The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan/OJK) has formally issued POJK 3/2024, a regulation governing Financial Sector Technology Innovation (ITSK). This framework extends oversight to fintech and crypto assets, marking a pivotal step in Indonesia's financial regulatory landscape.
Key Provisions of POJK 3/2024
The ITSK framework encompasses eight core activities:
- Securities transaction settlements
- Capital fundraising
- Investment management
- Risk management
- Fund collection and distribution
- Market support services
- Digital asset-related activities (including crypto assets)
- Other digital financial services
This regulation implements Law No. 4 of 2023 on Financial Sector Development and Strengthening (UU P2SK), providing legal certainty for technology-driven financial innovations.
"POJK 3/2024 establishes an integrated fintech ecosystem with activity-based approaches, balancing innovation with consumer protection," stated Aman Santosa, Head of OJK's Financial Literacy and Inclusion Department.
Enhanced Regulatory Sandbox Mechanism
The regulation refines Indonesia's Regulatory Sandbox program, introducing:
- Eligibility criteria: Innovations must be novel, consumer-beneficial, and require testing support
- Testing plan requirements: Participants must submit detailed trial blueprints
- Exit policies: OJK will evaluate sandbox outcomes, granting compliant participants a 6-month provisional license
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FAQs
1. When will OJK begin supervising crypto companies?
OJK will fully enforce crypto oversight by January 2025, as outlined in previous announcements.
2. Can failed sandbox participants reapply?
Yes, after addressing deficiencies and complying with exit policies, entities may re-enter the sandbox with improved proposals.
3. How does this differ from Bappebti's previous crypto oversight?
POJK 3/2024 transfers regulatory authority from Bappebti to OJK, creating unified standards for financial technologies.
The regulation strengthens Indonesia's position as Southeast Asia's digital asset hub while prioritizing market stability. For investors, this means clearer compliance pathways and enhanced consumer safeguards.
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For further updates on Indonesia's fintech policies, monitor OJK's official announcements.
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