Detailed overview
Indonesia: OJK Digital Financial Asset and Cryptoasset Licensing
Regulators
Indonesia’s digital financial asset and cryptoasset trading framework is now supervised principally by the Otoritas Jasa Keuangan. Bank Indonesia remains relevant for Rupiah, payment systems, money-market and foreign-exchange-market derivatives, and payment-related structures. The Ministry of Finance and Directorate General of Taxes are relevant for tax. Capital-market tokenisation and digital securities are also within OJK’s capital-market competence.
Legal framework
Indonesia regulates cryptoasset trading through the digital financial asset framework. The main rules are Government Regulation No. 49 of 2024, POJK No. 27 of 2024, POJK No. 23 of 2025, SEOJK No. 20/SEOJK.07/2024 and SEOJK No. 16/SEOJK.07/2025.
The regime moved from Bappebti to OJK and BI. Government Regulation No. 49 of 2024 transferred regulatory and supervisory tasks over digital financial assets including cryptoassets and financial derivatives. The handover from Bappebti to OJK and BI was completed on 10 January 2025. OJK now regulates digital financial assets including cryptoassets and related capital-market financial derivatives. BI is relevant for financial derivatives with money-market and foreign-exchange-market underlyings.
Digital financial assets and cryptoassets
A digital financial asset is an asset stored or represented digitally, including a cryptoasset.
A cryptoasset is a digital representation of value that can be stored and transferred using distributed-ledger or blockchain-like technology to verify transactions and ensure the security and validity of stored information. It is not guaranteed by a central authority such as a central bank. It is issued by private parties, can be transacted, stored and transferred electronically, and can take the form of a digital coin, token or other asset representation, including backed and unbacked cryptoassets.
POJK No. 23 of 2025 expanded and updated the framework, including treatment of digital financial asset derivatives.
Licensing requirement
Digital financial asset trading operators must obtain an OJK business licence.
Regulated operators include the exchange, clearing and guarantee/settlement institution, storage manager or custodian, trader, and other parties designated by OJK.
A business that operates a crypto exchange, crypto trading platform, fiat on-ramp or off-ramp, crypto broker-like platform, OTC desk, custody provider, hosted wallet, storage provider, clearing or settlement service, or market infrastructure service should map its activity to the OJK categories before launch.
An OJK crypto or digital financial asset licence does not automatically authorize securities, payment instruments, e-money, deposits, remittances, foreign exchange, payment services or banking activity.
Market infrastructure
An exchange must be organized as an Indonesian limited-liability company and must satisfy ownership and affiliation requirements. The minimum paid-up capital for an exchange is IDR 1 trillion. The exchange must maintain equity of at least 80 percent of paid-up capital.
A clearing and guarantee/settlement institution must have paid-up capital of at least IDR 500 billion and must maintain equity of at least 80 percent of paid-up capital.
A storage manager or custodian must have paid-up capital of at least IDR 250 billion and must maintain equity of at least 80 percent of paid-up capital.
Capital sources may not come from money laundering, terrorism financing, proliferation financing, loans or unlawful activity.
Trader licensing
A trader must be an Indonesian limited-liability company. It must have paid-up capital of at least IDR 100 billion and maintain equity of at least IDR 50 billion. OJK may require higher capital or equity based on market dominance, number of consumers, transaction volume or systemic interconnection.
A trader must maintain an online trading system connected to the exchange and clearing institution. It must have trading rules and standard operating procedures covering customer registration, buy and sell procedures, deposits, withdrawals, transfers to other wallets, fees, withdrawal limits, security, complaints, dispute settlement, AML, CFT, proliferation-financing prevention and other OJK-approved activities.
A trader must have at least three directors and at least two commissioners. Certain management and ownership changes require OJK approval. The trader must give OJK read access to its systems.
Consumer funds placed in segregated accounts must be in Rupiah. A trader may not accept cash deposits. Segregated accounts must be used in accordance with OJK approval and must be opened with a qualifying commercial bank.
A trader may not use customer digital financial assets stored by the trader for the trader’s own interest without customer permission. A trader may not facilitate a transaction unless the customer has sufficient funds or digital financial assets.
Custody and storage
Custody and storage of customer digital financial assets are heavily regulated.
A storage manager must maintain secure storage infrastructure, verify incoming and outgoing transfers, keep segregated data for each trader, provide proof of deposits and deliveries, supervise and record assets, support audits, mitigate risk and remain responsible for loss of customer assets held by it.
Customer digital financial assets must be segregated from the storage manager’s own assets, including in books and records.
Wallet controls must include hot and cold wallet governance, hardware security module controls, layered authorization, multi-signature controls, two-factor authentication, role-based access and M-of-N approval. At least three individuals must be involved in the approval quorum, the number must be odd, and at least one individual must come from the board of directors.
A hosted wallet, exchange wallet, custodian, MPC provider, omnibus wallet or delegated custody structure should be designed around these segregation and key-control requirements.
Tradable assets and listing
Cryptoassets are not freely listable merely because they trade outside Indonesia.
The exchange sets the list of tradable cryptoassets. The exchange must evaluate listed cryptoassets at least every three months or at any time. Evaluation results must be reported to OJK.
The exchange must remove a cryptoasset from the list where it no longer meets criteria, has potential legal issues, raises consumer-protection concerns or otherwise fails evaluation. OJK may also evaluate cryptoassets, prohibit trading and order removal or cessation.
A trader should not offer a cryptoasset unless the asset is within the permitted Indonesian list and the trader’s systems and approvals support the offering.
Market abuse
Market abuse is prohibited in digital financial asset trading.
Operators must prevent, monitor and take necessary action against market-abuse indications. They must maintain policies, procedures and systems to detect abuse and must report indications to OJK through incidental reports.
A platform should maintain abnormal-trading surveillance, manipulation detection, insider-trading controls, conflict controls, token-listing controls and incident reporting.
AML, CFT and proliferation financing
Digital financial asset traders are subject to OJK AML, CFT and proliferation-financing requirements.
SEOJK No. 16/SEOJK.07/2025 requires a risk-based AML/CFT/CPF program. It covers active supervision by directors and commissioners, policies and procedures, internal controls, management information systems, human resources, training, reporting, action plans and related controls.
A trader must maintain customer due diligence, beneficial-owner identification, enhanced due diligence, sanctions controls, high-risk jurisdiction controls, politically exposed person controls, transaction monitoring and suspicious-transaction escalation.
A trader must not maintain anonymous or fictitious users. It must monitor digital financial asset transactions using regulatory technology, including blockchain analytics, to identify suspicious activity.
Travel rule
Indonesia has a travel-rule requirement for digital financial asset traders.
For digital financial asset transfers equal to or above the Rupiah equivalent of USD 1,000, the trader must obtain sender information including name, wallet address, address and specified identity-document information. It must also obtain recipient information including name, wallet address and address.
For transfers below the Rupiah equivalent of USD 1,000, the trader must obtain sender name and wallet address and recipient name and wallet address.
The travel rule is designed to identify and report suspicious transactions, support freezing measures and prohibit transactions where required.
Transfers involving mixers, tumblers, privacy coins, weak-KYC counterparties, unhosted wallets, darknet-linked addresses or suspicious blockchain patterns require heightened review.
Digital financial asset derivatives
POJK No. 23 of 2025 updates the framework for digital financial asset derivatives.
Existing Bappebti licences, approvals, products, activities, instruments and decisions issued before the POJK 23 effective date remain valid to the extent preserved by the transition rules and not inconsistent with current law.
Parties without an OJK trader licence that had conducted customer-mandated digital financial asset derivative buying and selling had to transfer all such customer-mandated derivative activities to a trader by 9 January 2026. During the transition, they could only conduct derivative transactions for settlement.
As of 8 May 2026, an unlicensed party should not still be relying on that transition to conduct customer-mandated digital financial asset derivative activity.
Whitelist and current operator status
OJK publishes a whitelist of licensed or registered digital financial asset and cryptoasset trading operators and platforms.
The whitelist is intended as an official public reference for checking provider legality. OJK encourages the public to transact only through listed entities and official channels. OJK states that entities not listed in the whitelist are treated as unlicensed or unsupervised by OJK.
A provider serving Indonesia should verify whether its entity name, application name and website are included in the latest OJK list or whitelist before onboarding users.
OJK’s April 2026 administrative update stated that, as of March 2026, 1,464 cryptoassets and 77 digital financial asset derivatives could be traded, and that OJK had approved 31 entities consisting of two exchanges, two clearing and guarantee/settlement institutions, two storage managers and 25 traders. These figures are administrative status data and should be checked against the latest OJK list before use.
Payment and legal tender
Cryptoassets are not legal tender in Indonesia.
Bank Indonesia states that virtual currency including bitcoin is not recognized as a lawful payment instrument and is prohibited from being used as payment in Indonesia. Indonesian law requires Rupiah for transactions with payment purpose and other financial transactions in Indonesian territory, subject to the applicable legal exceptions.
A cryptoasset may be traded as an OJK-regulated digital financial asset, but that does not make it legal tender or a lawful payment instrument.
Merchant checkout, payment gateway, card-like, automatic conversion, stable-value or settlement products require separate Bank Indonesia payment-system and currency-law analysis.
Tax
PMK No. 50 of 2025 governs VAT and income-tax treatment for cryptoasset trading and is effective from 1 August 2025.
Delivery of cryptoassets treated like securities is not subject to VAT. However, services providing electronic facilities used to facilitate cryptoasset trading are subject to VAT. Mining transaction-verification services are also subject to VAT.
Seller income from cryptoasset transactions through an electronic trading system is subject to final Article 22 income tax at 0.21 percent of transaction value in the ordinary trader-collection model. The digital financial asset trader collects, remits and reports the tax.
Where an electronic system operator only provides e-wallet services, only matches sellers and buyers, or does not facilitate cryptoasset trading, it is excluded from the collector role and the seller must self-remit final Article 22 income tax at 0.21 percent.
Different final Article 22 treatment can apply to transactions through certain foreign or unappointed electronic systems, including a 1 percent rate in specified cases.
Crypto businesses should separately analyze VAT on services, income tax, withholding, mining, swaps, derivatives, offshore platforms, permanent-establishment exposure and tax evidence systems.
Tokenised securities and investment contracts
Tokenised securities require separate capital-market analysis.
OJK’s current capital-market regulation defines “Efek” to include securities or investment contracts in conventional, digital or other technology-developed form that confer direct or indirect economic benefit from an issuer or another party based on an agreement, including derivatives over securities, and that can be transferred or traded in the capital market.
A tokenised share, bond, sukuk, fund unit, investment contract, revenue-sharing token, asset-backed token, debt token or derivative over securities may therefore fall under capital-market regulation rather than ordinary cryptoasset trading regulation.
A platform offering or trading these instruments should analyze capital-market licensing, offering, custody, settlement and disclosure requirements.
Sandbox and tokenisation
Some digital-asset or tokenisation models may fall outside ordinary crypto trading and into OJK’s financial-sector technology innovation framework.
OJK’s licensing materials state that sandbox graduates must apply for licensing within the validity period of the graduation letter, and that parties with the same type of ITSK as a sandbox graduate may apply for registration or licensing.
OJK’s April 2026 update identified tokenisation-related models among digital financial asset and cryptoasset sandbox participants that had completed sandbox review.
A tokenisation platform, blockchain-based financial infrastructure provider or non-trading digital financial innovation model should assess whether the OJK ITSK sandbox or registration route is more appropriate than the crypto trading route.
Regulatory outlook
Indonesia is now a regulated OJK digital financial asset jurisdiction.
New entrants should treat Indonesia as a licensing jurisdiction for digital financial asset trading and custody. The key workstreams are product classification, OJK licence category, Indonesian entity structure, capital, exchange and clearing connectivity, custody segregation, wallet/key controls, customer fund segregation, AML/CFT/CPF, travel rule, tax collection, permitted asset listing, payment-law limits, tokenised securities analysis and OJK whitelist status.