Based on Article 23 of the POJK on the Implementation of FSTI, the OJK supervises FSTI Providers who have been registered and/or obtained business licenses from the OJK, where:
Sandbox participants who are declared to have passed the Regulatory Sandbox must apply for a business license to the OJK within the validity period of the letter of graduation; and
Parties who have the same type of FSTI as the type of FSTI Sandbox Participants who have passed, have the same right to apply for registration or business license to the OJK.
A. FSTI Registration and Licensing Mechanism Flow (Sandbox Follow-up)
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C. FSTI Registration
Based on POJK 3/2024 concerning the Implementation of FSTI, OJK can determine Sandbox Participants who have passed to register before applying for a business license based on considerations made by the Financial Services Authority, including:
the readiness of the participants consisting of institutional, capital, and technological infrastructure aspects;
readiness of the regulatory framework; and
readiness of other market supporting infrastructure.
In addition to Sandbox Participants who graduate, Parties who have the same type of FSTI as the type of FSTI Sandbox Participants who have passed have the same right to apply for registration to submit a registration application to the OJK, where each type of FSTI will have criteria that contain information about products, activities, services, and business models in the digital financial ecosystem that have specificity and are generated from the Sandbox process. Examples of FSTI types that have currently been recommended based on the results of the sandbox are alternative credit ratings known as innovative credit scoring and Financial Services Product and Service Information Aggregation.
More detailed information related to the FSTI Type Criteria can be seen below.
Criteria for FSTI types.pdf
D. FSTI Licensing
Based on Article 4 of POJK 3/2024 concerning the Implementation of FSTI, FSTI Providers are required to comply with the licensing provisions regulated by the OJK. OJK grants business licenses to entities that have completed the licensing process where the entity consists of Sandbox Participants who have passed and Parties who have the same type of FSTI as the type of FSTI Sandbox Participants who have passed.
The business licensing process follows the Financial Services Authority Regulation regarding the licensing and supervision of each type of FSTI
E. Licensing of Digital Financial Assets including Crypto Assets
Based on the PPSK Law, when the PPSK Law comes into effect, the transfer of regulatory and supervisory duties over digital financial asset activities, including crypto assets, from the Commodity Futures Trading Supervisory Agency to the OJK is fully completed no later than 24 (twenty-four) months after the PPSK Law comes into effect.
Therefore, information related to the licensing of Digital Financial Assets, including Crypto Assets, will be updated after the task of regulating and supervising digital financial asset activities, including crypto assets, has been transferred to the OJK.
