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Indonesia Rushing Crypto Oversight Transfer Before Jan. 12
The post Indonesia Rushing Crypto Oversight Transfer Before Jan. 12 appeared on BitcoinEthereumNews.com. The Indonesian government is reportedly racing to finalize the authority transfer to oversee the crypto industry from the Commodity Futures Trading Agency (Bappebti) under the Trade Ministry to the Financial Services Authority (OJK) ahead of its approaching deadline. Indonesia’s Crypto Oversight Transition Stalled On Thursday, OJK Chairman Mahendra Siregar talked about the preparations for the crypto authority transition at the 2025 stock market opening event in Jakarta. Mahendra revealed that discussions and arrangements are ongoing, with the draft government regulation prepared in an official format, the Jakarta Globe reports. The transition, scheduled to be completed by January 12, will transfer the crypto industry’s supervision from the Commodity Futures Trading Agency, which has overseen digital assets since 2018, to the Financial Services Authority. The transfer has been reportedly stalled due to “the absence of a supporting government regulation.” Finance Minister Sri Mulyani Indrawati introduced the plan in late 2022. The bill is expected to become law once the legislative and executive branches of the Indonesian government reach an agreement on all provisions. By January 2, 2025, the official bill for the transition has yet to be published, but the OJK Chairman stated the agency has “been working closely with the Trade Ministry to ensure a seamless process.” Mahendra added, “Once the regulation is issued, it will provide the legal basis for the transition.” The transfer to OJK is expected to foster a more transparent and comprehensive regulatory framework that aligns with international standards. However, Bappebti Chief Kasan explained that the existing rules will remain effective until the new regulation is enacted. According to the report, OJK Commissioner Hasan Fawzi detailed that the agency “conducted in-depth studies on global practices in crypto regulation and prepared its workforce for the role.” Indonesia’s Landscape Nailul Huda, a digital economy expert, criticized the transition delay,…
The post Indonesia Rushing Crypto Oversight Transfer Before Jan. 12 appeared on BitcoinEthereumNews.com.
The Indonesian government is reportedly racing to finalize the authority transfer to oversee the crypto industry from the Commodity Futures Trading Agency (Bappebti) under the Trade Ministry to the Financial Services Authority (OJK) ahead of its approaching deadline. Indonesia’s Crypto Oversight Transition Stalled On Thursday, OJK Chairman Mahendra Siregar talked about the preparations for the crypto authority transition at the 2025 stock market opening event in Jakarta. Mahendra revealed that discussions and arrangements are ongoing, with the draft government regulation prepared in an official format, the Jakarta Globe reports. The transition, scheduled to be completed by January 12, will transfer the crypto industry’s supervision from the Commodity Futures Trading Agency, which has overseen digital assets since 2018, to the Financial Services Authority. The transfer has been reportedly stalled due to “the absence of a supporting government regulation.” Finance Minister Sri Mulyani Indrawati introduced the plan in late 2022. The bill is expected to become law once the legislative and executive branches of the Indonesian government reach an agreement on all provisions. By January 2, 2025, the official bill for the transition has yet to be published, but the OJK Chairman stated the agency has “been working closely with the Trade Ministry to ensure a seamless process.” Mahendra added, “Once the regulation is issued, it will provide the legal basis for the transition.” The transfer to OJK is expected to foster a more transparent and comprehensive regulatory framework that aligns with international standards. However, Bappebti Chief Kasan explained that the existing rules will remain effective until the new regulation is enacted. According to the report, OJK Commissioner Hasan Fawzi detailed that the agency “conducted in-depth studies on global practices in crypto regulation and prepared its workforce for the role.” Indonesia’s Landscape Nailul Huda, a digital economy expert, criticized the transition delay,…
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