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Back to topIndonesia’s Financial Services Authority (OJK) recently took the first step towards building a comprehensive regulatory framework for digital financial assets in Indonesia, including crypto assets. With OJK assuming oversight, crypto assets are now regulated alongside other financial instruments, ensuring greater market stability, investor protection, and alignment with international regulatory standards.
LEGAL FRAMEWORK
Government Regulation No. 49 of 2024 dated 31 December 2024 (GR 49/2024) governs the transfer of supervisory authority from Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi or Bappebti) to OJK, with the shift in supervision coming into effect on 10 January 2025.
GR 49/2024 was followed by OJK Regulation No. 27 of 2024 on the Implementation of Digital Financial Assets Trading Including Crypto Assets (POJK 27/2024), which also came into force on 10 January 2025 (the Effective Date). POJK 27/2024 replaces Bappebti’s existing regulatory framework for crypto assets. To ensure continuity and market stability, the licences, approvals, registrations and decisions previously issued by Bappebti remain valid as of the Effective Date despite this transfer of supervision to OJK.
CRYPTO ASSET TRADING PLATFORMS
POJK 27/2024 identifies four key players in Indonesia’s crypto asset trading ecosystem (referred to as DFA Trading Operators):
- Digital Financial Assets (DFA) Exchange – as of March 2025, OJK had issued one DFA Exchange licence;
- Digital Financial Asset Trader – as of March 2025, OJK had issued 19 DFA Trader licences and was processing 11 other licence applications (DFA Traders);
- Clearing, Guarantee, and Settlement Institution for Digital Financial Assets Trading – as of March 2025, OJK had issued one licence for this; and
- Custodian for Digital Financial Assets – as of March 2025, OJK had issued one DFA custodian licence.
This article primarily focuses on the key updates introduced by POJK 27/2024, particularly those impacting DFA Traders. It is important to note that POJK 27/2024 does not regulate initial offering of digital financial assets, and this will likely be regulated by OJK under a separate regulation.
KEY CHANGES
1. Crypto assets reclassified as Digital Financial Assets
One change under POJK 27/2024 is the reclassification of crypto assets from commodities (under Bappebti's framework) to digital financial assets. This change aligns crypto assets with other financial instruments and brings them under OJK’s stricter financial regulatory supervision.
Digital financial assets to be traded must now satisfy various criteria. They must:
- be issued, stored, transferred and/or traded using distributed ledger technology;
- not be financial assets recorded electronically by financial services institutions;
- not be sourced from and/or used in activities contrary to the laws and regulations; and
- comply with any other criteria determined by OJK.
With this change, the nomenclature of key players has also been updated. For instance, crypto asset traders, previously known as Crypto Physical Commodity Traders (Pedagang Fisik Aset Kripto), are now Digital Financial Assets Traders (Pedagang Aset Keuangan Digital). Similarly, the Crypto Assets Exchange, previously known as the Futures Exchange (Bursa Berjangka), and commonly used for commodities, has been rebranded the Digital Financial Assets Exchange (Bursa Aset Keuangan Digital).
Under Indonesia’s regulatory framework, the entity that provides users with an electronic platform for crypto trading is referred to not as an "exchange" but as a "trader". The term "exchange" is reserved for an entity responsible for facilitating and overseeing the overall digital financial assets trading ecosystem, rather than directly providing a trading platform for users.
2. DFA Exchange to issue list of crypto assets
Under the previous Bappebti framework, Bappebti had the authority to issue a list of crypto assets that could be traded on DFA Traders’ platforms.
Under POJK 27/2024, the DFA Exchange has the authority and obligation to evaluate crypto assets in the market and issue a list of crypto assets that can be traded on DFA Traders’ platforms. This list must be reviewed by the DFA Exchange at least quarterly, and DFA Traders can make suggestions to the DFA Exchange. The first list was issued in April 2025 and contained 1,444 crypto assets. This is a significant increase on the 851 crypto assets in Bappebti’s last list.
OJK is also authorised to evaluate the list of crypto assets issued by the DFA Exchange. Based on its evaluation, OJK may (i) prohibit the trading of specific Digital Financial Assets; and/or (ii) order DFA Traders to cease trading certain crypto assets.
3. Requirements for DFA Traders
POJK 27/2024 retains most of the requirements applicable to DFA Traders under the Bappebti regime, including minimum paid-up capital of 100 billion rupiah (US$6m) and minimum equity of 50 billion rupiah (US$3m). However, there are four key changes introduced under OJK’s new framework.
a) Fit and proper test
With the shift in supervisory authority from Bappebti to OJK, the responsibility for conducting fit and proper tests on prospective board members, shareholders, and controlling shareholders now lies with OJK.
The controlling shareholders, members of the Board of Directors (BOD) and Board of Commissioners (BOC) (together, the Main Parties) of DFA Trading Operators must now obtain approval from OJK before commencing their respective duties, by taking and passing a fit and proper test (FPT). OJK has also published a draft regulation on FPTs that will apply to digital financial asset players.
b) Data retention period
OJK requires DFA Traders to store transaction data and financial records for at least ten consecutive years. This extends a five-year retention period that was set by Bappebti and is in line with the requirements for corporate records generally in Indonesia.
c) Personal data protection requirements
Under POJK 27/2024, DFA Traders must maintain the integrity and availability of personal data, transaction data, and financial data from the time the data are obtained until they are destroyed. They must also ensure that, along with any third parties they collaborate with, they maintain the confidentiality and security of customer data. And they are prohibited from transferring customer data without the written consent of the customer, unless required by law. These requirements are to be implemented in accordance with Law No. 27 of 2022 on Personal Data Protection (the PDP Law).
d) New corporate governance rules
Under POJK 27/2024, OJK has introduced new governance rules for DFA Traders regarding the composition of their BOC and restrictions on double hatting for their BOD members.
OJK now limits the maximum number of BOC members to not exceed the number of BOD members, while maintaining the minimum requirement of two members.
OJK has also tightened restrictions on double hatting, prohibiting members of a DFA Trader's BOD from simultaneously holding positions as members of the BOC or BOD, or employees, at other companies operating in the digital financial assets sector.
4. Introduction of new administrative sanctions
As part of its enhanced regulatory framework, OJK has introduced new administrative sanctions for non-compliance with POJK 27/2024. These sanctions aim to strengthen enforcement measures and ensure adherence to financial regulations. The penalties include:
- written warnings as an initial corrective measure;
- temporary, partial, or full suspension of activities, including implementation of cooperation agreements;
- dismissal and/or replacement of management personnel;
- inclusion of Main Parties in the financial sector’s blacklist maintained by OJK; and
- revocation of business licences.
The new regulation allows OJK to impose these sanctions with or without a prior written warning, giving it greater flexibility in enforcement actions.
5. Revocation of business licences
POJK 27/2024 introduces new rules on both (a) voluntary cessation of operations by DFA Trading Operators and (b) OJK’s authority to revoke their business licences.
Application for licence revocation. DFA Trading Operators seeking to terminate their business operations must submit a formal request to OJK, including shareholder resolutions, reasons for termination, a plan for settling obligations, and the latest financial statements. Upon approval, OJK will issue a business termination letter, requiring them to:
- cease all business activities;
- publicly announce the termination and settlement plan via national newspapers, official websites, and social media within 10 business days after the termination letter is issued;
- settle all outstanding obligations; and
- appoint a public accountant to verify the completion of obligations.
When all obligations have been fulfilled, the DFA Trading Operator must formally submit a request for licence revocation to OJK together with a final report detailing the termination process and financial settlements, and including a shareholder declaration accepting liability for any future claims. Based on this request, OJK will issue a formal revocation decision.
OJK’s authority to revoke licences. Separate from voluntary revocation of a business licence, OJK can revoke a DFA Trading Operator’s business licence if (i) a DFA Trading Operator violates OJK regulations, resulting in sanctions that include licence revocation; and/or (ii) a final and legally binding court decision mandates revocation of the DFA Trading Operator’s licence. In such cases, any unresolved obligations and remaining liabilities following licence revocation become the responsibility of the DFA Trading Operator’s shareholders.
CONCLUSION
As OJK emphasised in a recent seminar, POJK 27/2024 is the first step in building a comprehensive regulatory framework for digital financial assets in Indonesia. Market participants should anticipate further refinements and additional regulations as OJK continues to strengthen its oversight of this evolving sector.
