Overview

2023 has proved to be an eventful regulatory year for Indonesia and has seen various legal instruments being issued throughout its twelve months. Many of the major Regulations that were introduced this year have been aimed at improving and enhancing existing legal instruments, while others were newly introduced with the aim of realizing a better ecosystem across a broad range of sectors. Hukumonline has recorded a figure of 2,371 legal instruments that were issued throughout the year 2023, which vary widely in terms of their types and sectors.

Among these 2,371 frameworks is Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“P2SK Law”), which is generally seen as one of the most important due to its impact on the overall policies and practices of the financial sector. Another highlight includes the passing of the highly anticipated Bill on the Second Amendment to Law No. 11 of 2018 on Electronic Information and Transactions, as amended by Law No. 19 of 2016 (collectively referred to as “ITE Law”) at the end of the 2023 regulatory year.

......