Regulatory AlertsOperation of Information Technology-Based Crowdfunding Services (LPBBTI)
The Indonesian Financial Services Authority (OJK) issued Circular Letter 19/SEOJK.06/2023 to further regulate the operation of Information Technology-Based Crowdfunding (LPBBTI) platforms. The directive mandates that operators implement user scoring for financing applications, strictly limit economic benefits to interest and fees while excluding penalties and taxes, and restrict device access to cameras, location, and microphones solely for business operations. Additionally, the regulation enforces transparent performance reporting, prohibits the use of emergency contacts for debt collection, requires certified and ethically trained collection personnel, and establishes transition rules for existing financing agreements.
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