Wu said that after Indonesia’s cryptocurrency regulation is transferred to the Financial Services Authority (OJK) in January 2025, cryptocurrency companies will need to be evaluated in a regulatory sandbox to obtain a license to operate in Indonesia. Hasan Fawzi, head of cryptocurrency regulation at the OJK, said: “Hopefully our regulatory mechanisms will have a direct impact on preventing fraudulent investments.” Companies that provide services in the country without sandbox assessment will be deemed to be operating illegally.
