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Crypto News - Posted on 14 January 2025 Reading time 5 minutes
DIGIVESTASI - Financial Services Authority (OJK) Considers Implementation of Single Investor Identification (SID) for Crypto Assets, The Financial Services Authority (OJK) is currently reviewing the possibility of applying the Single Investor Identification (SID) system for crypto asset holders, a system that has already been successfully implemented in the stock market.
SID is a unique identifier issued by the Indonesian Central Securities Depository (KSEI) for each investor in Indonesia's capital market. This identifier is used as a reference in various investment activities, including stock, bond, mutual fund, and other capital market instrument transactions. With SID, investor data such as names, securities account numbers, and other information can be accessed centrally, ensuring that each entity only holds one SID.
Potential Benefits and Challenges
Head of the Executive Division for Financial Technology Innovation Supervision, Digital Financial Assets, and Crypto Assets at OJK, Hasan Fawzi, explained that the implementation of SID in the crypto sector could enhance transparency, integrity, and efficiency in recognizing investors and facilitating transactions.
"SID, which has been effectively implemented in the capital market, is an important concept to support transparency and efficiency in crypto transactions," said Hasan at a press conference on Tuesday (January 14, 2025).
However, Hasan emphasized that applying SID to crypto assets requires a thorough study, considering the complexity of crypto's characteristics which differ from traditional capital markets.
"We will conduct a careful study due to the higher complexity of crypto assets compared to the capital market," he added.
Maintaining the Essence of Decentralization
OJK emphasized that the implementation of SID is not intended to diminish the decentralized nature of crypto assets, which utilize blockchain technology to avoid direct third-party involvement in transactions.
"The presence of a regulator like OJK is expected not to eliminate decentralization but to ensure that transactions remain secure, fair, orderly, and efficient," Hasan explained.
Shift of Crypto Oversight to OJK and BI
Along with this move, oversight of crypto trading has officially been transferred from the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade to OJK and Bank Indonesia (BI) on Friday (January 13, 2025).
Minister of Trade Budi Santoso stated that the transfer of oversight aims to provide legal certainty for the digital financial and financial derivatives sector in Indonesia.
This move marks a new era in crypto asset regulation in Indonesia, with the hope of strengthening the digital financial ecosystem while not disregarding the core values of crypto technology.
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Source: cnbcindonesia.com
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