Raising the Bar: Equity Crowdfunding Providers Now Required to Hold Rp.25 Billion in Capital and Undergo Fit-and-Proper Testing

In 2020, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) introduced Regulation No. 57/POJK.04/2020 on Securities Offerings Through Information Technology-Based Crowdfunding Services (“ Equity Crowdfunding ”), which was later amended by Regulation No. 16/POJK.04/2021 (collectively referred to as “ Regulation 57/2020 ”). As its title suggests, Regulation 57/2020 outlined the applicable mechanism for the offering and purchase of securities through equity crowdfunding.