Note: This article reflects the personal opinion of the writer and\ndoes not represent the views of the CNBC Indonesia editorial team.<\/p>\n
In the era of digital finance, a regulator\u2019s strength is no longer\ndetermined solely by how complete its rules are, but by how quickly\nrisks can be seen. When transactions run around the clock, products\nevolve rapidly, and interconnections between market participants grow\nincreasingly complex, supervision that relies on formal compliance alone\nis no longer sufficient. Data has now become part of the infrastructure\nof stability and market trust.<\/p>\n
It is in this context that Financial Services Authority (OJK)\nCommissioner Member Regulation No.\u00a03 of 2026 on the Organisation of\nDigital Financial Asset Trading, Including Crypto Assets, merits\nattention. Taking effect on 1 September 2026, the regulation appears at\nfirst glance to address something technical: mechanisms, formats, types\nand reporting deadlines. Yet behind this administration lies a more\nstrategic agenda \u2014 a shift towards data-driven supervision.<\/p>\n
PADK No.\u00a03\/2026 is not a new crypto asset regime. Its foundations\nwere laid through POJK No.\u00a027 of 2024, later amended by POJK No.\u00a023 of\n2025. PADK No.\u00a03\/2026 operationalises that architecture through digital\nfinancial asset evaluation reports, monthly reports, self-assessments of\nrisk management, annual and ad hoc reports, as well as notifications of\nclearing, guarantee and settlement activities for digital financial\nasset derivative transactions.<\/p>\n
This is where something seemingly administrative takes on strategic\nmeaning. Modern financial regulation no longer stops at the question,\n\u201cwhich rules must be complied with?\u201d, but moves towards the more\nimportant question: \u201cwhat risks can be read from the data?\u201d<\/p>\n
From Regulatory Transfer to Supervisory Deepening<\/p>\n
Indonesia has passed the first phase, in which the regulation and\nsupervision of digital financial assets, including crypto, transferred\nto the OJK in 2025 as mandated by the P2SK Law. The market can no longer\nbe regarded as peripheral.<\/p>\n
As of July 2026, the number of consumer accounts for digital\nfinancial asset trading had reached 22.93 million. In the same month,\ncrypto asset transaction value reached Rp20.52 trillion, plus derivative\ntransactions of Rp3.41 trillion.<\/p>\n
Market infrastructure is increasingly complete: two digital financial\nasset exchanges, two clearing, guarantee and settlement institutions,\ntwo custodians, and 26 licensed traders. The CFX exchange lists 1,214\nassets and 49 derivatives, whilst ICEX records 871 tradable assets.<\/p>\n
These figures transform the supervision problem. When the market\ninvolves nearly 23 million consumer accounts, thousands of assets and\ntransactions worth tens of trillions of rupiah each month, the question\nis no longer whether digital assets need regulating. The question is how\nthe regulator gains visibility over the risks moving within it.<\/p>\n
An entity-based supervision approach alone is increasingly\ninadequate. The regulator needs to understand relationships between\nparticipants, transaction concentrations, asset flows, liquidity,\nexposures, trading anomalies, and the possibility of risk\ntransmission.<\/p>\n
Paradoxically, the digital economy does not lack data \u2014 it is flooded\nwith it. Data abundance can produce information scarcity when millions\nof data points cannot be translated into information relevant to\nsupervision. That is the difference between reporting and\nintelligence.<\/p>\n
Data as a Supervisory Sensor<\/p>\n
PADK No.\u00a03\/2026 builds one of its foundations through the\nstandardisation of reporting. Operators must submit periodic monthly,\nquarterly and annual reports as well as ad hoc reports. The regulation\nalso governs asset evaluation reports for the Digital Financial Asset\nList and notifications of clearing, guarantee and settlement activities\nfor derivative transactions.<\/p>\n
Reporting thus has the potential to transform from an administrative\nobligation into a supervisory sensor. This does not yet mean real-time\nsupervision; reporting periodicity remains. It is therefore more\naccurate to read PADK as a foundation for improving risk visibility \u2014\nthe regulator\u2019s capacity to see patterns and concentrations of risk more\nsystematically.<\/p>\n
The European Union\u2019s experience shows the direction of evolution. The\nMarkets in Crypto-Assets Regulation (MiCA) did not stop at licensing and\ncompliance obligations. ESMA developed data standards for crypto asset\nservice providers\u2019 record-keeping, including standardised\nmachine-readable JSON schemas for orders and transactions.<\/p>\n
The aim is clear: to make transaction structures and metadata\nuniform, improve comparability, facilitate data exchange with\nauthorities, and strengthen market surveillance.<\/p>\n
The lesson is not that Indonesia should copy MiCA. Market structures\nand institutions differ across jurisdictions. The lesson is more\nfundamental: a strong regulatory perimeter must be underpinned by an\nequally strong information architecture.<\/p>\n
Singapore moves with a similar philosophy through the Monetary\nAuthority of Singapore\u2019s supervision of digital payment token services:\ndigital innovation is brought within the perimeter of financial\nregulation, rather than being left to develop as a world separate from\nstandards of governance, risk management and consumer protection.<\/p>\n
Indonesia has in fact begun entering territory broader than crypto\ntrading. As of July 2026, the OJK\u2019s regulatory sandbox has produced\nbusiness models declared to have passed \u2014 from gold tokenisation,\nsecurities tokenisation and property ownership benefit tokenisation, to\nthe rupiah stablecoin, custody of non-tradable digital financial assets,\nand crypto fund managers. This means supervision is facing not only\nmarket growth, but also a change in the market\u2019s very shape.<\/p>\n
From Risk Visibility to Predictive Supervision<\/p>\n
IOSCO points further ahead. Its global recommendations place market\nsurveillance as a key element in the oversight of crypto asset markets.\nAuthorities need the capability to detect suspicious transactions and\norders, respond quickly to suspected market abuse, share information,\nand monitor both on-chain and off-chain activity.<\/p>\n
This is where Indonesia\u2019s next agenda should move. Standardised\nreporting must not stop at the digitisation of forms. If thousands of\ndata columns simply move from industry spreadsheets to the regulator\u2019s\nservers, technology has not yet changed the paradigm of supervision.<\/p>\n
Added value is only created when trading, clearing, custody, capital,\nrisk profile, ownership concentration, consumer complaint and irregular\ntransaction data can be interconnected. From there, the regulator can\nbuild early-warning indicators, detect anomalous patterns and map risk\ninterconnections.<\/p>\n
The evolution can be summarised in three stages: from compliance\nreporting towards risk visibility, and then developing into predictive\nsupervision. Supervision no longer stops at compliance with reporting\nobligations, but moves towards the ability to read concentrations of\nrisk and, at a more advanced stage, to identify early signals before\nrisks develop into problems.<\/p>\n
The first stage answers whether participants comply with the rules.\nThe second stage shows where risk is beginning to concentrate. The third\nis more advanced: using SupTech, network analytics, machine learning and\nartificial intelligence to read weak signals before they develop into\nproblems.<\/p>\n
Imagine nearly 23 million consumer accounts and transactions worth\ntens of trillions of rupiah no longer being read as standalone tables,\nbut as a network of financial relationships. Supervisors could identify\nconcentrations in particular assets, unusual surges in volume, changes\nin transaction patterns, relationships between participants, and\nindications of operational risk and market conduct issues.<\/p>\n
This is where data changes from a compliance burden into a\nsupervisory asset. Yet predictive supervision does not mean handing\nsupervisory decisions over to algorithms. The broader the use of AI, the\nmore important human judgement, data quality, model governance,\nauditability and the control of false positives become. Technology must\nstrengthen the supervisor\u2019s capacity, not replace its\naccountability.<\/p>\n
Regulation as Trust Infrastructure<\/p>\n
This transformation is all the more important because the future of\ndigital assets does not stop at retail crypto trading. Tokenised\nreal-world assets, digital securities, stablecoins, digital custody and\ndistributed ledger-based investment instruments are increasingly\nbringing the digital asset world together with the formal financial\nsystem. Indonesia\u2019s sandbox experiments show this convergence is no\nlonger mere discourse.<\/p>\n
IOSCO offers a relevant principle: same activity, same risk, same\nregulation\/regulatory outcome. The technology may change, but similar\nactivities and economic risks should receive comparable standards of\nprotection. Regulation should therefore not be positioned as the enemy\nof innovation. Good regulation is, in fact, trust infrastructure.<\/p>\n
Institutional investors do not enter a market merely because its\ntechnology is attractive. They require legal certainty, governance,\nasset protection, market integrity, risk management and trustworthy\ndata. The stronger these foundations, the greater the chance that\ndigital assets move from dominance by speculative trading towards\nbecoming a productive part of the financial system.<\/p>\n
In that perspective, PADK No.\u00a03\/2026 is indeed only one piece of a\nlarger architecture. But it affirms something fundamental: good\nsupervision begins with the ability to see.<\/p>\n
The first chapter of Indonesia\u2019s digital asset transformation was\nexpanding the regulatory perimeter. The second was consolidating\nregulation and institutions. The next chapter is building intelligent\nsupervision.<\/p>\n
Indonesia already has the scale: nearly 23 million consumer accounts,\ntwo exchanges, two clearing institutions, two custodians, dozens of\nlicensed traders, thousands of tradable assets, and innovation moving\nfrom crypto towards tokenisation and stablecoins. The challenge now is\nnot producing ever more data, but making the data speak.<\/p>\n
For in a market that moves 24 hours a day, the future regulator\u2019s\nadvantage is determined not by how many reports it receives, but by how\nquickly data can be turned into risk signals, and how early those\nsignals can be translated into supervisory action.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/from-regulation-to-data-a-new-chapter-in-digital-asset-supervision-1788756733", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }