29 Oct 2025
OJK Issues Unified Fit-Proper Test Rules for Financial Sector Technology Innovation, Digital Financial Assets & Crypto Assets Sector

The Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) has issued Regulation No. 16 of 2025 on Fit-Proper Test and Reassessment for Main Parties in Financial Sector Technology Innovation as well as Digital Financial Assets and Crypto Assets (“POJK 16/2025”), effective 1 October 2025. 

The regulation establishes a single, comprehensive framework for evaluating and reassessing the “main parties” of organizers in the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets (“IAKD”) sector, consolidating provisions previously scattered across multiple OJK rules.

Who is Subject to the Test?

POJK 16/2025 applies to the “Main Parties” of IAKD organizers, namely:

• Controlling shareholders (including their integrity and financial feasibility) 

• Directors and Commissioners (assessed on their integrity, financial reputation, and competence).

If a controlling shareholder is a legal entity, the fit-proper assessment extends to the legal entity itself, its directors, and its commissioners, and the ultimate controlling shareholder determined by the OJK.

Consolidation of Previous Rules 

POJK 16/2025 revokes and replaces fit-proper provisions under:

This consolidation means a single framework now governs:

• organizers of Financial Sector Technology Innovation (Inovasi Teknologi Sektor Keuangan or “ITSK”) (e.g., alternative credit scoring, aggregation platforms); and

• digital asset trading organizers, including those dealing with crypto assets, such as digital financial assets (including crypto assets), exchanges clearing and settlement institutions, custodians, traders, and other OJK-designated entities.

Reassessment Mechanism

OJK is also empowered to conduct reassessments if there are indications of integrity issues, financial or reputational problems, or competence failures, even after the main parties have relinquished their position or influence over the IAKD organizers.

A new element introduced by POJK 16/2025 is the ability to reassess the Main Parties for violation of Sharia principles, which is not present in earlier regulations.

Compliance and Sanctions

Violations of certain provisions in POJK 16/2025 may result in administrative sanctions, including, among others, inclusion of the main parties in the list of disqualified persons in the financial sector. List of disqualified persons consists of parties who do not pass the reassessment process under Article 61 of POJK 16/2025. 

Transitional Provisions

Past fit-proper test results from OJK or prior regulators remain valid, while ongoing and unfinished fit-proper tests at the time the regulation enters into force, will be reassessed under the new framework.

The OJK will continue to apply the existing rules on fit-proper tests and reassessments for each type of IAKD organizer in relation to ongoing processes. However, the legal consequences of these fit-proper tests and reassessments will now be determined by POJK 16/2025.

ABNR Commentary

This regulation demonstrates OJK’s substantial efforts to harmonize the previously fragmented fit and proper test frameworks that applied across financial sector technology innovation, including alternative credit scoring and aggregators, as well as regulated players in the digital financial asset landscape 

The regulatory authority of digital financial assets, including crypto assets, has been transferred from Commodity Futures Trading Supervisory Agency (Badan Pengawas Perdagangan Berjangka Komoditi or Bappebti) to OJK since 10 January 2025, in accordance with Government Regulation No. 49 of 2024 on Transfer of Regulatory and Supervisory Duties of Digital Financial Assets Including Crypto Assets and Financial Derivatives. The transfer of authority may create uncertainty among main parties with pending fit-proper tests at Bappebti regarding the need for reassessment under OJK as the regulation does not stipulate the details about the criteria of such reassessment. Accordingly, we consider it important for OJK and Bappebti to coordinate in delivering clear and accurate guidance on the applicable requirements to fit-proper test participants, particularly if the applicants are required to retake the test under OJK. 

By partners Ayik C. Gunadi (agunadi@abnrlaw.com), Monic Devina (mdevina@abnrlaw.com), senior associate Meitiara Bakrie (dbakrie@abnrlaw.com), and associate Ruth Mendrofa (rmendrofa@abnrlaw.com)

This ABNR News and its contents are intended solely to provide a general overview, for informational purposes, of selected recent developments in Indonesian law. They do not constitute legal advice and should not be relied upon as such. Accordingly, ABNR accepts no liability of any kind in respect of any statement, opinion, view, error, or omission that may be contained in this legal update. In all circumstances, you are strongly advised to consult a licensed Indonesian legal practitioner before taking any action that could adversely affect your rights and obligations under Indonesian law.