JAKARTA – The Financial Sector Development and Reinforcement (lit. Pengembangan dan Penguatan Sektor Keuangan/P2SK) Bill is said to be able to strengthen the legality of cryptoassets and other digital assets.
Andreas Eddy Susetyo, a member of Commission IX of House of People’s Representatives of Indonesia (DPR RI), said that this new draft bill is assertive towards the reformation of technology innovation in the financial sector (lit. inovasi teknologi sektor keuangan/ITSK) and other provisions regarding cryptoassets. “P2SK Bill states that cryptoassets are a part of the financial technology sector,” he added in the statement of PDI Perjuangan Fraction during the Work Meeting of Commission XI of DPR RI and the government, quoted Monday (12/12).
Said bill will allow the Financial System Stability Committee to monitor activities or transactions of cryptoassets and other digital assets to safeguard consumers’ rights.
According to Susetyo, the well-defined establishment of legal institutions and ITSK licenses will help to minimise illegal ITSK initiatives and reinforce regulation and coordination to enhance market efficiency.
On the other hand, financial sector players are mandated to improve their own and others’ financial literacy to protect its consumers, including highlighting the rights and obligations of consumers and financial sector players, as well as dispute resolution. (LK/ZH)