Provisions on the Mandatory Registration of Crowdfunding Service Providers as Electronic Systems Providers Amended

In response to the ongoing confusion about the licensing of crowdfunding service providers, specifically, the obligation of said providers to register as electronic system providers (penyelenggara sistem elektronik – “PSE”), the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently issued Regulation No. 16/POJK.04/2021 (“Amendment”), which amends and clarifies a number of provisions originally set out under Regulation of the OJK No. 57/POJK.04/2020 on Securities Offerings Through Information-Technology-Based Crowdfunding Services[1] (“Regulation 57/2020”).[2] In essence, the amended provisions address the following matters: