Regulatory AlertsOJK Regulation No. 16 of 2025 on Fit and Proper Assessment and Reassessment for Key Parties in the Financial Technology Innovation Sector, Digital Financial Assets, and Crypto Assets
The Financial Services Authority (OJK) issued Regulation No. 16 of 2025 to establish fit and proper assessment and reassessment requirements for key parties operating in the Digital Financial Assets and Crypto Assets sector. This regulation implements powers granted under the Financial Development and Strengthening Act to ensure a healthy ecosystem and efficient licensing services. It simultaneously repeals specific articles from previous regulations regarding digital asset trading, alternative credit rating, and financial service aggregation to align with the new framework.
Regulation of the Financial Services Authority Number 16 of 2025 concerning Fit and Proper Assessment and Reassessment for Key Parties in the Financial Technology Innovation Sector, Digital Financial Assets, and Crypto Assets
Abstract: The Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) grants authority to the Financial Services Authority (OJK) to regulate and supervise activities in the Digital Financial Assets and Crypto Assets (IAKD) sector. Article 216 paragraph (3) further regulates that the scope of regulation and supervision regarding the implementation of IAKD includes licensing. To support the creation of a healthy IAKD ecosystem while realizing prime licensing services, regulations regarding fit and proper assessment and reassessment for key parties are required, specifically within the IAKD sector. With this regulation, the Financial Services Authority can provide faster, more accurate, easier, and transparent licensing services.
The legal basis for this Financial Services Authority Regulation is: Law No. 21 of 2011 as amended by Law No. 4 of 2023, and Law No. 4 of 2023.
This Financial Services Authority Regulation regulates provisions related to fit and proper assessment and reassessment for key parties in the IAKD Sector.
Notes: This Financial Services Authority Regulation takes effect on October 1, 2025. This Financial Services Authority Regulation was promulgated on June 26, 2025, and established on June 20, 2025. This Financial Services Authority Regulation mandates further regulations regarding fit and proper assessment and reassessment for key parties in the IAKD Sector.
Upon the effective date of this Financial Services Authority Regulation: a. Article 60 and Article 61 of Financial Services Authority Regulation Number 27 of 2024 concerning the Implementation of Digital Financial Asset and Crypto Asset Trading; b. Article 13, Article 14, Article 15, Article 16, Article 17, Appendix Part K, and Appendix Part Q of Financial Services Authority Regulation Number 29 of 2024 concerning Alternative Credit Rating; c. Article 13, Article 14, Article 15, Article 16, Article 17, Appendix Part K, and Appendix Part Q of Financial Services Authority Regulation Number 4 of 2025 concerning Financial Service Aggregation Providers, are repealed and declared invalid.