OJK Highlights Consumer Protection and Prevention of Money Laundering in Crypto Assets

The Financial Services Authority (OJK) emphasized the need for consumer protection and the prevention of the use of crypto assets for money laundering during the 19th episode of the Interactive Discussion Meeting (Perisai) of Badilum on November 9. Iwan Budiman, Head of the OJK Department, stated that consumer protection is not only the responsibility of the authorities but also requires caution from investors. Consumers are reminded to conduct research before investing to avoid being influenced by the fear of missing out (FOMO) phenomenon. Edmon Makarim from the University of Indonesia highlighted the importance of reporting systems and oversight of digital business actors that harm consumers. He urged the OJK and the National Consumer Protection Agency (BPKN) to develop more proactive oversight mechanisms, including the use of a priority oversight list and a blacklist. This idea aligns with Government Regulation Number 80 of 2019, which regulates the mechanism for reporting consumer losses. Edmon also emphasized the importance of monitoring actions related to the seizure of digital assets to prevent abuse of power.

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