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OJK is putting out a master plan to regulate the cryptocurrency industry.

OJK is putting out a master plan to regulate the cryptocurrency industry.

Member of the new Financial Services Authority (OJK) Board of Commissioners, Hasan Fawzi who oversees Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets, revealed that he is preparing and will launch a master plan related to the regulation and supervision of crypto assets.

In a press conference for the inauguration of members of the Board of Commissioners for the 2023-2028 period, Friday (18/8/2023), Hasan said the crypto master plan was one of the initial programs that would be put forward considering that PPSK arrangements regarding this sector were still new.

“Even so, we are not starting from something completely new because in the Digital Financial Assets and Crypto Assets (IAKD) sector, this includes continuing what has so far been included in the context of OJK development, namely related to digital financial innovation, said Hasan.

Hasan added that in the master plan, later there will be a framework that regulates regulation, development and formulation of enforcement, supervision and law enforcement related to this sector.

So far Hasan has not been able to reveal when this crypto master plan will be launched, but according to him this master plan will be launched in the near future.

“Our target is to do it as quickly as possible, to do it thoroughly and in the shortest time. So just wait for the crypto master plan. We also want to prepare a complete IDK house which will become guidelines within the scope of the OJK,” said Hasan.

In accordance with the PPSK Law, the scope of the IAKD field includes, among other things, technological innovation in raising public funds, investment management, and settlement of securities transactions.

In addition, it also includes technological innovation in risk management, claims handling, distribution and sales as well as technological innovation in raising or distributing funds.

The IAKD sector will also cover market-supporting technological innovations to meet IJK needs, including credit scoring, aggregators, and e-know your customer. Then it also includes activities related to digital financial assets, including crypto assets, as well as other digital financial service activities.

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