As soon as identified for pace and disruption, Indonesia’s crypto trade is now dealing with its largest reckoning: compliance or irrelevance.
With OJK taking the regulatory reins and the Journey Rule now in power, crypto corporations in Indonesia should evolve quick or danger falling behind in international markets, regulatory approval, and person belief. For these corporations, it’s a name to construct belief, embrace transparency, and lead with compliance as the brand new foreign money of credibility.
These developments have been the main target of a current webinar, “Strengthening Your Crypto Compliance Program: Addressing AML and OJK Necessities,” a part of the Indonesia Crypto Literacy Program.
The session, hosted by Arys Agusman, Enterprise Improvement Supervisor for Sumsub APAC, introduced collectively Sumsub, Sygna, RedotPay and Asosiasi Blockchain Indonesia to stipulate what Indonesian crypto corporations should do to remain forward in regulatory compliance.
Information Regulatory Physique, New Rules to Adhere to?
What was as soon as a fast-moving, evenly regulated ecosystem is now being reshaped beneath OJK’s supervision to resemble the formal monetary sector.
Yudhono Rawis, Vice Chairman for Crypto Asset, Indonesia Blockchain and Crypto Asset Affiliation, shared,
“For the longest time, it looks as if the phrases crypto and compliance don’t or can not appear to coexist. However I believe globally, together with in Indonesia, the trade that all of us actually like and are a part of is more and more turning into regulated reasonably than unregulated, which is definitely key.”
OJK’s framework isn’t only a beauty change. Crypto companies at the moment are anticipated to satisfy rigorous licensing requirements, from defending private information and making certain market integrity to sustaining enough system safety and reliability, all whereas adhering to AML, CFT and different regulatory necessities.
Anastasia Sakharova, Head of the Fintech Compliance Crew at Sumsub, described the transition as nothing wanting transformative.
“OJK mandates that regulated entities implement robust ideas of governance, sturdy danger administration processes, cybersecurity resilience, and keep market integrity. It’s essential to notice that governance of private information safety and shopper safety guidelines have to be adopted inside 6 months from the OJK regulation, which means by July 2025.”
The timeline is pressing, and all current suppliers should display full compliance.
The Journey Rule, a Crucial Level for Crypto Compliance
One of the vital defining features is the Journey Rule, a requirement from the Monetary Motion Process Power (FATF) that crypto corporations securely accumulate and transmit sender and recipient info earlier than processing transactions.
It requires integration with worldwide compliance networks and the power to confirm counterparty info in actual time.
Regardless of its crucial position, Emeka Mgbenu, Senior Product Supervisor of Sumsub, notes that many crypto corporations are principally nonetheless unprepared. Fragmentation throughout jurisdictions and incompatible information protocols are main boundaries, resulting in insecure or incomplete transaction regulation flows. Emeka shared insights from the Sumsub State of the Crypto Business 2025 report,
“Solely 29% of corporations all through the world are totally compliant with Journey Rule. Companies need sooner verification processes and to enhance person expertise, a serious bottleneck in onboarding customers.”
The hole is basically on account of fragmentation throughout jurisdictions. Many suppliers use totally different protocols that don’t speak to one another, making it tough to securely switch and confirm transaction information throughout platforms.
He defined that compliance isn’t nearly onboarding. 95% of fraud occurs after the onboarding stage, reinforcing that the true danger lies within the ongoing circulate of transactions, not simply the primary touchpoint.
Indonesia’s vulnerability is very regarding: the nation ranks among the many high 5 in APAC with the very best id fraud charges, in keeping with Sumsub’s APAC Identification Fraud 2024 report.
How you can Construct a Strong Compliance Program?
Maggie Qiu, Head of Compliance at RedotPay, outlined the mindset and constructing blocks required to remain forward of regulatory expectations and operational dangers.
She opened with a easy however highly effective reminder: keep near your regulators. As OJK assumes full supervisory management, she urged corporations to have interaction straight, perceive the regulator’s priorities, and their initiatives.
“We’re dealing with frequent problem not solely to know regulation setting, but additionally to actually perceive the best way to interpret the compliance requirement precisely, after which the best way to implement proper. The satan is all the time within the particulars; the important thing ingredient in my survival information is all the time keep on with the fundamentals.”
She added on, saying that the crypto trade presents a singular alternative to undertake AI and extra technological options to scale back the noise and zoom in additional precisely inside a brief time frame.
Crypto corporations would want to spend money on the appropriate infrastructure to satisfy crypto compliance Indonesia necessities.
Following her remarks, Emeka outlined how Sumsub helps crypto corporations deal with compliance challenges head-on. Constructed for the trade, Sumsub’s platform provides end-to-end protection: from seamless person onboarding and fraud prevention to AML screening, Journey Rule compliance, and past.
Sumsub Simplifies Journey Rule and Transaction Monitoring
On the subject of the Journey Rule, Sumsub’s resolution structure covers VASP due diligence, unhosted pockets affirmation, infinitely customisable compliance logic, VASP discovery, and built-in AML checks. Aegean Yao, Product Supervisor of Sygna, added on concerning the resolution,
“In a excessive danger transaction, the beneficiary VASP is ready to request enhanced Buyer Due Diligence (CDD) info in the event that they discover a important danger on the originator. And after receiving the CDD info, the beneficiary bag has second probability to observe their very own AML or the CFT coverage and determine whether or not to simply accept the request ultimately.”
What occurs after Journey Rule information is exchanged is equally crucial. Transaction monitoring beneath the Journey Rule performs a significant position in long-term compliance and danger detection.
As highlighted, efficient monitoring includes analysing a person’s full danger profile, from onboarding behaviour to transaction exercise, logins, transfers, and counterparty interactions. This steady danger evaluation helps flag suspicious patterns earlier than they change into compliance incidents.
In any case, in crypto, your biggest asset isn’t simply your tech. It’s your credibility.
Navigating Crypto Compliance in a Courageous New World
As Indonesia embraces its new regulatory chapter, the shift from commodities to monetary property represents greater than a classification change. It alerts a deeper alignment with conventional monetary requirements.
And with that comes the truth examine: crypto corporations should now navigate the almost-same compliance terrain as banks.
To succeed, crypto corporations should stability regulatory depth with operational agility, leveraging expertise, staying intently engaged with OJK, and constructing a tradition of compliance from the bottom up.
That is now not a wait-and-see second. For crypto compliance Indonesia gamers, it’s time to behave, adapt, and evolve quick.
Watch the webinar replay right here to dive deeper into the dialogue.
Featured picture: Edited by Fintech Information Indonesia, based mostly on picture by user23135379 through Freepik
