The financial services regulator of Indonesia, the Financial Services Authority (OJK), has released a fresh set of regulations for the crypto industry. This is pertaining to the execution of technological inventiveness within the financial arena and will come into effect from January 2025.
This regulation is applicable to banks, insurance businesses, and various other financial industries, and they will be encouraged to adopt more suitable and advanced technologies. The regulations highlight how inventiveness pertaining to the finance vertical will directly affect various finance-related products and solutions.
Added to that are the guidelines regarding safeguarding customers, establishing testing facilities for the latest technology, and revealing the results of the tests. It includes functions related to online financial assets and crypto.
Advertisement
However, it does not delve into the finer points but prepares the base for controlling crypto’s presence in finance related issues. The amendments speak of OJK’s involvement in strengthening the regulatory structure of crypto in Indonesia.
OJK has connected with the present crypto regulator, Bappebti, and Bank Indonesia to build a shifting team to control the inclination toward financial asset management.
Advertisement
A short while back, OJK associated with financial bodies from Malaysia, Singapore, and Dubai to initiate an all-inclusive crypto policy. There was also the collaboration with Malaysia’s Bank Negara, the Monetary Authority of Singapore, and the Virtual Asset Regulatory Authority of Dubai. The entire focus will be on setting up a strong and viable structure related to crypto policy.
