Regulatory Alerts2025-06-26
Added · Updated
OJK 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
This OJK Regulation establishes requirements for the fit and proper assessment and reassessment of Key Parties in the Financial Sector Technology Innovation (ITSK), Digital Financial Assets, and Crypto Assets (IAKD) sectors. Prospective Key Parties, including controlling shareholders and members of the Board of Directors or Commissioners, must obtain OJK approval before assuming their roles. The assessment evaluates integrity, financial viability (for controlling parties), financial reputation, and competence (for management parties), with specific criteria such as no bad credit history or bankruptcy within the last five years. If a prospective controlling Key Party is not approved, they must transfer their shares and face limitations on shareholder rights, with reporting deadlines of 5 working days after the General Meeting of Shareholders approves the transfer.
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