Government Updates Legal Framework for Equity Crowdfunding Services

As we approach the end of 2020, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has decided to renew the legal framework for equity crowdfunding, as originally addressed under Regulation No. 37/POJK.04/2018 (“ Regulation 37/2018 ”), [1] through the issuance of Regulation No. 57/POJK/04/2020 on Securities Offerings Through Information-Technology-Based Crowdfunding Services (“ Regulation 57/2020 ”). As a result, Regulation 37/2018 has now been repealed and replaced.