With the rapid expansion of digital assets in Indonesia and growing market interest in Initial Coin Offerings (“ICOs”) and Initial Token Offerings (“ITOs”), the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) has issued a long-anticipated draft regulation that, for the first time, will establish a regulatory framework for the public offering of digital financial assets (Aset Keuangan Digital or “AKD”) in Indonesia (the “Draft OJK Regulation”).
Until now, AKD activities have been regulated primarily under OJK Regulation No. 27 of 2024 on the Implementation of Digital Financial Asset Trading, which focuses on the supervision and operation of AKD trading activities. The regulation, however, does not extend to the offering or issuance of AKD to the public, leaving a significant gap in the legal framework governing primary-market activities in the digital asset sector. The Draft OJK Regulation aims to address this gap and establish legal certainty for AKD offerings in Indonesia.
The Draft OJK Regulation was formally published on the OJK’s official website on September 19, 2025. In conjunction with its publication, the OJK opened the draft for public consultation, inviting comments through October 2, 2025. As such, the Draft OJK Regulation remains provisional and may be amended pending the OJK’s review of the feedback received.
Below are key takeaways from the Draft OJK Regulation:
- Classification of AKD Eligible for Public Offering. Under the Draft OJK Regulation, AKD eligible for public offering in Indonesia encompass both tokenized assets and crypto assets. Tokenized assets are categorized into backed tokenized assets, which are supported by underlying assets, and unbacked tokenized assets, which are not asset-backed. Crypto assets are similarly divided into currency-backed crypto assets, whose value is tied to fiat currency reserved, and backed crypto assets, which are backed by other forms of underlying assets.
The Draft OJK Regulation introduces distinct approval and notification requirements for public offerings of AKD, with the specific requirements varying based on the classification of the particular digital asset.
- Entities Involved in Public Offerings. The Draft OJK Regulation identifies the entities that may participate in conducting AKD public offerings as follows:
- Issuer (Penerbit);
- Exchange (Pedagang);
- Bourse (Bursa);
- Clearing, Guarantee and Settlement Institution (Lembaga Kliring, Penjaminan dan Penyelesaian);
- Custodian Manager (Pengelola Tempat Penyimpanan Aset Keuangan Digital);
- Asset Storage Manager (Pengelola Penyimpanan Aset Keuangan Digital); and
- Other parties as designated by the OJK.
All entities participating in AKD public offerings must be incorporated as limited liability companies under Indonesian law. Issuers of tokenized assets and backed crypto assets may conduct public offerings only after obtaining a business license from the OJK. Exchanges, bourses, clearing and settlement institutions, custodian managers, and asset storage managers may facilitate or support AKD offerings only with the prior approval of the OJK.
- Personal Data Protection. Entities conducting AKD public offerings must implement personal data protection principles. These obligations must be applied in accordance with the relevant OJK regulations on digital financial asset trading, including those governing crypto assets, and all applicable personal data protection laws. Violations may result in administrative sanctions under the applicable OJK regulations.
- Consumer and Public Protection. Issuers and exchanges must provide AKD-related information that is clear, complete, accurate, honest, easily accessible and not misleading to prospective or existing consumers. Issuers must disclose such information through their official platforms, while exchanges must do so through the applicable trading systems. All information documents must be approved by the OJK and should cover tokenized assets, backed crypto assets and unbacked crypto assets, ensuring that consumers have the necessary information to make informed investment decisions.
- Methods of Offering. Public offerings of AKD may be conducted either as a single offering or on a continuous basis. Single offerings may be carried out for tokenized assets, backed crypto assets, and unbacked crypto assets. Continuous offerings are allowed only for tokenized assets and backed crypto assets.
A single offering must run for a minimum of three business days and a maximum of five business days. Public offerings of tokenized assets and backed crypto assets may only be conducted after obtaining the requisite business license from the OJK. For unbacked crypto assets, offerings may proceed only upon receiving approval from the bourse.
The Draft OJK Regulation remains subject to change as it moves toward finalization. We will continue to monitor developments, including any implementing standards or guidance that follow. (19 November 2025).
