OJK Set to Roll out New Framework on Digital Financial Assets and Crypto Assets: Offerings to Be Permitted on a Single or Continuous Basis

In 2024, the Indonesian Government issued Regulation No. 49 of 2024 on the Transfer of Regulatory and Supervisory Duties for Digital Financial Assets Including Crypto Assets and Financial Derivatives (“Regulation 49/2024”). As its title suggests, Regulation 49/2024 mandated the transfer of supervisory authority over digital financial assets and crypto assets from the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi/Bappebti) to the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), with this shift in supervision coming into effect on 10 January 2025.[1]