of regulatory authority from the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK.

"We believe the shift to OJK will lead to a more integrated, supervised, and long-term oriented market. The industry must be prepared to move in a better direction," said Naufal.

PHOTO: FREEPIK

This article was created with AI assistance.