HomeNewsOJK's New Role: Charting a Course Through Indonesia's Crypto Seas

OJK’s New Role: Charting a Course Through Indonesia’s Crypto Seas

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  • North Korea stands out in 2022 with crypto thefts amounting to billions of dollars.
  • Indonesia’s leading crypto platform, Indodax, supports the country’s efforts towards integrating and regulating the cryptocurrency landscape.

The Great Digital Heist: North Korea’s Dominance

2022 was a tumultuous year for the cryptocurrency market, with several cryptocurrencies witnessing dramatic fluctuations and even crashes. In this roller-coaster year, cryptocurrency thefts made headlines, particularly those attributed to North Korea.

Reports from Chainalysis indicated that crypto thefts soared to a staggering USD 3.6 billion in 2022. Leading this dark charge were hacker groups from North Korea, corroborating an alarming trend noted by the United Nations. According to confidential UN reports cited by Reuters, North Korea surpassed its own previous records, targeting not only crypto exchanges but also defense and aerospace corporations.

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While South Korea estimated the value of assets pilfered by its northern neighbor to be around USD 630 million (or approximately Rp9.5 trillion), other cybersecurity firms reported figures exceeding USD 1 billion. The discrepancies in these figures might be influenced by the volatile nature of cryptocurrency values over the months.

Experts from an independent sanctions oversight committee stated that North Korea has employed sophisticated cyber techniques to breach digital networks, specifically those associated with digital finance. Their methodologies include advanced phishing tactics, even targeting individual employees of national organizations through platforms like LinkedIn. Once they gain the trust of these individuals, malware is sent via apps like WhatsApp. These cyberattacks are not just about money – they fund North Korea’s nuclear and missile programs.

Indonesia’s Proactive Stance on Crypto Regulation

While North Korea’s actions in the digital space alarm the global community, Indonesia moves in a promising direction. Indodax, the prominent cryptocurrency trading platform in Indonesia, has expressed strong support for the Financial Services Authority (OJK) in its endeavors to oversee the crypto space in the nation.

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Oscar Darmawan, CEO of Indodax, conveyed his optimism during the inauguration of Hasan Fawzi, who’s taking charge of monitoring financial innovations, including crypto assets, for 2023-2028 under the OJK Board of Commissioners. The recent launch of the cryptocurrency futures exchange, spearheaded by Hasan, is a notable step towards more robust regulation.

Darmawan also endorsed Hasan Fawzi’s proposal, which focuses on integrating cryptocurrency through a strategic framework named INOVASI. This framework emphasizes investor protection, balanced regulation, literacy development, and optimizing fintech innovations. The INOVASI strategy, an acronym covering diverse facets from investor protection to market integrity, aims to create a structured and secure environment for the Indonesian cryptocurrency industry.

In support of these efforts, Indodax has committed to playing an active role in fostering healthy and sustainable growth in Indonesia’s crypto landscape. Darmawan assures that with the launch of the futures exchange, they aim to minimize additional charges to their customers, ensuring affordability for all crypto traders in Indonesia.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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