Langgampos.com - The Financial Services Authority (OJK) has introduced a draft regulation (RPOJK) on the organization of digital financial asset trading, including cryptocurrencies, seeking public feedback.
In its latest move, OJK has strengthened its oversight of the rapidly growing cryptocurrency market in Indonesia by unveiling new regulations. The draft regulation aims to give OJK a more significant role in governing and supervising the sector, ensuring not only market order but also better consumer protection.
With the implementation of these new regulations, public trust in cryptocurrencies as an investment instrument is expected to rise. The legal clarity provided by the regulations creates a more favorable investment climate for both consumers and businesses in the digital asset sector.
Tokocrypto CEO Yudhono Rawis welcomed OJK's initiative, noting that stricter and clearer regulations would provide a stronger foundation for Indonesia's cryptocurrency industry.
"This is a breath of fresh air for us in the market. Clear regulations and tighter oversight from OJK will increase public confidence in cryptocurrency. The capital requirements set will also encourage exchanges and traders to manage the market more professionally," Rawis said in an official statement on Tuesday, September 10, 2024.
He further added that the new regulations offer better protection for consumers, especially in terms of asset security and personal data privacy. With stricter security standards in place, investors will feel safer and more confident in the cryptocurrency market.
"This will support healthy and sustainable growth in the industry moving forward," he added.
One of the primary focuses of the new regulations is to ensure that cryptocurrency trading is conducted transparently, fairly, and efficiently. The draft regulation requires market participants, including exchanges and traders, to adhere to good governance principles and implement strict risk management protocols.
These requirements include market integrity, information system security, and consumer data protection. "With these provisions, crypto consumers will be better protected from risks such as data theft, fraud, and market manipulation, which have been concerns in the digital asset sector," Rawis explained.
He also highlighted the emphasis on cybersecurity and information system reliability as a means to safeguard consumer funds and cryptocurrency assets.
Transparency and Better Governance
OJK stresses the importance of transparency in cryptocurrency trading through various governance provisions for digital financial asset exchanges. Every exchange must develop trading guidelines and rules that include an analysis of each cryptocurrency being traded.
As a result, only cryptocurrencies that meet certain standards will be allowed to be traded in the market.
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