The Financial Services Authority (OJK) of Indonesia has introduced new regulations for the cryptocurrency industry, aiming to integrate technological innovations into the financial sector. These regulations are scheduled to take effect from January 2025.

These regulations are applicable to banks, insurance companies, and various other financial institutions, urging them to adopt more advanced and suitable technologies. They emphasize how innovation in the financial sector will directly impact various financial products and solutions.

Additionally, the regulations include guidelines for ensuring customer protection, establishing testing facilities for new technologies, and disclosing the results of these tests. They cover functions related to online financial assets and cryptocurrencies.

While the regulations do not delve into specific details, they lay the groundwork for overseeing the presence of cryptocurrencies in financial matters. The amendments reflect OJK's efforts to strengthen the regulatory framework for cryptocurrencies in Indonesia.

OJK has collaborated with the current cryptocurrency regulator, Bappebti, and Bank Indonesia to establish a joint team to oversee cryptocurrency asset management.

Recently, OJK partnered with financial authorities from Malaysia, Singapore, and Dubai to develop a comprehensive cryptocurrency policy. This collaboration involved Malaysia's Bank Negara, the Monetary Authority of Singapore, and the Virtual Asset Regulatory Authority of Dubai, with a focus on establishing a robust and effective regulatory framework for cryptocurrencies.