Indonesia’s regulatory agency has issued a new rule that could potentially affect crypto assets in the country. According to local reports, firms must introduce their products to the Financial Services Authority (OJK)’s Regulatory Sandbox.
Crypto Assets To Be Tested On Regulatory Sandbox
Local reports by news media outlet DetikFinance informed of the new regulatory rule issued by the OJK this week. The rule aims to “increase the development of the technological innovation of the financial sector” and safeguard users from losses and “fraudulent investments.”
OJK’s new measure requires Financial Services Institutions (FSIs) to enter new products and services in Indonesia’s regulatory sandbox. According to the reports, the regulation includes banking, insurance, and crypto companies that “are guaranteed to be suitable for use by consumers.”
Crypto firms must be evaluated in the regulatory sandbox before being authorized to operate in Indonesia. Moreover, c
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