The task of monitoring crypto assets by the Commodity Trading Supervisory Agency (Bappebti) will later be mostly transferred to the Financial Services Aithority (OJK). This is related to the existence of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (PPSK Law).

“This transfer is an effort by the government and the House of Representatives to focus and strengthen the supervisory function of the financial industry in Indonesia to protect consumers or customers from rapid development. Once again, I emphasize that this is an effort from the Government and the House of Representatives who are forward-looking,” said Zulkifli as quoted from a press release, Tuesday (24/1).

UU PPSK

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The PPSK Law itself consists of 27 chapters and 341 articles mandating the shift of two Bappebti authorities to the OJK, namely related to crypto asset management and derivatives trading. The transfer of authority is a decision of the government and the House of Representatives so that the management and supervision of crypto assets and derivatives trading can be integrated with financial management.

The purpose of this transition is to minimize the possibility of problems in stabilizing the financial sector in the future. As a follow-up to the law, Bappebti together with the Ministry of Finance will draft a Government Regulation related to the transition period.

“Bappebti must optimize its role and work better in carrying out guidance, regulation and supervision of business actors and improving the business ecosystem. In addition, it is also necessary to formulate strategic and appropriate steps so that the mechanism for transferring authority will not have a meaningful impact on industry and society,” explained the trade minister.

Transition Time

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Bappebti with the Ministry of Finance will prepare a Draft Government Regulation (RPP) for the transition period of transferring crypto assets and derivatives trading to the Financial Services Authority (OJK).

This RPP will be prepared for a maximum of 6 months and the transition period will be carried out for two years or 24 months.

Meanwhile, Zulkifli advised Bappebti to always continuously spawn policy strategies that are proactive, responsive, and anticipatory of the dynamics of the global economy and trade that are full of uncertainty. The role of Bappebti must be strengthened, especially in welcoming the challenges of trade in 2023.

“The Ministry of Trade will be more proactive, responsive, and anticipatory of the uncertain dynamics of the global economy and trade by issuing various targeted policy strategies. The key is collaboration and synergy between ministries of institutions and units in the Ministry of Trade,” he explained.