Indonesia will require crypto companies to undergo regulatory sandbox assessments, otherwise they will be deemed to be operating illegally

According to Mars Finance, the Indonesian Financial Services Authority (OJK) will take over the regulatory power of the cryptocurrency industry from the commodities agency Bappebti in January 2025. Crypto companies will then need to be assessed in a regulatory sandbox before being granted permission to operate in Indonesia. "This is in line with the spirit of the Indonesian Financial Services Authority, especially in terms of consumer protection and education. We hope Our regulatory mechanisms can have a direct impact on preventing fraudulent investments.” It is reported that companies that provide services in the country without sandbox assessment will be deemed to be operating illegally. (CoinDesk)