According to CoinDesk, the Indonesian Financial Services Authority (OJK) will take over the supervision of the crypto industry from the Commodities Authority Bappebti in January 2025. Crypto companies will need to pass an assessment in the new regulator’s sandbox environment before receiving permission to operate in Indonesia. Hasan Fawzi, OJK’s head of fintech, digital financial assets and crypto business regulation, said at a media briefing on Tuesday: “This is in line with our ethos at the OJK, especially in terms of consumer protection and education. We hope that our regulatory mechanisms will Directly affecting the prevention of fraudulent investments." Companies providing services in Indonesia without sandbox assessment will be deemed to be operating illegally. Sandbox supervision provides a space for testing and innovation development, and evaluates the safety and reliability of products.
