- The dynamic nature of the Financial Technology (“Fintech”) industry is making it difficult for regulators to determine a suitable regulatory framework. The main issue that the regulators are encountering is that if any major peer-to-peer transactions run into problems, then this has the potential to disrupt financial stability.
- As a precautionary measure, the Financial Services Authority (“OJK”) is currently implementing a regulatory sandbox mechanism in a bid to ensure that the various products issued by Fintech companies are safe for use by the general public and also offer significant benefits. Moreover, the OJK is using this regulatory sandbox approach in order to formulate a draft regulation which will fully address the Fintech industry.
- Bank Indonesia, which is responsible for the supervision of Fintech digital-payment systems, is also concerned that without proper regulation, the Fintech industry could act as a shadow-banking sector, increasing risk and the potential for crises to emerge.
- The Directorate General of Tax is also having difficulties formulating a regulatory framework which will be able to tackle the collection of taxes from overseas Fintech companies, in spite of the fact that there are essentially no differences in terms of tax implementation between conventional and Fintech companies.
- For more on this story, see Hukumonline: “Butuh Pengaturan yang Tepat Awasi Industri Fintech”.
......
Subscribe to read more legal analysis.
Hukumonline Pro Intelligence
Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda
*Syarat dan ketentuan berlaku
Ada Pertanyaan? Hubungi Kami 
Professional Solutions
University Solutions
Pro
My Workspace
Pro AI
Terfavorit
Allex QnA
Pro Compliance
