Hasan Fawzi, Head of the Executive Board for Financial Sector Innovation, Digital Financial Assets, and Crypto Assets at OJK, stated that the authority is evaluating the risks and consumer protection aspects of such instruments.
“The results of this study and testing will form the basis for future regulations and licensing,” Hasan said on Thursday.
While he did not specify which digital assets are being considered, Hasan confirmed that the underlying assets for these ETFs could include both traditional securities and cryptocurrencies.
OJK is also assessing risk management frameworks for crypto assets used in ETFs, focusing on criteria that ensure stability and minimize systemic risks. The study is expected to conclude by mid-Q3 2025, though crypto-backed ETFs are not yet included in OJK’s 2025 legislative program.
In addition to ETFs, OJK is preparing regulations for Initial Coin Offerings (ICOs), targeting completion by 2025. Hasan emphasized that these regulations aim to encourage the issuance of crypto assets with real-world utility, such as tokenized real-world assets (RWA) or projects (RWP), to support digital financial activities and national economic growth.
“We hope these regulations will attract innovators in the digital asset industry to create crypto assets with tangible benefits and value,” Hasan added.
Indonesia has nearly 23 million domestic crypto investors as of December 2024, with total transactions reaching IDR 650.6 trillion (US$40 billion) in 2024 — a four-fold increase from 2023.
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