OJK Issues New Rules for Fintech and Crypto Supervision

REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) published OJK Regulation No. 3 of 2024 (POJK 3/2024) on the Implementation of Financial Sector Technology Innovation (ITSK) in order to strengthen the financial ecosystem that utilizes technological innovations, including financial technology (fintech) and digital financial assets such as cryptocurrencies.

POJK 3/2024 is a follow-up to the mandate of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law).

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“POJK 3/2024 marks an important step in providing legal certainty for regulation and supervision of technological innovation in the financial sector,” said Aman Santosa, Head of the Department of Literacy, Financial Inclusion and Communications of OJK Aman Santosa in Jakarta, Sunday (10/3/2024).

Aman said that POJK 3/2024 is expected to create an integrated fintech ecosystem with an activity-based approach that aims to support innovation by ensuring consumer protection and effective risk mitigation.

In the new POJK, improvements were made to the Regulatory Sandbox mechanism, which is OJK's facility for testing and developing innovative financial technologies.

The refinements in the Regulatory Sandbox framework include several key aspects. Includes the addition of eligibility criteria, the implementation of test plan requirements, and the determination of results and exit policies from Sandbox.

In addition, POJK 3/2024 is intended to ensure that innovation and technological development are carried out responsibly, have good risk management, promote market integrity, while paying attention to consumer protection.

The POJK also stipulates obligations to obtain permit status for organizers, improve coordination between supervisors in arrangements and supervision, and improve financial literacy and consumer protection.

“OJK is committed to continuing to monitor the development and strengthening of technological innovation in the financial sector while maintaining stability in the financial sector and consumer protection with concrete evidence through the issuance of this POJK 3/2024,” Aman said.