Selasa, Januari 10, 2023

BAPPEBTI to Prepare Transitional Legal Framework Prior to Transfer of Authority over Crypto Assets to the OJK

As one of a number of efforts aimed at strengthening Indonesia’s digital economy, the government has issued various strategic policies aimed at accommodating developments and innovations relating to digital commodity businesses, including the trading of crypto assets. In Indonesia, the trading of crypto assets has fallen under the authority of the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "BAPPEBTI"). In this regard, BAPPEBTI issued licenses throughout 2022 in the form of proof of registration as prospective physical traders of crypto assets to at least 25 companies, allowing said companies to conduct trading activities through the physical crypto market. In addition, BAPPEBTI has also stipulated a total of 383 types of crypto assets that are tradable through the physical market.
Following the promulgation of the Bill on the Development and Strengthening of the Financial Sector (Undang-Undang Penguatan dan Pengembangan Sektor Keuangan – "PPSK Law"), the authority to regulate and supervise activities relating to technological innovations, the digital financial sector and crypto assets will reside with the Financial Services Authority (Otoritas Jasa Keuangan – "OJK"). Accordingly, the authority of BAPPEBTI over the trading of crypto assets will be transferred to the OJK.
As a follow-up to the mandate set under the PPSK Law, BAPPEBTI is now preparing to draft the substance of a Draft Regulation of the Government, which will identify various regulations, institutional matters and mechanisms that relate to the transfer of its authority. However, during this transition period, all guidance, licensing and supervision will remain in the hands of BAPPEBTI. This transition period will last for two years, while the drafting of the Draft Regulation of the Government is set to commence within six months.
For more on this story, see Hukumonline: “UU PPSK Terbit, Bappebti Siapkan RPP Masa Transisi”.

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda

Professional Solutions

University Solutions

Pro

Rp 5.000.000 /bulan

Jadwalkan Demo

Lihat Detail

Pro AI

Terfavorit

Rp 8.200.000 /bulan

Jadwalkan Demo

Lihat Detail

Pro Compliance

New

Rp 12.500.000 /bulan

Jadwalkan Demo

Lihat Detail

*Syarat dan ketentuan berlaku

As one of a number of efforts aimed at strengthening Indonesia’s digital economy, the government has issued various strategic policies aimed at accommodating developments and innovations relating to digital commodity businesses, including the trading of crypto assets. In Indonesia, the trading of crypto assets has fallen under the authority of the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "BAPPEBTI"). In this regard, BAPPEBTI issued licenses throughout 2022 in the form of proof of registration as prospective physical traders of crypto assets to at least 25 companies, allowing said companies to conduct trading activities through the physical crypto market. In addition, BAPPEBTI has also stipulated a total of 383 types of crypto assets that are tradable through the physical market.
Following the promulgation of the Bill on the Development and Strengthening of the Financial Sector (Undang-Undang Penguatan dan Pengembangan Sektor Keuangan – "PPSK Law"), the authority to regulate and supervise activities relating to technological innovations, the digital financial sector and crypto assets will reside with the Financial Services Authority (Otoritas Jasa Keuangan – "OJK"). Accordingly, the authority of BAPPEBTI over the trading of crypto assets will be transferred to the OJK.
As a follow-up to the mandate set under the PPSK Law, BAPPEBTI is now preparing to draft the substance of a Draft Regulation of the Government, which will identify various regulations, institutional matters and mechanisms that relate to the transfer of its authority. However, during this transition period, all guidance, licensing and supervision will remain in the hands of BAPPEBTI. This transition period will last for two years, while the drafting of the Draft Regulation of the Government is set to commence within six months.
For more on this story, see Hukumonline: “UU PPSK Terbit, Bappebti Siapkan RPP Masa Transisi”.

......