The Indonesian financial authorities said by the beginning of next year they will implement a regulatory sandbox for crypto assets in an effort to prevent fraudulent investments.
The Indonesian Financial Services Authority (OJK) said that local financial services institutions offering new products and services must be included in the regulatory sandbox or leave room for testing upcoming innovations, including crypto asset products.
According to a report by local Indonesian media outlet DetikFinance, in the future, once regulated and supervised, crypto assets will also need to go through a regulatory sandbox.
This means crypto firms in the sandbox stage will have to be evaluated by the regulator prior to being approved to operate in the country.
