OJK Prepares Digital Asset Regulations for Tokenization and Cryptocurrency

The Financial Services Authority (“ OJK ”) is finalizing Draft Regulation of OJK on the Offering of Digital Financial Assets (“ RPOJK on Asset Offerings ”). Hasan Fawzi, Chief Executive of the Financial Technology Innovation, Digital Finance, and Crypto Assets (Inovasi Teknologi Sektor Keuangan, Aset Keuangan Digital, dan Aset Kripto- “ IAKD ”) at OJK, explained that this RPOJK on Asset Offerings will consolidate the governance framework for digital asset offerings—covering both backed and unbacked crypto assets, as well as tokenized assets.

"With the issuance of this regulation, we hope to attract interest from innovators in the digital financial asset industry, including crypto assets. The goal is to foster the emergence of increasingly beneficial and valuable types of digital financial assets that can contribute to enhancing national economic activity," explained Hasan Fawzi to Hukumonline.”

The new Draft Regulation also sets out comprehensive provisions for the offering of digital financial assets, such as tokenized assets and crypto assets, in accordance with the mandate of Regulation of the Government No. 49 of 2024 on Transfer of Regulatory and Supervisory Duties of Digital Financial Assets, Including Crypto Assets and Financial Derivatives (“ PP 49/2024 ”). Administrative sanctions for non-compliance have also been stipulated, ranging from written reprimands to license revocation.

“Accordingly, offerings may be conducted either as a single issuance or on a continuous basis,” he added.