Indonesia Implements Sandbox for Crypto Firms Ahead of OJK Oversight

To reshape the landscape of the cryptocurrency industry in
Indonesia, the Financial Services Authority (OJK) has announced that crypto
firms will be subject to evaluation in a regulatory sandbox before they can
obtain licenses to operate. This development comes as part of the transition of
regulatory oversight from the commodities and futures trading regulator,
Bappebti, to OJK, scheduled to take place in January 2025.

Under the new regulatory framework, firms offering crypto
services in Indonesia will be required to undergo evaluation within the
regulatory sandbox. Failure to comply with this prerequisite will result in
such firms being deemed to operate illegally within the country.

A regulatory sandbox
Sandbox

A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United

A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United
Read this Term functions as a controlled environment
where innovative financial products and services can be tested to ensure their
safety and reliability. It provides a platform for trial runs, allowing
regulators to assess the potential risks and benefits associated with new
offerings, thereby enhancing security and responsible management within the
financial sector.