Jakarta, Armfalcon.com —
Commodity Futures Trading Regulatory Agency (Bappebti) targeting the drafting of a government regulation (PP) related to the transfer of asset control crypto to the Financial Services Authority (OJK) will be completed next June.
The transfer of oversight of crypto assets from CoFTRA to OJK is contained in the Financial Sector Development and Strengthening Act (UU PPSK). Under the regulation, OJK will oversee the financial sector as a whole, starting from banking, capital markets, pension funds, insurance, fintech, crypto, to cooperatives.
However, the government and the DPR realize that a transition period is needed between OJK and CoFTRA without disrupting the ongoing development of crypto asset transactions.
Acting Head of Bappebti Didid Noordiatmoko said that under the PPSK Law, the transfer of oversight of crypto assets to the OJK takes a maximum of two years.
He also said that currently his party and stakeholders are in the middle of preparing a PP draft in this regard.
“No later than July (the PP draft is completed), but the target from the Ministry of Finance (Ministry of Finance) is to finish in June. June is a sacred month at Keramat Raya (address of CoFTRA office),” Didid said at the CoFTRA Office, Jakarta, Friday (19/5).
He said the mechanism in the draft PP meant that it had to cause as little shock to the industry as possible.
In fact, said Didid, the transfer must have a positive impact on industrial development as well as an impact related to the stabilization of the financial sector.
He also promised that CoFTRA will continue to coordinate with the OJK and Bank Indonesia (BI) to ensure that the transitional period will go well in the future.
With the transfer of crypto oversight, the OJK will later have a chief executive supervising technological innovation in the financial sector, digital financial assets and crypto assets who concurrently serve as a member of the board of commissioners.
Quoting Article 335 paragraph 2 b of the PPSK Law, the chief executive in question will be appointed and determined no later than seven months from the promulgation of the PPSK Law.
So, before there was a related official, supervision would be carried out by a definitive official, namely the chief executive supervising insurance, guarantees, and pension funds.