Nanovest Highlights the Risks of Centralization in the P2SK Bill, Requests Fairer Crypto Regulations

The government together with the Financial Services Authority (OJK) are finalizing the latest revision of the Draft Law on Financial Sector Development and Strengthening (RUU P2SK) which now contains comprehensive regulations regarding Crypto Asset Financial Services Institution (Crypto Asset LJK). However, concerns arise when looking at the contents of the provisions Article 312A letter cwhich gives room for the exchanges who are supposed to be watchdogs to as well carry out buying and selling crypto assets like an exchange.

This dual role has the potential to cause conflicts of interest, ecosystem imbalance, and even unhealthy competition for local crypto industry players. “This provision opens up space for parties who are supposed to be supervisors to also become trading actors, so that it can disrupt fairness and harm industry players such as Nanovest,” said Billy Surya Jaya, Main Director of Nanovest.

Similar concerns are also seen in Article 215Awhich gives the exchange very broad authority as the “gatekeeper” of the industry. The exchange has a role in providing recommendations for traders, clearing institutions and custodians who want to enter the ecosystem, as well as monitoring technical standards, transaction security and operational validation of other actors.

This centralized authority creates risks defeat and potentially create monopoly structurebecause the exchange can regulate and control almost the entire Indonesian crypto industry chain. If not closely monitored, this dominant role can stifle innovation, limit competition, and slow overall industry growth.

“We see the need for a more in-depth study so that this regulation not only provides legal certainty, but also ensures that the ecosystem remains competitive and inclusive,” added Billy. Therefore, transparency and supervision from the OJK is very important to prevent excessive concentration of power and maintain the balance of the national crypto ecosystem.

All institutions carrying out activities related to digital financial assets are also required to obtain permission from the OJK in accordance with their business scope. This revised bill clarifies the regulations regarding crypto asset traders, who are allowed to accept both individual and non-individual consumers, and requires all decentralized financial system technology (ITSK) activities to be carried out through licensed traders.

This regulation is expected to reduce operational risks in the digital asset sector while strengthening consumer protection. On the other hand, the revised P2SK Bill sets limits on holding multiple positions for directors of Crypto Asset LJKs and administrative sanctions to prevent violations. This is done to maintain healthy governance and avoid conflicts of interest.

Crypto asset exchanges are now designated as the main party that must obtain OJK approval before they can operate. The revised P2SK Bill also introduces personal responsibility for the main parties of the exchange if they are proven to have carried out actions that cause losses to Crypto Asset LJKs. This provision strengthens the principle of accountability, while placing the exchange as an actor that has a strategic role in regulating, supervising and guaranteeing the security of crypto transactions in Indonesia.

Overall, the latest revision of the P2SK Bill provides a stronger foundation for crypto asset regulation in Indonesia through clear division of roles, increased governance standards, and stricter accountability. However, the balance between strict supervision and healthy competition must be maintained so that Indonesia’s digital asset ecosystem can grow sustainably without sacrificing innovation or opportunities for new players.

About NANOVEST

Nanovest (PT Grow Together Nano) is an application-based digital marketplace platform that makes it easier for users to access digital assets in the form of global shares, crypto assets and digital gold. We aim to revolutionize the way young people invest so they can achieve financial freedom. Nanovest has officially been registered and officially licensed as a Digital Financial Asset Trader from the Financial Services Authority (OJK). For further information, please visit our website at www.nanovest.io.

This press release has also appeared on VRITIMES