Indonesia Regulator Releases Official Whitelist of Licensed Crypto Platforms| Live Bitcoin News

Indonesia’s financial regulator publishes a whitelist of licensed crypto platforms, strengthening oversight, consumer protection, and enforcement against unlicensed operators.

Indonesia has taken a firm regulatory step in digital assets oversight. The Financial Services Authority has published an official crypto whitelist. This move clarifies the legal use of which platforms are allowed to operate. Consequently, investor protection is the main goal. Meanwhile, the authorities cracked down on warnings about unlicensed crypto activity across the country.

OJK Clarifies Legal Crypto Operators Through Official Registry

The Financial Services Authority, which is known as OJK, issued a whitelist of 29 licensed crypto platforms. Importantly, platform names and applications are also listed. Therefore, it enables users to check the legality before making a trade. OJK requested citizens to depend on the listed entities only.

According to OJK, unlisted platforms should be treated as an illegal operator. As a result, there are risks associated with individuals who use them. Moreover, enforcement actions may be increased. The regulator stressed the importance of thoroughly checking names, applications, and websites.

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The whitelist has 25 Pedagang Aset Keuangan Digital entities. In addition, four entities Calon Pedagang Aset Keuangan Digital were listed. These CPAKD entities are still considered to be the prospective dealers. However, they already have previous references for registration.

In the past, crypto oversight has been with Bappebti, the regulator of commodities. However, Law no 4/2023 brings authority to OJK. As a result, crypto supervision now fits in with broader financial regulation. This shift includes trying to strengthen consistency.

OJK added registration numbers of prospective dealers. Such numbers were previously displayed under CPFAK status. As a result, there was greater transparency for transitional entities. Investors can now monitor regulatory status better.

A number of the major platforms showed up in the list. These include Indodax, Tokocrypto, Pintu, Luno, Upbit, and Pluang. In addition, OJK also nominated four infrastructure providers who were licensed. These include exchange, clearing, and custody services.

Strong Penalties and Consumer Warnings Reinforce Compliance Push

OJK strengthened the sanctions for unlicensed crypto operations. Under Indonesian law, the violations are severely punished. Prison sentences are from five to ten years. And fines can amount to between Rp1 billion and Rp1 trillion. Therefore, compliance risks are still large.

The regulator also warned against unrealistic claims of profit. According to OJK, exaggerated returns are often signs of fraud. As a result, people should be cautious before making investments. Education is one of the key enforcement pillars.

OJK urged the public to check the details of platforms carefully. This includes the matching of entity names with applications. Website addresses should also be in accordance with official listings. Any mismatch holds caution, according to the authority.

The publication is a key stage of Indonesia’s crypto transition. By centralizing oversight, OJK is looking for better supervision. In addition, coordination with the goal of financial stability is enhanced. Regulators are trying to observe the systemic exposure on a higher level.

Indonesia Sets Regional Benchmark with Stronger Licensing in Crypto Market

Indonesia is one of the biggest crypto markets in Southeast Asia. Industry data puts the number of active retail users in the millions. Therefore, regulatory clarity is of considerable market importance. Tighter enforcement ahead, observers expect.

The whitelist was generally well-received by market participants. Licensed platforms have the civilized advantage of being more legitimate. However, unregistered operators are allowed to exit or consolidate. As a result, the structure of the market may be further.

OJK said that the whitelist would be updated from time to time. This ensures that it is adaptable, as the market changes. Therefore, compliance is still an ongoing obligation. The authority called for unending public vigilance.

Overall, Indonesia’s move reflects a tougher regulatory era. A clear licensing boundary is now the functionality of the legal participation. Meanwhile, enforcement tools are still strong. The whitelist establishes a new level of compliance at a regional level.