Bitwewe CEO: Clear ICO Regulations Could Boost Indonesia’s Economic Growth to 8%

JAKARTA, Investortrust.id – Hamdi Hassyarbaini, CEO of PT Sentra Bitwewe Indonesia, has emphasized the urgent need for clear regulations on initial coin offerings (ICO) in Indonesia, stating that well-defined policies could drive digital asset innovation and help the country achieve its 8% economic growth target.

Speaking at the Investortrust Focus Group Discussion (FGD) on "Crypto & Financial Services: Strategies for Sustainable Innovation" in Jakarta on Thursday, Feb. 13, 2025, Hamdi noted that the lack of regulatory clarity on ICOs is holding back potential economic contributions from the crypto sector.

“There are still no clear rules on ICOs. At its core, an ICO is a public fundraising mechanism. However, there is no guidance on how the process should work or who is authorized to conduct an ICO. This is an urgent regulatory gap that must be addressed by the Financial Services Authority (OJK),” he stated.

ICO Regulation as a Catalyst for Economic Growth

Hamdi argued that establishing a legal framework for ICOs would stimulate the issuance of more domestic cryptocurrencies and tokenized assets, particularly those tied to real-world assets (RWA) such as government bonds for infrastructure development.

“To contribute to 8% economic growth, we need more locally issued coins that are backed by tangible assets. The crypto industry can play a role in economic expansion if given a structured regulatory environment,” he added.

Bitwewe CEO Hamdi Hassyarbaini receives a token of appreciation from Investortrust CEO Primus Dorimulu at the Investortrust Focus Group Discussion in Jakarta, Thursday, Feb. 13, 2025. (Photo: Investortrust/Dicki Antariksa)

OJK’s Regulatory Sandbox and Tokenization Challenges

Meanwhile, OJK’s Digital Financial Innovation Group Head, Ludy Arlianto, acknowledged the potential benefits and challenges of tokenizing real-world assets (RWA), currently being tested in Indonesia’s regulatory sandbox.

OJK’s sandbox framework serves as a controlled testing environment for new financial innovations, allowing regulators to assess risks and develop mitigation strategies before full-scale implementation.

According to Ludy, the tokenization of real-world assets could enhance liquidity, broaden investment access, and improve transparency and security while lowering costs and administrative inefficiencies.

OJK Digital Financial Innovation Group Head Ludy Arlianto speaks at the Investortrust Focus Group Discussion on crypto regulations, Jakarta, Thursday, Feb. 13, 2025. (Photo: Investortrust/Dicki Antariksa)

However, he admitted that the biggest challenge remains the absence of formal regulations on ICOs and tokenized assets, which limits the scale of current projects.

“The benefits of tokenization are clear, but regulatory uncertainty is a major obstacle. This is why the sector remains small,” Ludy stated.

OJK Targets ICO Regulations by Q3 2025

According to Hasan Fawzi, OJK’s Chief Executive for Financial Technology Innovation, Digital Assets, and Crypto Supervision, ICO regulations are set to be finalized by Q3 or Q4 of 2025.

OJK has included ICO regulations in its 2025 legislative roadmap, focusing on a new regulatory framework for digital financial assets. The agency is also collaborating with the Organisation for Economic Co-operation and Development (OECD) to align Indonesia’s crypto regulations with international standards.

“At this stage, we are in the early process of drafting the regulations. By Q3 or Q4 2025, we aim to issue the final framework, beginning with OJK’s initial guidelines. The process includes an academic review involving industry players and associations,” Hasan explained.

Bitwewe CEO Hamdi Hassyarbaini answers questions from Investortrust CEO Primus Dorimulu at the Investortrust Focus Group Discussion in Jakarta, Thursday, Feb. 13, 2025. (Photo: Investortrust/Dicki Antariksa)

Encouraging Domestic Crypto Innovation

Hasan stated that OJK aims to create a regulatory environment that encourages domestic ICOs, ensuring that high-value tokenized assets, such as RWA-based cryptocurrencies, are issued in Indonesia rather than overseas.

“Our goal is to ensure that domestic crypto projects have a regulatory framework that supports them rather than forcing issuers to launch overseas. This is crucial for unlocking economic benefits from tokenized assets,” Hasan said.

He also emphasized that the ICO regulations would focus on investor protection, transparency, and proper risk disclosures, while encouraging responsible innovation in the crypto sector.

“We want to foster a secure and beneficial environment for digital asset innovation, while ensuring that crypto projects have a clear legal standing and contribute positively to the broader financial ecosystem,” Hasan concluded.