Indonesia’s OJK welcomes new boss to oversee fintech, crypto

OJK headquarters in Jakarta / Photo credit: OJK

Hasan Fawzi has been appointed to lead the supervisory board for fintech, digital financial assets, and crypto assets at the Indonesia Financial Services Authority (OJK).

Fawzi, who previously served as the director of the Indonesia Stock Exchange, will also serve as a commissioner for the OJK from 2023 to 2028.

A law passed in December 2022 gave OJK the responsibility of supervising Indonesia’s crypto industry. Previously, this role was held by the Commodity Futures Trading Regulatory Agency (Bappebti).

Local crypto exchange Tokocrypto, which was acquired by Binance last year, welcomed Fawzi’s appointment and the transition of crypto supervision from Bappebti to OJK.

Tokocrypto CEO Yudhono Rawis said this transition can strengthen the regulation and supervision of digital finance in Indonesia, particularly regarding investor and consumer protection.

“With the new OJK commissioner, we hope that crypto asset investments can become more inclusive and encompass all layers of society,” said Rawis in a statement.

Bappebti previously revealed that the number of crypto investors in Indonesia reached 17.4 million in May, a month-on-month increase of only 0.87%. In the same month, the value of crypto asset transactions in Indonesia reached 8.2 trillion rupiah (US$548 million), a 23.8% drop compared to April.

See also: Inflation and rising interest rates – not US default – will drive Asia to adopt crypto

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,963.75 rupiah.