As of January 10, 2025, regulatory and supervisory authority over crypto assets in Indonesia has officially transferred from the Indonesian Commodity Futures Trading Supervisory Body (Badan Pengawas Perdagangan Berjangka Komoditi or “Bappebti”) to the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”).
The transfer was mandated by Government Regulation No. 49 of 2024 regarding Transfer of Regulatory and Supervisory Duties for Digital Financial Assets including Crypto Assets and Financial Derivatives dated December 31, 2024 (“GR 49/2024”) and OJK Regulation No. 27 of 2024 regarding the Implementation of Trading in Digital Financial Assets including Crypto Assets dated December 10, 2024 (“OJK Reg. 27/2024”).
With this regulatory shift, crypto assets are now classified as digital financial assets. All activities related to their offering, trading, transaction settlement and supporting infrastructure must comply with OJK regulations, specifically OJK Reg. 27/2024.
OJK Reg. 27/2024 identifies the following entities as key infrastructure supporting crypto asset business activities in Indonesia:
- Digital Financial Asset Traders (“Crypto Asset Traders”);
- Digital Financial Asset Repository Managers;
- Clearing House for Guarantee and Settlement of Digital Financial Asset Trading; and
- Digital Financial Asset Bourse Provider.
These are collectively referred to as Digital Financial Asset Trading Providers.
All licenses, approvals, and product or instrument registrations for crypto assets and financial derivatives previously issued by Bappebti remain valid to the extent they do not conflict with prevailing laws and regulations. However, as of January 10, 2025, the OJK will take over any pending and ongoing submissions to obtain licenses, approvals, product or instrument registrations, and other decisions related to crypto assets and financial derivatives.
We highlight below the key takeaways from the current regulatory framework for crypto assets in Indonesia:
List of Permitted Crypto Assets: The Digital Financial Asset Bourse Provider (i.e., PT Bursa Komoditi Nusantara, also known as the CFX) is expected to issue a new whitelist of crypto assets approved to be traded in Indonesia by April 2025.
Crypto Asset Trader Capitalization Requirements: The minimum issued and paid-up capital of a Crypto Asset Trader is IDR 100 billion. From the issued and paid-up capital, a Crypto Asset Trader must maintain an equity of at least IDR 50 billion. The funds for the paid-up capital of Crypto Asset Traders cannot come from (i) money laundering, financing of terrorism, or weapons of mass destruction, (ii) loans, or (iii) other activities that are in violation of the provisions of the laws and regulations.
The OJK is authorized to demand the injection of additional capital and equity by taking into account market dominance, the number of crypto asset customers, transaction volume, and linkages with other market participants that may have a systemic impact.
New Obligations of Digital Financial Asset Trading Providers: Digital Financial Asset Trading Providers are also obligated to implement personal data protection and consumer protection measures in accordance with the relevant laws and regulations on personal data protection and consumer protection.
Digital Financial Asset Initial Offering: Similar to the previous Bappebti regime, OJK Reg. 27/2024 is silent on the procedures and requirements for initial coin offerings and initial token offerings in Indonesia.
Transition Period: All Digital Financial Asset Trading Providers must fully comply with the new obligations and requirements under OJK Reg. 27/2024 by July 2025.
If you require further clarification or legal guidance on these regulatory updates, our team is ready to assist you in navigating this transition.
This publication is intended for informational purposes only and does not constitute legal advice. Any reliance on the material contained herein is at the user’s own risk. All SSEK publications are copyrighted and may not be reproduced without the express written consent of SSEK.
