Indonesia's Financial Services Authority (OJK) issued OJK Regulation (POJK) No. 16 of 2025 establishing mandatory fit and proper assessments and re-assessments for key persons at providers in the Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets (IAKD) sector, aimed at strengthening governance and integrity. The regime targets key parties including controlling shareholders, directors and boards of commissioners. Fit and proper assessments are designed to confirm integrity, financial reputation or feasibility, and competence for individuals who own or manage IAKD providers, while re-assessments may be triggered where there are indications a key party is involved in integrity, financial feasibility or reputation, and/or competence issues affecting an IAKD provider. The regulation is scheduled to take effect on 1 October 2025 and is positioned as an implementation of Law No. 4 of 2023 on Development and Strengthening of the Financial Sector (P2SK), including the mandate for OJK to regulate and supervise IAKD through licensing and integrated fit and proper mechanisms.
OJK 2025-07-22
Indonesia's Financial Services Authority issues fit and proper and re-assessment rules for key persons in digital finance and crypto providers
Indonesia's Financial Services Authority (OJK) issued Regulation No. 16 of 2025, mandating fit and proper assessments for key individuals in the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets sector to enhance governance and integrity. The regulation targets controlling shareholders, directors, and boards of commissioners, focusing on integrity, financial reputation, and competence. It implements Law No. 4 of 2023 and takes effect on 1 October 2025.