CFX Indonesia CEO Applauds Smooth Transition of Crypto Oversight to OJK

JAKARTA, Investortrust.id - Subani, the President Director of PT Central Finansial X Indonesia, has commended the seamless transfer of cryptocurrency oversight from the Commodity Futures Trading Regulatory Agency, or Bappebti, to the Financial Services Authority, or OJK. The official transition was completed on January 10, 2025.

“This transition aligns perfectly with the mandate of the Financial Sector Development and Strengthening Law (UU P2SK), which stipulated that the transfer be completed within two years of its enactment on January 12, 2023,” Subani explained during the Investortrust Convergence Podcast at CFX’s Jakarta office on Friday, January 17, 2025.

Subani credited effective communication among stakeholders for the smooth transition. “For us, the transition process was quite seamless. Communication between Bappebti, us, and OJK was efficient throughout this period,” he said.

Subani, the President Director of PT Central Finansial X Indonesia. Photo: Investortrust/Mohammad Defrizal

He noted that OJK’s regulatory framework has largely adopted the principles previously established by Bappebti, minimizing disruptions. “This continuity has ensured a smooth transition with minimal changes,” Subani added.

Looking ahead, Subani expressed optimism about OJK’s regulatory steps, emphasizing their potential to advance the domestic crypto industry. “OJK has laid out plans for a phased approach, starting with a smooth transition, followed by strengthening regulations before moving to further stages,” he said.

OJK has already introduced several regulations, including OJK Regulation (POJK) No. 27 of 2024 and OJK Circular (SEOJK) No. 20/SEOJK.07/2024, governing the trading of digital financial assets and cryptocurrencies. Additionally, the agency has implemented the Integrated Licensing and Registration System (SPRINT) to streamline oversight and licensing processes.

 

Subani, the President Director of PT Central Finansial X Indonesia (CFX) speaks in an interview in Jakarta on Friday, January 17, 2025. Photo: Investortrust/Mohammad Defrizal

Separately, Mahendra Siregar, Chairman of the OJK Board of Commissioners, highlighted the transition as a critical step in maintaining financial system stability and fostering deeper market integration. “The financial derivatives industry, including digital financial assets and cryptocurrencies previously regulated by Bappebti, has been operational for some time. The aim is to ensure a seamless transition to avoid market disruptions,” Siregar stated.

The Indonesian crypto market has experienced explosive growth. From January to November 2024, crypto transactions reached Rp 556.53 trillion, a staggering 356.16% increase compared to the same period in 2023. The number of crypto customers also surged, with a cumulative total of 22.11 million users.

As OJK takes the reins of crypto oversight, the industry is poised for further development under a more integrated and robust regulatory framework.