Indonesia's Financial Regulator Issues New Regulations for Crypto Innovation in Finance
Indonesia's Financial Services Authority (OJK) has issued new regulations to implement technological innovation in the financial sector, including guidelines on protecting customers, setting up testing environments for new tech, and reporting the outcomes of these tests. The regulation covers activities involving digital financial assets, including crypto, and sets the stage for managing crypto advancements in finance. Starting January 2025, the rule will apply to banks, insurance companies, and other financial industry players on innovating with new technologies when exploring new tech possibilities. OJK is working closely with the current crypto regulator, Bappebti and Bank Indonesia, to manage the shift in digital financial asset supervision, and has collaborated with financial authorities from Malaysia, Singapore, and Dubai to build a comprehensive crypto policy.
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