Indonesia’s Regulatory Shift: OJK Assumes Control Over Crypto Assets

On January 10, 2025, Indonesia underwent a significant regulatory change concerning cryptocurrency oversight. The Financial Services Authority (Otoritas Jasa Keuangan, OJK) officially assumed control over the regulation and supervision of digital financial assets, including cryptocurrencies, from the Indonesian Commodity Futures Trading Supervisory Body (Badan Pengawas Perdagangan Berjangka Komoditi, Bappebti). This transition was mandated by Government Regulation No. 49 of 2024 and OJK Regulation No. 27 of 2024, which collectively redefined the framework for crypto asset activities in the country.

Under the new regulations, crypto assets are now classified as digital financial assets. This reclassification necessitates that all activities related to their offering, trading, transaction settlement, and supporting infrastructure comply with OJK regulations, specifically OJK Reg. 27/2024. The regulation outlines the roles of various entities within the crypto ecosystem, including Crypto Asset Traders, Digital Financial Asset Repository Managers, Clearing Houses for Guarantee and Settlement of Digital Financial Asset Trading, and Digital Financial Asset Bourse Providers. These entities are collectively referred to as Digital Financial Asset Trading Providers.

A notable aspect of the new regulatory framework is the establishment of a whitelist for approved crypto assets. The Digital Financial Asset Bourse Provider, PT Bursa Komoditi Nusantara (CFX), is expected to issue this list by April 2025, specifying which cryptocurrencies are permitted for trading within Indonesia. Additionally, the regulations set forth capital requirements for Crypto Asset Traders, mandating a minimum issued and paid-up capital of IDR 100 billion, with at least IDR 50 billion maintained as equity. These funds must originate from legitimate sources, excluding money laundering, terrorism financing, or other unlawful activities.

The OJK has also introduced new obligations for Digital Financial Asset Trading Providers, including the implementation of personal data protection and consumer protection measures in accordance with relevant laws. While the regulations do not specify procedures for initial coin offerings (ICOs) or initial token offerings (ITOs), they require full compliance with the new obligations by July 2025. This regulatory shift aims to enhance the integrity and security of the cryptocurrency market in Indonesia, fostering a more robust and transparent environment for digital asset activities.