OJK Still Evaluating One Prospective New Crypto Exchange

Jakarta (ANTARA) — Indonesia’s Financial Services Authority (OJK) has revealed that there is one prospective new crypto exchange in Indonesia currently undergoing the licensing evaluation process.

“The identity of the prospective exchange cannot yet be disclosed because the evaluation process is still ongoing,” said Adi Budiarso, Executive Head of Technology Innovation Supervision for the Financial Sector, Digital Financial Assets, and Crypto Assets at OJK, at a press conference on the results of OJK’s monthly Board of Commissioners Meeting (RDKB) in Jakarta on Tuesday.

“In the process, OJK cannot yet disclose the identity or the target completion time, because this approval will only be granted if all requirements are met in accordance with the new rules, namely the P2SK Law as most recently amended,” he added.

He assured that the evaluation is being conducted thoroughly, covering aspects including capitalisation, ownership, governance, risk management, trading systems, cybersecurity, consumer protection, as well as readiness for integration with the clearing and custodian institutions, and the Digital Financial Asset Manager (PAKD).

Among the requirements, the prospective exchange must be established by at least 11 limited liability companies (PT), with the majority of its founders being PAKDs that are already operational and have held licences for a minimum of three years.

In addition, the prospective exchange must be capable of supporting orderly, fair, and transparent trading, as well as possessing adequate operational resilience.

“The addition of this (crypto) exchange is expected to strengthen competition and innovation whilst maintaining market integrity and consumer protection on a par with other exchanges, and in accordance with the prevailing regulatory provisions,” Adi added.