Jakarta, The Indonesia Post – The Minister of Trade Zulkifli Hasan said that some of the authority, duties and functions of the Commodity Trade Supervisory Agency (Bappebti) related to supervision in the financial industry, such as managing crypto assets, had been transferred to the Financial Services Authority (OJK).
This is in line with one of CoFTRA’s main tasks in 2023 to implement Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU PPSK) which was signed by President Joko Widodo on Thursday (12/1).
“This transfer is an effort by the government and the DPR to focus and strengthen the oversight function of the financial industry in Indonesia to protect consumers or customers from rapid developments,” said Zulkifli at the opening of the CoFTRA Working Meeting in Jakarta, Thursday.
The PPSK Law consists of 27 chapters and 341 articles, mandating the shift of two authorities of CoFTRA to OJK, namely related to managing crypto assets and trading derivatives.
The transfer of authority is a decision of the government and the DPR so that the management and supervision of crypto assets and derivative trading can be integrated with financial management.
The aim is to minimize the possibility of problems occurring in the stabilization of the financial sector in the future.
As a follow-up to the law, CoFTRA and the Ministry of Finance will prepare a Government Regulation regarding the transition period.
“CoFTRA must optimize its role and work even better in coaching, regulating and supervising business actors as well as improving the business ecosystem,” said the Trade Minister.
Furthermore, he asked for strategic and appropriate steps to be immediately drawn up so that the mechanism for the transfer of authority would not have a significant impact on industry and society. (mhn/bbs)
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