Hasan Fawzi, a former stock exchange executive, has been appointed the head of fintech and digital assets oversight and innovation by Indonesia’s financial watchdog.
Fawzi will be responsible for regulating and supervising the emerging crypto sector in the country, which is working towards launching a state-backed crypto exchange by 2023.
Hasan Fawzi’s Background and Role
Hasan Fawzi has served as the Director at Indonesia Bond Pricing Agency (IBPA) since 2008, a licensed securities pricing agency and a subsidiary of the Indonesia Stock Exchange (IDX).
He has extensive experience in the capital market and financial industry, having held various positions at IDX, Bank Indonesia, and Bank Mandiri.
Fawzi joined the country’s Financial Services Authority (OJK), which regulates and supervises the financial services sector, along with another new member, according to several news outlets.
Per the reports, the House of Representatives Commission, which oversees banking and finance, approved Fawzi and Lodewik Paulus Agusman as members of the OJK Board of Commissioners after the two passed “the aptitude test” on Monday.
Fawzi currently serves as the Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Cryptoassets.
Therefore, peer-to-peer lending platforms, crypto, and other elements of the developing industry fall within his purview.
Indonesia’s Crypto Landscape and Challenges
Indonesia is one of the largest economies in Southeast Asia and has a growing interest in crypto among its population. According to a report by Chainalysis, Indonesia ranked fourth in crypto adoption in 2021, behind Vietnam, India, and Pakistan.
The country is working towards enabling crypto usage, but issues remain.
As reported in late February, Didid Noordiatmoko, head of the country’s Commodity Futures Trading Regulatory Agency (Bappebti), said the nation aimed to launch its highly anticipated state-backed crypto exchange by mid-2023.
He added that the exchange will be run by a private-sector company rather than the government. Also, private-sector crypto platforms will execute trades on the exchange.
Late in May, however, Bali Governor Wayan Koster suggested that the popular Indonesian tourist island will tighten rules around payments to make it harder for foreign tourists to pay with crypto.
“Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly,”
Wayan Koster
Fawzi’s appointment as the new crypto regulator is crucial for Indonesia’s crypto industry, as it faces both opportunities and challenges in its development.
It remains to be seen how Fawzi will reconcile innovation and regulation in his new role and what impact he will have on the crypto ecosystem in the country.
