<![CDATA[On 10 January 2025, the regulation and supervision of crypto assets in Indonesia were transferred from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK), as mandated by Law Number 4 of 2023 and Government Regulation Number 49 of 2024. The transfer reclassified crypto assets from commodities to digital financial assets and placed them under an integrated financial supervisor. This study examines whether the transfer has affected investor confidence and which perceived attributes of the new regime drive that confidence. A survey was administered to 342 Indonesian crypto investors who had been active both before and after the transfer. Confidence under Bappebti was measured retrospectively and compared with current confidence under OJK using paired tests, and current confidence was regressed on perceived legal certainty, investor protection, supervisory effectiveness, and transparency. The results show that mean confidence rose from 3.27 to 3.68 on a five point scale (p < 0.001, Cohen’s d = 0.42), with 61.7% of respondents reporting higher confidence. All four attributes have significant positive effects, led by investor protection (β = 0.261) and legal certainty (β = 0.243), and together explain 43.2% of the variation in confidence. The increase is considerably larger among investors who are aware of the transfer. The findings indicate that the regulatory transfer can strengthen confidence, but mainly through perceived protection and certainty and only to the extent that investors know about it, which implies that OJK and licensed platforms should invest in communicating the new safeguards.]]>
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