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Covering Dematerialisation, Securities and Futures Act, Restructuring, Digital Financial Asset, Business License Revocation. This episode covers critical updates in Dematerialisation, Securities and Futures Act reforms, restructuring, digital financial asset regulations, and business license revocation across Indonesia, Malaysia, and Singapore.
Regulatory news, updates, and insights for countries in the ASEAN region presented by the Carver Agents team
Welcome to Carver's ASEAN Regulatory Updates for March 22, 2026.
In Indonesia, the Financial Services Authority, known as OJK, has revoked the business license of PT Tennet Depository Indonesia as a provider of depository facilities for digital financial assets, including crypto assets. This revocation took effect on March 12, 2026. PT Tennet Depository Indonesia is required to cease all related business activities immediately and settle its obligations according to applicable laws and regulations.
Bank Indonesia has announced that the BI-Rate will be maintained at 4.75 percent. Alongside this, the deposit facility rate remains at 3.75 percent, and the lending facility rate at 5.50 percent. Effective April 2026, Bank Indonesia will implement changes to foreign exchange market policies, including lowering the cash threshold for buying foreign currencies to 50,000 US dollars per month and raising thresholds for non-deliverable forwards and forwards. Additionally, macroprudential policies and payment system initiatives will be strengthened.
The Indonesian Financial Services Authority, OJK, has confirmed that debtors involved in banking crimes can face criminal prosecution. This follows a recent court ruling involving debtors and employees of PT BPR Duta Niaga Pontianak. OJK emphasizes the importance of honesty and transparency when applying for credit facilities, requiring that credit funds be used strictly for agreed purposes. Banks and their employees must comply with all applicable laws to avoid criminal sanctions.
In Malaysia, the Labuan Financial Services Authority announced that its offices will be closed from March 20 to March 23, 2026, in observance of the additional Hari Raya Aidilfitri public holiday. Operations will resume on March 24, 2026. Industry participants are advised to plan submissions accordingly and to use official channels for any urgent matters during the closure.
Turning to Singapore, the Monetary Authority of Singapore, or MAS, has issued prohibition orders against two former relationship managers, Wang Qiming and Liu Kai. Wang Qiming is barred for 16 years, and Liu Kai for 7 years, from carrying on MAS-regulated activities and holding management roles in financial institutions. These prohibitions include bans on acting as directors, partners, or managers, directly or indirectly participating in management, and providing any MAS-authorised business or activity.
Also in Singapore, the Accounting and Corporate Regulatory Authority has published a notice regarding the intended dissolution of DFMA Builder Pte Ltd. The company will be dissolved 30 days after the publication of its account unless an objection is filed with the court. If a court order defers the dissolution, a copy of the order must be lodged with the Registrar of Companies and the Official Receiver within 14 days.
The Monetary Authority of Singapore has released a consultation paper proposing a regulatory framework for central securities depositories, or CSDs. The proposal includes extending Part 3AA of the Securities and Futures Act to all approved CSDs with an entity-neutral approach. It introduces a two-tier regulatory regime: approval for locally incorporated CSDs and recognition for foreign-incorporated CSDs. The framework also proposes statutory trust protections over monies held by CSDs and ongoing regulatory obligations similar to those for systemically important financial market infrastructures.
In a related development, MAS has issued a consultation paper on a proposed dematerialisation regime for shares of listed companies. The proposal would allow shares to be held in uncertificated form with approved CSDs acting as the central register. Physical share certificates would no longer be required, and the register of members would serve as the sole prima facie evidence of title.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.