OJK Seeks to Regulate Crypto Holders with ID System
Jakarta. The Financial Services Authority (OJK) is evaluating the implementation of a Single Investor Identification (SID) system for cryptocurrency owners, which could conflict with the decentralized nature of crypto.
SID would enable regulators to track and monitor individual investors, potentially enhancing transparency in crypto transactions. This could improve market safety by helping to prevent fraud or money laundering through verified identities. However, the decentralized structure of crypto, where transactions are conducted without centralized oversight, may create tension between regulatory goals and decentralization principles.
Hasan Fawzi, Head of OJK’s Financial Technology, Digital Assets, and…
