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Indonesia

A commodity market turned financial market: OJK now licenses the full crypto stack and 23 million accounts trade onshore.

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23.21MCrypto consumer accounts
28Licensed digital asset trading platforms (PAKD)
Rp23.16TCrypto trading value in August 2026

Indonesia first treated crypto as a commodity.

Bank Indonesia banned its use as payment in 2018, while the trade ministry's futures regulator, Bappebti, let crypto be traded as a commodity.

Bappebti Regulation 8/2021 set up a closed system of registered traders, a crypto bourse, a clearing house and a custodian.

That bourse, CFX, finally opened in July 2023.

Read the full story

The turning point was the 2023 financial sector omnibus law (UU P2SK).

It moved crypto from commodity oversight to the Financial Services Authority (OJK).

The handover took effect on 10 January 2025 under POJK 27/2024, which renamed crypto a digital financial asset and brought it under banking-grade rules on capital, custody and conduct.

Tax followed: PMK 50/2025 scrapped VAT on purchases from August 2025 and set a 0.21% final income tax on trades through licensed platforms.

The market is now fully licensed end to end.

As of September 2026 OJK had licensed two exchanges (CFX and ICEx), two clearing houses, two custodians and 28 trading platforms (PAKD), clearing every application handed over by Bappebti.

POJK 23/2025 brought crypto derivatives inside the perimeter.

Consumer accounts reached 23.21 million in August 2026, though monthly trading value has been volatile.

For builders, Indonesia is open but strictly onshore.

Platforms need Rp100 billion of paid-up capital.

They must keep at least 70% of customer assets with a licensed custodian and may list only tokens on an exchange's approved list.

Offshore venues face a 1% tax rate and blocking.

The next frontier is OJK's sandbox, where a rupiah stablecoin issuer, gold tokenization and property tokenization models have all graduated.

Who regulates

  • OJKOtoritas Jasa Keuangan (Financial Services Authority)

    In charge of

    Indonesia's integrated financial regulator under Law 21/2011. It licenses and supervises banks, capital markets, insurers, pension funds, fintech and other non-bank financial firms.

    On crypto

    Took over crypto from Bappebti on 10 January 2025 under the P2SK law and POJK 27/2024. Licenses exchanges, clearing houses, custodians and trading platforms (28 PAKD as of September 2026), sets Rp100 billion platform capital, and added derivatives via POJK 23/2025.

    OJK website
  • BIBank Indonesia

    In charge of

    Indonesia's independent central bank. It sets monetary policy, keeps the rupiah stable, regulates the payment system and runs macroprudential policy.

    On crypto

    Since January 2018 it has barred crypto as a means of payment, citing the Currency Law (UU 7/2011), and stops payment system operators from processing it. It runs Project Garuda, starting with a wholesale Digital Rupiah, and is expected to coordinate with OJK on rupiah stablecoin rules.

    BI website
  • DJPDirektorat Jenderal Pajak (Directorate General of Taxes)

    In charge of

    The Ministry of Finance directorate that administers and collects Indonesia's central government taxes, including income tax and VAT.

    On crypto

    Administers PMK 50/2025, in force since 1 August 2025: licensed local platforms withhold a 0.21% final income tax per trade (1% on designated foreign platforms) and buyers no longer pay VAT. This replaced the PMK 68/2022 regime that began in May 2022.

    DJP website
  • PPATKPusat Pelaporan dan Analisis Transaksi Keuangan (INTRAC)

    In charge of

    Indonesia's financial intelligence unit. It receives and analyses suspicious and cash transaction reports and passes findings to law enforcement to fight money laundering and terrorist financing.

    On crypto

    Licensed crypto platforms are reporting parties: they must file suspicious transaction reports with PPATK and run AML/CFT controls, including the travel rule required under OJK's licensing rules.

    PPATK website
  • BappebtiBadan Pengawas Perdagangan Berjangka Komoditi

    In charge of

    The trade ministry agency that regulates commodity futures trading, including futures exchanges, clearing houses and brokers, and the physical commodity market.

    On crypto

    Regulated crypto as a tradeable commodity until 10 January 2025. Its Regulation 8/2021 created the bourse, clearing house, custodian and registered trader model, and it approved the CFX bourse in July 2023 before oversight passed to OJK under the P2SK law.

    Bappebti website

What to watch

  • A dedicated OJK framework for rupiah stablecoins, coordinated with Bank Indonesia after the IDRP sandbox graduation
  • Licensing decisions on a third exchange, clearing house and custodian, plus one more trading platform, that OJK says are under evaluation
  • Last SEOJK 20/2024 provisions lapsing on 1 January 2027, and customer funds moving to clearing-house segregated accounts by the November 2026 POJK 23/2025 deadline
  • Single Investor Identification (SID) for crypto investors and tokenization rules for real-world assets

Quick answers

Who regulates crypto in Indonesia?

Five authorities shape crypto rules in Indonesia. OJK (Otoritas Jasa Keuangan (Financial Services Authority)): licenses and supervises crypto exchanges, clearing, custody and trading platforms since January 2025. BI (Bank Indonesia): central bank; bars crypto as a means of payment and runs the Digital Rupiah (Project Garuda). DJP (Direktorat Jenderal Pajak (Directorate General of Taxes)): administers the final income tax on crypto trades collected by platforms. PPATK (Pusat Pelaporan dan Analisis Transaksi Keuangan (INTRAC)): financial intelligence unit; crypto platforms are reporting parties for AML/CFT. Bappebti (Badan Pengawas Perdagangan Berjangka Komoditi): commodity futures regulator that supervised crypto as a commodity until January 2025.

Do crypto exchanges need a licence in Indonesia?

Yes, under a dedicated regime. OJK licenses exchanges, clearing, custody and 28 trading platforms under POJK 27/2024. The main licences are Digital Financial Asset Trader license (Pedagang Aset Keuangan Digital, PAKD) from OJK, held by 28 as of 22 Sep 2026; Digital Financial Asset Exchange license (Penyelenggara Bursa) from OJK, held by 2 as of 22 Sep 2026; and Clearing, Guarantee and Settlement Institution license (Lembaga Kliring Penjaminan dan Penyelesaian) from OJK, held by 2 as of 22 Sep 2026. Four Pillars rates exchange licensing in Indonesia as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Indonesia?

Not fully yet: the regime is being built. No issuance regime yet; a rupiah stablecoin issuer model graduated from OJK's sandbox in 2026. The most recent official text is Press Release: September 2026 Board of Commissioners Meeting (SP 185/OJK/DKPU/X/2026) (Otoritas Jasa Keuangan (OJK), 5 Oct 2026, guidance). Four Pillars rates its stablecoin regime in Indonesia as developing (reviewed 5 Oct 2026).

How is crypto taxed in Indonesia?

0.21% final tax per trade on licensed platforms (1% offshore). Four Pillars rates tax clarity in Indonesia as comprehensive (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Indonesia?

Not fully yet: the regime is being built. Gold, property and securities tokenization models graduated from OJK's sandbox; no full regime. Four Pillars rates tokenisation and real-world assets in Indonesia as developing (reviewed 5 Oct 2026).

What changed most recently in Indonesia's crypto rules?

22 Sep 2026: Last Bappebti-era applicant licensed. PT Gudang Kripto Indonesia became the 28th PAKD, completing every application handed over by Bappebti. 1 Sep 2026: PADK 3/2026 takes effect. OJK's new implementing rules on asset list evaluations, periodic reporting and derivatives clearing notices revoked most of SEOJK 20/2024.

What should companies watch next in Indonesia?

A dedicated OJK framework for rupiah stablecoins, coordinated with Bank Indonesia after the IDRP sandbox graduation. Licensing decisions on a third exchange, clearing house and custodian, plus one more trading platform, that OJK says are under evaluation. Last SEOJK 20/2024 provisions lapsing on 1 January 2027, and customer funds moving to clearing-house segregated accounts by the November 2026 POJK 23/2025 deadline.

Timeline

  1. Last Bappebti-era applicant licensed

    PT Gudang Kripto Indonesia became the 28th PAKD, completing every application handed over by Bappebti.

  2. PADK 3/2026 takes effect

    OJK's new implementing rules on asset list evaluations, periodic reporting and derivatives clearing notices revoked most of SEOJK 20/2024.

  3. Rupiah stablecoin issuer model graduates from sandbox

    PT Adhyoka Berkah Maju's IDRP rupiah stablecoin passed OJK's sandbox, joining gold, securities and property tokenization models as graduates.

  4. Second crypto exchange licensed

    OJK granted PT Fortuna Integritas Mandiri (ICEx) a digital financial asset exchange license.

  5. POJK 23/2025 brings in crypto derivatives

    OJK widened the perimeter to digital asset derivatives and ordered unlicensed providers to migrate by January 2026.

  6. PMK 50/2025 overhauls crypto tax

    VAT on purchases was removed and income tax set at 0.21% on licensed local platforms.

  7. OJK takes over crypto supervision

    POJK 27/2024 took effect and reclassified crypto as a digital financial asset.

  8. National crypto bourse CFX launched

    Bappebti approved the long-planned crypto exchange, clearing house and custodian.

  9. Financial sector omnibus law enacted

    UU 4/2023 (P2SK) moved crypto oversight from Bappebti to OJK.

  10. First crypto tax regime takes effect

    PMK 68/2022 imposed VAT and final income tax on each crypto trade.

  11. Bappebti sets crypto exchange framework

    Regulation 8/2021 created the bourse, clearing, custodian and trader model for physical crypto trading.

  12. Bank Indonesia bars crypto as payment

    BI warned that virtual currencies, including bitcoin, are not legal tender and may not be used for payment.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Indonesia crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/indonesia. Free to reuse with attribution; also as markdown and JSON.

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