OJK Still Evaluating One Prospective New Crypto Exchange

The Financial Services Authority (OJK) has disclosed that there is one prospective new crypto exchange in Indonesia currently undergoing a permit evaluation process. The identity of the prospective exchange cannot yet be disclosed as the evaluation process is still ongoing, said Adi Budiarso, Chief Executive of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision at OJK, during a press conference on the results of the OJK Monthly Board of Commissioners Meeting in Jakarta. He added that the OJK cannot yet convey the identity or the target completion time because approval will only be granted if all requirements are met in accordance with the new regulation, namely the recently revised P2SK Law. He confirmed that the evaluation is being conducted thoroughly, covering aspects such as capital, ownership, governance, risk management, trading systems, cybersecurity, consumer protection, and readiness for integration with clearing and custodian institutions and Digital Financial Asset Managers (PAKD). One requirement is that the prospective exchange must be established by at least 11 limited liability companies (PT), with the majority of founders being PAKDs that have been operating and licensed for a minimum of three years. Furthermore, the prospective exchange must be able to support orderly, fair, and transparent trading, and possess adequate operational resilience. The addition of this crypto exchange is expected to strengthen competition and innovation while maintaining market integrity and consumer protection on par with other exchanges, in accordance with prevailing regulatory provisions.