- Indonesia mandates all crypto firms undergo regulatory sandbox testing before operating.
- OJK aims to safeguard consumers and promote informed investments.
- The move aligns with Indonesia’s tightening tech sector regulations.
Amid crypto’s surging popularity, Indonesia’s Financial Services Authority (OJK) mandates all cryptocurrency firms undergo evaluation in a regulatory sandbox before operating.
This change comes as OJK prepares to oversee crypto supervision from 2025, treating digital assets as financial instruments.
Consumer safety comes first
OJK’s Hasan Fawzi stresses safeguarding consumers and promoting informed investment decisions.
The sandbox ensures crypto services’ safety and reliability prior to full regulatory approval. Firms operating without clearance face legal consequences.
Tech sector under scrutiny
The crypto move aligns with Indonesia’s tightening oversight of tech companies. Recently, the government threatened to block unregistered online travel agents and briefly banned TikTok Shop before its Tokopedia acquisition.
Regulations also target ecommerce imports and publisher compensation.
To read the original article: https://www.techinasia.com/crypto-firms-must-face-sandbox-evaluation-before-operating-indonesian-govt
