OJK says BMKS rules are ready, operations await operator

Jakarta (ANTARA) — The Financial Services Authority (OJK) says it is ready to supervise the Strategic Minerals and Commodities Exchange (BMKS), following the completion of the relevant regulations. However, the exchange’s operations depend on Danantara Indonesia, which will run it.

“OJK’s role is as supervisor. For the exchange operator, you should ask Danantara. We are fully ready, and the OJK regulation is also ready,” OJK Board of Commissioners Chairwoman Friderica Widyasari Dewi told reporters at the Coordinating Ministry for Economic Affairs office in Jakarta on Wednesday.

OJK has previously issued Regulation No. 15 of 2026 on the phased transfer of responsibility for regulating and supervising BMKS transactions from the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK, as well as Regulation No. 16 of 2026 on the operation of BMKS.

Regulation No. 15 of 2026 took effect on 17 September 2026, while Regulation No. 16 of 2026 will take effect on 1 January 2027.

Regulation No. 15/2026 sets out a mechanism for transferring regulatory and supervisory powers over BMKS from Bappebti to OJK. The transition is intended to be smooth and measured, preserve market stability, prevent a legal vacuum and minimise operational difficulties for businesses already active in the market.

The transfer of authority from Bappebti to OJK will take effect on 1 January 2027, when BMKS begins operating.

Through Regulation No. 16/2026, OJK is strengthening the regulatory and supervisory framework for BMKS operations.

The regulation covers, among other matters, participants in BMKS trading, trading and its phased implementation, transaction operations, governance, risk management, user protection and integrity enforcement.

OJK is also preparing four Regulations of the Board of Commissioners to supplement the rules governing BMKS operations.

The first will cover the exchange, clearing institution and electronic custodian; the second will regulate BMKS trading intermediaries.

The third will set out fit-and-proper assessments for senior officials of the exchange operator, while the fourth will regulate trading in minerals and strategic commodities.