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The Expansion of Crowdfunding Activities in Indonesia

“With the issuance of POJK 57/2020, Financial Services Authority (OJK) has replaced the regulation governing crowdfunding activities Indonesia. As of December 2020, crowdfunding activities in Indonesia is allowed to include offerings of securities aside from equity-based securities, namely debt securities (obligation) and Sharia-based bonds (Sukuk).” In December 2020, Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) promulgated OJK Regulation No. 57/POJK.04/2020 concerning Offering of Securities through Crowdfunding Services Based on

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An Update on Business License by Omnibus Law

“The Omnibus Law changed on the business licensing from the classifications, requirements, to the process itself. The Environment aspect is will also be one of the approval documents, especially for the high-risk business activity.” In order to attract investors and bolster investment, the Government through Omnibus Law simplifies the licensing process and investment requirements by amending some provisions and introduces new risk-based business licensing. The implementation of the Risk-Based Licensing

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Financial Technology Industry in KBLI 2020

“KBLI 2020 has categorized fintech industry into specific code which adjusted based on its development.” Following the promulgation of Regulation of Head of Indonesia Central Bureau of Statistics No. 2 of 2020 on Indonesia Standard Industrial Classification (“Klasifikasi Baku Lapangan Usaha Indonesia” or “KBLI 2020”), KBLI category of financial technology (“fintech”) industry has categorized into specific code. This specification adjusts to the development of fintech industry under the authority of

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