INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law
11. Open Banking 11.1 Regulation of Open Banking
10.12 NFTs NFTs are not yet regulated, although it should be not - ed that, by virtue of the definition of “crypto-assets” under OJK Reg 27, NFTs may fall under the regulatory regime. Crypto-assets are defined in the regulation as a digital representations of value that can be stored and transferred using technology that enables the use of distributed ledger systems, such as blockchain, to verify transactions and ensure the security and valid - ity of stored information. They are not guaranteed by a central authority, such as a central bank, but are issued by private entities. This representation can be transacted, stored, and transferred electronically and may take the form of digital coins, tokens, or other asset representations, including backed crypto-assets and unbacked crypto-assets. 10.13 Stablecoins So far, stablecoins may fall within the category of “Digital Financial Assets, including Crypto Assets,” which are subject to the OJK regulatory regime, with strict limitations imposed by Bank Indonesia in the area of payment systems. They are not recognised as currency or legal tender, as the rupiah is the sole legal tender within the territory of Indonesia. Therefore, any “coin” or digital token, including stablecoins, cannot be positioned as currency or a lawful means of pay - ment under the Currency Law. Currently, there has been no regulatory framework related to stablecoins’ requirements on reserve assets nor redemption at par. As such, stablecoins can be a tradable digital financial asset in Indonesia, but not as payment instruments. Furthermore, as previously mentioned in 10.4 Regu- lation of “Issuers” of Blockchain Assets , the Draft Regulation on the Offering of Digital Financial Asset sets out the framework related to the offering of digi - tal assets, including stablecoins. Therefore, the offer - ing of stablecoins may fall under that offering regime. Nonetheless, currently, this Draft Regulation has yet to be implemented. Separately, Bank Indonesia is also developing a state‑issued, rupiah‑based digital instrument often described as a “national stablecoin version”, backed by government bonds and linked to the digital rupiah called Project Garuda. See 10.2 Local Regulators’ Approach to Blockchain .
Open banking in Indonesia has yet to be comprehen - sively implemented, although this notion is included in the BI’s new strategic framework, the 2025 Indonesia Payment Systems Blueprint (the “BI Blueprint”). The BI Blueprint specifies five initiatives for the next five years to create a more effective and streamlined sys - tem for payments: • open banking; • retail payment systems (and a Quick Response Code Indonesia Standard (QRIS) code system); • market infrastructure; • data; and • regulatory licensing and supervision. These initiatives are implemented by five working units under the BI, which has now launched the National Open API Payment Standard (SNAP) as well as sand - box trials of QRIS and Thai QR payment intercon - nectivity. These measures are crucial for accelerating open banking in the payment systems space. Before the BI Blueprint, the OJK cued the open bank - ing drive by virtue of OJK Regulation No 21 of 2023 on the Digital Services by Commercial Banks (“OJK Reg 21”). OJK Reg 21 accommodates the needs of vari - ous integrated IT-based banking services and carries elements of open banking – ie, banks’ co-operation with their partners (financial institutions and/or non- financial institutions) – as a means of fostering bank - ing-product innovation. OJK Reg 21 also addresses matters relating to customer protection and risk man - agement for banks running IT-based banking services. 11.2 Concerns Raised by Open Banking Data collection, use and disclosure within the financial services sector mirrors the electronic information and transactions regime provided in the EIT Law. Under the Banking Law (Law No 7 of 1992, as last amended by Law 4/2023), banks are prohibited from disclosing information on their customers to third parties, except in specific circumstances as mandated by law – ie, for: • taxation purposes; • debt settlement;
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