Indonesia has restructured its financial oversight by transferring digital asset regulation from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK) and Bank Indonesia (BI).

This transition was formalized on January 10, 2025, with key agreements signed at the Ministry of Trade. The event was attended by top officials, including acting Bappebti Head Tommy Andana and BI’s Assistant Governor Donny Hutabarat.

Trade Minister Budi Santoso emphasized that the transfer aims to ensure legal certainty for the digital finance and derivatives sectors. He assured that transparency and security for market participants remain a priority.

Under the new framework, OJK will oversee digital financial assets, including cryptocurrencies, and derivatives linked to securities. BI will regulate derivatives tied to instruments in the money and foreign exchange markets.

The alignment is based on Indonesia’s Financial Sector Development and Strengthening Law (UU P2SK). The complete transition must be finalized within 24 months.

OJK has prepared by issuing key regulations, including those governing cryptocurrency trading. The agency plans to adopt the principle of "same activity, same risk, same regulation."

BI, meanwhile, aims to leverage derivatives markets to support monetary policy and enhance market depth. BI’s Senior Deputy Governor, Destry Damayanti, highlighted the importance of this transition for financial development.

Indonesia's digital finance sector has shown significant growth. Between January and November 2024, cryptocurrency transactions surged by 356.16% year-on-year to IDR 556.53 trillion.

During the same period, commodity futures trading reached a notional value of IDR 30.503 trillion. This represents a 30.2% increase compared to the previous year.

The transition also includes public literacy efforts and coordination with stakeholders. Both OJK and BI have committed to maintaining existing licensing and reporting systems during the handover.

PHOTO: DIGWATCH