P2SK Revisions Said to Threaten Crypto Industry, OJK Responds
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) has responded to three articles in the Draft Law on the Development and Strengthening of the Financial Sector (P2SK Bill) that are said to threaten the decentralised spirit of the crypto industry.
OJK’s Head of Executive for the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets, Adi Budiarso, assessed that the government and DPR are very progressive in building a culture and solid regulations at the legislative level. He stated that OJK has provided input to the DPR and conducted research with crypto industry players to prepare the best options for the bill.
Adi then mentioned that Indonesia is the only country with a crypto exchange. He noted that the exchange is centralised in nature.
“Crypto is decentralised finance, but this exchange is a centralised mechanism that we can enhance for future development. It’s interesting,” Adi said after the opening of Crypto Literacy Month at The Dome, South Jakarta, on Tuesday (7/4/2026).
Therefore, he said the DPR’s sectoral team requested input from OJK to refine the regulatory framework that can be improved. This is particularly for enhancing consumer protection and the capacity to track illegal transactions.
Adi stated that Indonesia wants to comply with the Financial Action Task Force (FATF). In this regard, Indonesia has been a full member of FATF in recent years.
“Earlier, our DPR-PATK colleagues also supported us. I think this is an interesting and constructive discussion,” Adi remarked.
On the same occasion, DPR RI Commission XI member Eric Hermawan conveyed that the crypto regulations in the P2SK Bill are still being drafted. The DPR aims to finalise the new regulations during this session period.
Eric acknowledged that the bill contains several important points, including the establishment of a crypto exchange. Detailed regulations will be provided later after the bill is passed.
“But our hope is that the government together with the DPR strives to protect investments made by the public in Indonesia, especially in the crypto sector. And our hope is also that crypto investments become an alternative for young people to invest in areas they are interested in today, crypto,” Eric explained.
For reminder, in a public hearing (RDPU) of DPR RI Commission XI a month ago, crypto industry associations stated that the bill is said to threaten crypto decentralisation, erode the role of digital crypto asset traders (PAKD), potentially cause mass layoffs, and lead to capital outflows from Indonesia.
The Indonesian Blockchain Association (ABI) highlighted Article 21A paragraph 4 in the bill, which mandates that all activities of Financial Sector Technology Innovation (ITSK) and digital financial assets, including crypto, must be transacted through and reported to the exchange.
Current regulations require 70% of crypto assets to be stored in a self-regulatory organisation (SRO). Thus, if this article passes, it will create centralised risk or a single point of failure because all crypto assets must be placed in the SRO.
Additionally, there is Article 215C point 9 regarding the requirement for the crypto exchange to own or control the system for organising the trading of digital financial assets, including crypto assets and derivatives. ABI stated that this regulation could degrade the role of PAKD, or commonly known as exchanges, which have operated independently so far.
Furthermore, Article 312A point C mandates that the exchange organise the trading of digital assets within two years after the law is enacted.
ABI noted the potential for capital outflows because crypto transactions are borderless worldwide, and Indonesians can open accounts to trade abroad.