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

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REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 16 OF 2025 CONCERNING FIT AND PROPER ASSESSMENT AND REASSESSMENT FOR KEY PARTIES IN THE FINANCIAL SECTOR TECHNOLOGY INNOVATION SECTOR AS WELL AS DIGITAL FINANCIAL ASSETS AND CRYPTO ASSETS BY THE GRACE OF GOD ALMIGHTY THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that to create a healthy ecosystem for financial sector technology innovation as well as digital financial assets and crypto assets so that it can provide optimal services to the public, a fit and proper assessment and reassessment is required for key parties in the financial sector technology innovation sector as well as digital financial assets and crypto assets, supported by integrated regulation; b. that to implement the authority to regulate and supervise financial sector technology innovation as referred to in Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to formulate provisions regulating the fit and proper assessment and reassessment for key parties in the financial sector technology innovation sector as well as digital financial assets and crypto assets;
c. that based on the considerations referred to in letter a and letter b, it is necessary to stipulate a Regulation of the Financial Services Authority concerning Fit and Proper Assessment and Reassessment for Key Parties in the Financial Sector Technology Innovation Sector as well as Digital Financial Assets and Crypto Assets;
Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia of 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia of 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);

2. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia of 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
DECIDES:
Stipulates: REGULATION OF THE FINANCIAL SERVICES AUTHORITY CONCERNING FIT AND PROPER ASSESSMENT AND REASSESSMENT FOR KEY PARTIES IN THE FINANCIAL SECTOR TECHNOLOGY INNOVATION SECTOR AS WELL AS DIGITAL FINANCIAL ASSETS AND CRYPTO ASSETS.
CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, what is meant by:
1. Financial Services Institution, hereinafter abbreviated as LJK, is an institution that carries out activities in the banking, capital market, insurance, pension fund, venture capital, microfinance institution, financing institution, and other financial services institution sectors.
2. Financial Sector Technology Innovation, hereinafter abbreviated as ITSK, is technology-based innovation that impacts products, activities, services, and business models in the digital financial ecosystem.
3. Digital Financial Assets are financial assets stored or represented digitally, including crypto assets.
4. Crypto Assets are digital representations of value that can be stored and transferred using technology that enables the use of distributed ledgers such as blockchain to verify transactions and ensure the security and validity of stored information, not guaranteed by a central authority such as a central bank but issued by private parties, can be transacted, stored, and transferred or assigned electronically, and can be in the form of digital coins, tokens, or other asset representations that include backed crypto-assets and unbacked crypto-assets.
5. Digital Financial Asset Trading Organizer is an organizer of Digital Financial Asset exchanges including Crypto Assets, clearing, guarantee and settlement institutions, storage managers, Digital Financial Asset traders, and other parties determined by the Financial Services Authority.
6. Alternative Credit Rating Provider, hereinafter abbreviated as PKA, is an ITSK provider that processes data other than credit or financing data with the aim of describing the eligibility, condition, or consumer profile.

7. Financial Services Aggregation Provider, hereinafter abbreviated as PAJK, is an ITSK provider that carries out aggregation business activities through an electronic system using the internet.
8. ITSK, Digital Financial Assets and Crypto Assets, hereinafter abbreviated as IAKD, are financial services activities operating in the ITSK, Digital Financial Assets and Crypto Assets sectors.
9. IAKD Provider is any party that organizes IAKD.
10. Controlling Shareholder, hereinafter abbreviated as PSP, is a legal entity, individual, and/or business group that owns 25% (twenty-five percent) or more of the shares issued by an IAKD Provider and has voting rights, or owns less than 25% (twenty-five percent) of the shares issued by an IAKD Provider and has voting rights but can be proven to have exercised control over the IAKD Provider, either directly or indirectly.
11. General Meeting of Shareholders, hereinafter abbreviated as RUPS, is the corporate body that has authority not granted to the board of directors or board of commissioners within the limits specified in the law concerning limited liability companies and/or the articles of association for IAKD Providers that are limited liability companies.
12. Board of Directors is the body of the IAKD Provider that is authorized and fully responsible for the management of the IAKD for the benefit of the IAKD, in accordance with the aims and objectives of the IAKD and represents the IAKD, both in and out of court in accordance with the provisions of the articles of association.
13. Board of Commissioners is the body of the IAKD Provider tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors.
14. Key Party is a party that owns, manages, supervises, and/or has significant influence over an IAKD Provider.
Article 2
(1) Key Parties include:
a. Controlling Key Parties; and b. Management Key Parties, of the IAKD Provider.
(2) Controlling Key Parties as referred to in paragraph (1) letter a are PSPs of the IAKD Provider.
(3) Management Key Parties as referred to in paragraph (1) letter b are members of the Board of Directors or members of the Board of Commissioners of the IAKD Provider.

CHAPTER II
FIT AND PROPER ASSESSMENT
Part One
Factors for Fit and Proper Assessment
Article 3
(1) Prospective Key Parties must obtain approval from the Financial Services Authority before carrying out their actions, duties, and functions as Key Parties.
(2) In granting approval as referred to in paragraph (1), the Financial Services Authority conducts a fit and proper assessment of the prospective Key Party.
(3) Prospective Key Parties subject to fit and proper assessment by the Financial Services Authority as referred to in paragraph (1) are prospective Key Parties of:
a. IAKD Providers applying for a business license to the Financial Services Authority; or b. IAKD Providers that have obtained a business license from the Financial Services Authority.
(4) Prospective Controlling Key Parties who have not obtained approval from the Financial Services Authority are prohibited from acting as Controlling Key Parties even if they already own shares in the IAKD Provider. (5) Prospective Management Key Parties who have not obtained approval from the Financial Services Authority are prohibited from carrying out actions, duties, and functions as Management Key Parties even if they have received approval and been appointed by the RUPS.
Article 4
The fit and proper assessment is conducted to assess whether prospective Key Parties as referred to in Article 3 meet the requirements:
a. integrity and financial viability for prospective Controlling Key Parties; and b. integrity, financial reputation, and competence for prospective Management Key Parties.
Article 5
The integrity requirements as referred to in Article 4 include the following factors:
a. legal capacity to perform legal acts; b. possessing good character and morals, at least demonstrated by an attitude of compliance with applicable provisions, including never having been convicted of a criminal offense within a certain period before being nominated;
c. having a commitment to comply with statutory regulations and support the policies of the Financial Services Authority;
d. having a commitment to the development of a healthy IAKD Provider; and

e. not being included as a party prohibited from becoming a key party in LJK and/or IAKD Providers.
Article 6
The financial viability requirements as referred to in Article 4 letter a include the following factors:
a. having a financial reputation; b. having financial capacity that can support the business development of the IAKD Provider; and
c. having a commitment to take necessary efforts if the IAKD Provider faces financial difficulties.
Article 7
The financial reputation requirements as referred to in Article 4 letter b and Article 6 letter a include the following factors:
a. having no history of bad credit and/or financing; and b. never having been declared bankrupt and/or never having been a shareholder, member of the board of directors, or member of the board of commissioners who was found guilty of causing a company to be declared bankrupt within the last 5 (five) years before being nominated.
Article 8
The competence requirements for prospective Management Key Parties include the following factors:
a. knowledge and/or experience in fields relevant to the position; and b. ability to strategically manage and develop the IAKD Provider.
Article 9
The provisions regarding the factors for fit and proper assessment of Key Parties in the IAKD sector as referred to in Article 5 to Article 8 are stipulated by the Financial Services Authority.
Part Two
Procedures for Fit and Proper Assessment for Prospective Key Parties
Article 10
(1) The fit and proper assessment for prospective Key Parties is carried out through the submission of an application for approval to become a Key Party by:
a. prospective owners, founders, or members of the Board of Directors, in the case of an IAKD Provider applying for a business license; or b. members of the Board of Directors, in the case of an IAKD Provider that has obtained a business license, accompanied by administrative requirement documents.

(2) The IAKD Provider must submit the administrative requirement documents to the Financial Services Authority, signed by:
a. prospective owners, founders, or authorized officials of the IAKD Provider in the case of an IAKD Provider's business license application; or b. authorized officials of the IAKD Provider, if the IAKD Provider has obtained a business license. (3) The application and/or administrative requirement documents as referred to in paragraph (1) are submitted through the electronic system of the Financial Services Authority. (4) In the event that the electronic system of the Financial Services Authority as referred to in paragraph (3) is not yet available or experiences disruption, the application is submitted in the form of electronic documents via the email address of the Financial Services Authority. (5) In the event of disruption to the email of the Financial Services Authority as referred to in paragraph (4), the application is submitted offline through the office of the Financial Services Authority. (6) In the event that the administrative requirement documents as referred to in paragraph (2) are incomplete, the Financial Services Authority is authorized to return the application as referred to in paragraph (1). (7) The IAKD Provider may nominate a certain number of prospective Key Parties for each target position.
Article 11
In the event that a member of the Board of Directors as referred to in Article 10 paragraph (1) letter b cannot perform their functions or has a conflict of interest, the application for approval to become a Key Party is submitted by:
a. other members of the Board of Directors who do not have a conflict of interest; b. members of the Board of Commissioners if all members of the Board of Directors cannot perform their functions or have a conflict of interest; or
c. other parties appointed by the RUPS if all Management Key Parties cannot perform their functions or have a conflict of interest.
Article 12
Prospective Key Parties who are undergoing:
a. legal proceedings; b. a fit and proper assessment process at the Financial Services Authority; and/or
c. a reassessment process due to indications of integrity, financial viability, financial reputation, and/or competence issues at an LJK or IAKD Provider,
cannot be nominated to undergo a fit and proper assessment to become a Key Party.

Part Three
Procedures for Fit and Proper Assessment for Prospective Controlling Key Parties
Article 13
(1) The fit and proper assessment for prospective Controlling Key Parties is carried out through administrative assessment.
(2) In the administrative assessment as referred to in paragraph (1), the Controlling Key Party must make a presentation or explanation at least concerning:
a. the prospective Controlling Key Party's plan for the development of the IAKD Provider that they will own and/or control; and b. the prospective Controlling Key Party's strategy in the event that the IAKD Provider that they will own and/or control experiences financial difficulties. (3) In the event that the prospective Controlling Key Party is a legal entity, the presentation or explanation as referred to in paragraph (2) may be carried out by the legal entity itself or another legal entity within its business group or the ultimate shareholders of that legal entity. (4) The presentation or explanation made by the prospective Controlling Key Party as referred to in paragraph (2) may be conducted online and/or offline based on certain considerations of the Financial Services Authority.
Article 14
In the event that the prospective Controlling Key Party is the central government or a regional government, the presentation or explanation as referred to in Article 13 paragraph (2) is carried out if deemed necessary.
Article 15
(1) In the event that the prospective Controlling Key Party is a legal entity, the fit and proper assessment of that legal entity is carried out by assessing the legal entity concerned, its board of directors, and its board of commissioners, and the party who, based on the assessment of the Financial Services Authority, is the ultimate shareholder. (2) In the event that the ultimate shareholder is a foreign government, and the law in the country concerned does not allow such ultimate shareholder to provide data and documents, the Financial Services Authority designates another ultimate shareholder directly controlled by that foreign government based on valid supporting documents as a substitute for the ultimate shareholder of that foreign government.

(3) The parties as referred to in paragraph (1) and paragraph (2) must submit administrative requirement documents.
(4) In addition to the parties as referred to in paragraph (1) and paragraph (2), the Financial Services Authority may designate other parties who exercise control based on the assessment of the Financial Services Authority, to submit administrative requirement documents. (5) The results of the fit and proper assessment of the parties as referred to in paragraph (1), paragraph (2), and paragraph (4) constitute a single integrated result of the fit and proper assessment of the prospective Controlling Key Party in the form of a legal entity.
Article 16
The provisions regarding the procedures for fit and proper assessment of Controlling Key Parties in the IAKD sector as referred to in Article 13 to Article 15 are stipulated by the Financial Services Authority.
Part Four
Procedures for Fit and Proper Assessment for Key Management Parties
Article 17
The fit and proper assessment of prospective Management Key Parties is carried out by the Financial Services Authority through administrative assessment.
Article 18
(1) The IAKD Provider must first conduct its own assessment of the prospective Management Key Party before submitting them to the Financial Services Authority.
(2) The self-assessment as referred to in paragraph (1) includes:
a. fulfillment of the requirements as referred to in Article 4 letter b; and b. fulfillment of requirements in accordance with statutory provisions.
(3) The results of the self-assessment as referred to in paragraph (1) are submitted to the Financial Services Authority at the time of application submission.
Article 19
(1) In the administrative assessment as referred to in Article 17, the Financial Services Authority may conduct clarification with the prospective Management Key Party.
(2) Clarification as referred to in paragraph (1) is conducted if:
a. there is negative information regarding the prospective Management Key Party; b. the prospective Management Key Party does not yet have experience in LJK or IAKD Providers in

Indonesia relevant to the target position and considering the position, size, complexity, and/or problems of the IAKD Provider where the prospective Management Key Party will be nominated; and/or
c. the prospective Management Key Party has previously been deemed not approved in a nomination at an LJK or IAKD Provider.
(3) Clarification as referred to in paragraph (1) may be conducted online and/or offline based on certain considerations of the Financial Services Authority.
Article 20
The provisions regarding the procedures for fit and proper assessment of Management Key Parties as referred to in Article 17 to Article 19 are stipulated by the Financial Services Authority.
Part Five
Termination of Fit and Proper Assessment
Article 21
(1) The Financial Services Authority terminates the fit and proper assessment of a prospective Key Party of an IAKD Provider if the prospective Key Party is undergoing:
a. legal proceedings; b. a fit and proper assessment process at the Financial Services Authority; and/or
c. a reassessment process due to indications of integrity, financial viability, financial reputation, and/or competence issues at an LJK or IAKD Provider.
(2) The termination as referred to in paragraph (1) is notified in writing to the IAKD Provider.
Article 22
A prospective Key Party whose fit and proper assessment has been terminated by the Financial Services Authority may be renominated to the Financial Services Authority to become a Key Party if the person concerned has completed the process as referred to in Article 21 paragraph (1).
Part Six
Results of Fit and Proper Assessment
Article 23
(1) The Financial Services Authority determines the results of the fit and proper assessment as follows:
a. approved; or b. not approved.
(2) The results of the fit and proper assessment as referred to in paragraph (1) are determined within a maximum period of 30 (thirty) working days after all application documents are received completely.
(3) The Financial Services Authority notifies the results of the fit and proper assessment as referred to in paragraph (1) in writing to the IAKD Provider.
(4) In addition to notifying the IAKD Provider as referred to in paragraph (3), the Financial Services Authority may notify the results of the fit and proper assessment to other interested parties in the exercise of the functions, duties, and authorities of the Financial Services Authority or as required by statutory provisions.
Article 24
(1) For prospective Controlling Key Parties who are not approved by the Financial Services Authority but already own shares in an IAKD Provider:
a. the person concerned must transfer their share ownership in the IAKD Provider concerned and not exercise control; and b. limitations are imposed on the shareholder rights in the IAKD Provider concerned. (2) The IAKD Provider must report the transfer of share ownership as referred to in paragraph (1) letter a to the Financial Services Authority in accordance with statutory regulations governing the reporting of changes to the articles of association related to changes in ownership applicable to each type of IAKD Provider. (3) In the event that there are no statutory regulations governing the reporting of changes to the articles of association related to changes in ownership as referred to in paragraph (2), the IAKD Provider must report the transfer of share ownership no later than 5 (five) working days after the RUPS approves the transfer of share ownership and is subject to consequences in accordance with this Financial Services Authority Regulation. (4) An IAKD Provider that submits the report as referred to in paragraph (3) no later than 7 (seven) working days after the period as referred to in paragraph (3) is declared to have submitted the report late. (5) An IAKD Provider that does not submit the report until the end of the period as referred to in paragraph (4) is declared not to have submitted the report.
Article 25
The IAKD Provider must include an explanation regarding the status of shareholders as referred to in Article 24 in the IAKD Provider's shareholder list.

Article 26
(1) The Financial Services Authority may designate parties who are not allowed to receive the transfer of shares as referred to in Article 24 paragraph (1).
(2) In the event that the transfer of share ownership is made to a party not allowed to receive the transfer of shares as referred to in paragraph (1):
a. such transfer is not considered a transfer of ownership as referred to in Article 24 paragraph (1); b. the IAKD Provider is prohibited from recording the party receiving the transfer in the IAKD Provider's shareholder list; and
c. the party receiving the transfer does not acquire shareholder rights.
Article 27
(1) The approval of the Financial Services Authority for a prospective Management Key Party becomes invalid if, within a certain period, there is no appointment of the prospective Management Key Party who has been approved by the Financial Services Authority. (2) The IAKD Provider must report the appointment as referred to in paragraph (1) by referring to the regulations governing the reporting of changes to Management Key Parties applicable to each type of IAKD. (3) In the event that there are no regulations governing the reporting of changes to Management Key Parties as referred to in paragraph (2), the IAKD Provider must report the appointment of the Management Key Party no later than 5 (five) working days after the appointment. (4) An IAKD Provider that submits the report as referred to in paragraph (3) no later than 7 (seven) working days after the period as referred to in paragraph (3) is declared to have submitted the report late. (5) An IAKD Provider that does not submit the report until the end of the period as referred to in paragraph (4) is declared not to have submitted the report.

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