Administrative Cleanup: Ministry of Trade to Revoke Bappebti's Crypto Asset Regulation

The Ministry of Trade will soon revoke Regulation of the Minister of Trade No. 99 of 2018 on the General Policy for the Implementation of Crypto Asset Futures Trading (“Permendag 99/2018”). This measure follows the transfer of supervisory authority over digital financial assets and crypto assets to the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), as mandated under Article 312 paragraph (1) letter b of Law No. 4 of 2023 on Financial Sector Development and Strengthening (“P2SK Law”) in conjunction with Government Regulation No. 49 of 2024 on the Transfer of Regulatory and Supervisory Duties over Digital Financial Assets, Including Crypto Assets and Financial Derivatives (“PP 49/2024”).

“Yes, the regulation will still be formally revoked as part of the administrative process, so that the technical regulations issued by the Commodity Futures Trading Regulatory Agency (“Bappebti”) can also be revoked,” said Tirta Karma Sanjaya, Head of Bappebti, to Hukumonline.

This measure marks a comprehensive administrative cleanup phase in the transition of crypto asset regulation to OJK, aimed at ensuring that there is no dual regulatory authority or overlap between legal provisions. As a replacement regulatory instrument, OJK has also issued OJK Regulation No. 27 of 2024 on the Implementation of Digital Financial Asset Trading, Including Crypto Assets (“OJK Regulation 27/2024”).

“Although the process has been rather lengthy, the revocation is expected to be issued in the near future,” he added.