# Indonesia crypto regulation From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Indonesia crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/indonesia. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution Page: https://policy.4pillars.io/indonesia Region: Southeast Asia. Last reviewed: 2026-10-05. > A commodity market turned financial market: OJK now licenses the full crypto stack and 23 million accounts trade onshore. 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. 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. ### Snapshot - Exchange licensing: Comprehensive. OJK licenses exchanges, clearing, custody and 28 trading platforms under POJK 27/2024 - Stablecoin regime: Developing. No issuance regime yet; a rupiah stablecoin issuer model graduated from OJK's sandbox in 2026 - Tokenisation & RWA: Developing. Gold, property and securities tokenization models graduated from OJK's sandbox; no full regime - Retail access: Comprehensive. Retail trades onshore via licensed PAKD; 23.21 million consumer accounts in August 2026 - Tax clarity: Comprehensive. PMK 50/2025: 0.21% final income tax on licensed local trades, 1% offshore, no VAT on purchases ### Quick answers **Is crypto legal in Indonesia?** Yes. Individuals can buy and sell crypto onshore through licensed providers. Retail trades onshore via licensed PAKD; 23.21 million consumer accounts in August 2026. Four Pillars rates retail access in Indonesia as comprehensive (reviewed 5 Oct 2026). **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. ### Key numbers - 23.21M Crypto consumer accounts (as of 2026-08) - 28 Licensed digital asset trading platforms (PAKD) (as of 2026-09-22) - Rp23.16T Crypto trading value in August 2026 (as of 2026-08) - 0.21% Final income tax per trade on licensed platforms (as of 2025-08-01) ### 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 ### Regulators - **OJK**, Otoritas Jasa Keuangan (Financial Services Authority): Licenses and supervises crypto exchanges, clearing, custody and trading platforms since January 2025. 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. 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. - **BI**, Bank Indonesia: Central bank; bars crypto as a means of payment and runs the Digital Rupiah (Project Garuda). Indonesia's independent central bank. It sets monetary policy, keeps the rupiah stable, regulates the payment system and runs macroprudential policy. 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. - **DJP**, Direktorat Jenderal Pajak (Directorate General of Taxes): Administers the final income tax on crypto trades collected by platforms. The Ministry of Finance directorate that administers and collects Indonesia's central government taxes, including income tax and VAT. 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. - **PPATK**, Pusat Pelaporan dan Analisis Transaksi Keuangan (INTRAC): Financial intelligence unit; crypto platforms are reporting parties for AML/CFT. 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. 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. - **Bappebti**, Badan Pengawas Perdagangan Berjangka Komoditi: Commodity futures regulator that supervised crypto as a commodity until January 2025. The trade ministry agency that regulates commodity futures trading, including futures exchanges, clearing houses and brokers, and the physical commodity market. 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. ### Licences #### Digital Financial Asset Trader license (Pedagang Aset Keuangan Digital, PAKD) - Regulator: OJK - Legal basis: UU 4/2023 (P2SK); POJK 27/2024 as amended by POJK 23/2025 - Covers: Retail-facing crypto trading platforms that buy, sell and hold digital financial assets and derivatives for customers. - Requirements: Paid-up capital of at least Rp100 billion and equity of at least Rp50 billion maintained; No more than 30% of customer crypto held in-house (of that, at least 70% in cold storage); the rest with a licensed custodian; Customer funds in segregated accounts in the clearing house's name at OJK-licensed commercial banks (12-month transition from November 2025, extendable); Only assets on an exchange's approved Digital Financial Asset List may be traded; Fit and proper tests for controllers, directors and commissioners; AML/CFT and travel rule compliance - Holders: 28 (as of 2026-09-22) - Notable holders: Indodax (PT Indodax Nasional Indonesia), Pintu (PT Pintu Kemana Saja), Tokocrypto (PT Aset Digital Berkat), Reku (PT Rekeningku Dotcom Indonesia), Upbit Indonesia (PT Upbit Exchange Indonesia), Indonesia Digital Exchange (PT Indonesia Digital Exchange) - Official register: - Page: https://policy.4pillars.io/indonesia/licences#lic-1 #### Digital Financial Asset Exchange license (Penyelenggara Bursa) - Regulator: OJK - Legal basis: POJK 27/2024 as amended by POJK 23/2025 - Covers: Market operators that run trading infrastructure, set the list of tradable digital assets and oversee member platforms. - Requirements: Paid-up capital of at least Rp1 trillion, with equity of at least 80% of paid-up capital maintained; Must set and review its own Digital Financial Asset List; No shareholder may own more than 20% of paid-up capital; Market surveillance and rulebooks approved by OJK - Holders: 2 (as of 2026-09-22) - Notable holders: CFX (PT Central Finansial X), ICEx (PT Fortuna Integritas Mandiri) - Official register: - Page: https://policy.4pillars.io/indonesia/licences#lic-2 #### Clearing, Guarantee and Settlement Institution license (Lembaga Kliring Penjaminan dan Penyelesaian) - Regulator: OJK - Legal basis: POJK 27/2024 as amended by POJK 23/2025 - Covers: Clearing, guarantee and settlement of digital financial asset and derivatives trades. - Requirements: Paid-up capital of at least Rp500 billion, with equity of at least 80% of paid-up capital maintained; Guarantee fund and settlement procedures approved by OJK; Foreign-owned corporate shareholders capped at 10% each and 40% in total - Holders: 2 (as of 2026-09-22) - Notable holders: PT Kliring Komoditi Indonesia, PT Pranata Karya Solusi - Official register: - Page: https://policy.4pillars.io/indonesia/licences#lic-3 #### Digital Asset Custodian license (Pengelola Tempat Penyimpanan) - Regulator: OJK - Legal basis: POJK 27/2024 as amended by POJK 23/2025 - Covers: Safekeeping of customer digital financial assets on behalf of licensed trading platforms. - Requirements: Paid-up capital of at least Rp250 billion, with equity of at least 80% of paid-up capital maintained; Holds the bulk (at least 70%) of platforms' customer crypto; Security, key management and IT resilience standards - Holders: 2 (as of 2026-09-22) - Notable holders: PT Kustodian Koin Indonesia, PT Arganis Konsultindo Utama - Official register: - Page: https://policy.4pillars.io/indonesia/licences#lic-4 ### Timeline - 2018-01-13: Bank Indonesia bars crypto as payment. BI warned that virtual currencies, including bitcoin, are not legal tender and may not be used for payment. - 2021-10-29: Bappebti sets crypto exchange framework. Regulation 8/2021 created the bourse, clearing, custodian and trader model for physical crypto trading. - 2022-05-01: First crypto tax regime takes effect. PMK 68/2022 imposed VAT and final income tax on each crypto trade. - 2023-01-12: Financial sector omnibus law enacted. UU 4/2023 (P2SK) moved crypto oversight from Bappebti to OJK. - 2023-07: National crypto bourse CFX launched. Bappebti approved the long-planned crypto exchange, clearing house and custodian. - 2025-01-10: OJK takes over crypto supervision. POJK 27/2024 took effect and reclassified crypto as a digital financial asset. - 2025-08-01: PMK 50/2025 overhauls crypto tax. VAT on purchases was removed and income tax set at 0.21% on licensed local platforms. - 2025-10-31: POJK 23/2025 brings in crypto derivatives. OJK widened the perimeter to digital asset derivatives and ordered unlicensed providers to migrate by January 2026. - 2026-01-05: Second crypto exchange licensed. OJK granted PT Fortuna Integritas Mandiri (ICEx) a digital financial asset exchange license. - 2026-06-11: 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. - 2026-09-01: 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. - 2026-09-22: Last Bappebti-era applicant licensed. PT Gudang Kripto Indonesia became the 28th PAKD, completing every application handed over by Bappebti. ### Primary sources - [Press Release: September 2026 Board of Commissioners Meeting (SP 185/OJK/DKPU/X/2026)](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx). Otoritas Jasa Keuangan (OJK), 2026-10-05, guidance. Reports seven sandbox graduates, including a rupiah stablecoin issuer and gold, securities and property tokenization models, which may now register without further testing. Also gives 34 licensed entities, 23.21 million accounts and August trading value. - [List of Digital Financial Asset Trading Providers as of 22 September 2026](https://ojk.go.id/en/Fungsi-Utama/ITSK/Perizinan-ITSK-Aset-Keuangan-Digital-Aset-Kripto/Pages/List-of-Digital-Financial-Asset-Trading-Providers-as-of-22-September-2026.aspx). Otoritas Jasa Keuangan (OJK), 2026-09-22, guidance. OJK's latest register of licensed providers, with each licence decision and date: two exchanges, two clearing houses, two custodians and 28 trading platforms. - [OJK Board Member Regulation (PADK) No. 3 of 2026 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets](https://ojk.go.id/id/regulasi/Pages/PADK-Nomor-3-Tahun-2026-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-termasuk-Aset-Kripto.aspx). Otoritas Jasa Keuangan (OJK), 2026-09-01, in force. Issued 30 June 2026 and effective 1 September 2026, following POJK 23/2025. Sets how platforms report asset list evaluations, monthly, quarterly, annual and incidental reports, and how clearing houses notify derivatives clearing. It revokes SEOJK 20/2024, with a few provisions running until 1 January 2027. - [Grant of Business License to PT Fortuna Integritas Mandiri as a Digital Financial Asset Exchange](https://ojk.go.id/id/berita-dan-kegiatan/pengumuman/Pages/Pemberian-Izin-Usaha-Penyelenggara-Bursa-AKD-AK-PT-Fortuna-Integritas-Mandiri.aspx). Otoritas Jasa Keuangan (OJK), 2026-01-05, in force. Announces decision KEP-2/D.07/2026 licensing ICEx as Indonesia's second crypto exchange, ending CFX's monopoly. - [Digital Financial Asset and Crypto Asset Statistics](https://ojk.go.id/id/statistik/itsk/statistik-aset-keuangan-dan-aset-kripto/default.aspx). Otoritas Jasa Keuangan (OJK), 2026, guidance. OJK's periodic statistics on crypto consumers, trading value and market infrastructure since the handover from Bappebti. - [Press Release: OJK Issues Whitelist of Licensed and Registered Digital Financial Asset and Crypto Asset Providers](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-Terbitkan-Whitelist-Penyelenggara-Perdagangan-Aset-Keuangan-Digital-Dan-Aset-Kripto-Berizin.aspx). Otoritas Jasa Keuangan (OJK), 2025-12-19, guidance. Publishes the names, apps and websites of every licensed platform and market infrastructure provider. Warns the public that anything outside the whitelist is unlicensed. - [OJK Regulation No. 23 of 2025 amending POJK 27/2024](https://ojk.go.id/id/regulasi/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto.aspx). Otoritas Jasa Keuangan (OJK), 2025-10-31, in force. Adopted 31 October 2025 and in force from 10 November 2025. Brings digital asset derivatives under OJK licensing and moves customer funds into segregated accounts held in the clearing house's name at OJK-licensed commercial banks, with 12 months (extendable) to adjust. - [Buying Crypto Is No Longer Subject to VAT](https://www.pajak.go.id/en/node/117774). Direktorat Jenderal Pajak (DJP), 2025-09-08, guidance. DJP guidance confirming that, from 1 August 2025, buying crypto through a licensed platform no longer carries VAT. - [Minister of Finance Regulation No. 50 of 2025 on VAT and Income Tax on Crypto Asset Trading](https://jdih.kemenkeu.go.id/dok/pmk-50-tahun-2025). Ministry of Finance (Kementerian Keuangan), 2025-08-01, in force. Issued 25 July 2025 and effective 1 August 2025, replacing PMK 68/2022. Buyers no longer pay VAT, and income tax is 0.21% final on licensed local platforms and 1% on designated foreign ones. - [PMK 50/2025: A New Chapter in Crypto Asset Taxation](https://www.pajak.go.id/en/node/117234). Direktorat Jenderal Pajak (DJP), 2025-07-31, guidance. The tax authority's explanation of the 2025 crypto tax overhaul and why it moved from the PMK 68/2022 model. - [OJK Circular No. 20/SEOJK.07/2024 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets](https://ojk.go.id/id/regulasi/Pages/SEOJK-20-SEOJK07-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto.aspx). Otoritas Jasa Keuangan (OJK), 2024-12-19, superseded. The first implementing circular for POJK 27/2024, effective 10 January 2025. PADK 3/2026 revoked it: section VI points 1 to 5 and Annex V from 1 July 2026, the rest from 1 September 2026, except section VI points 6 and 7 and Annex VIII A, which lapse on 1 January 2027. - [Proof of Concept of Project Garuda, a New Chapter in Digital Rupiah Exploration](https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2627024.aspx). Bank Indonesia (BI), 2024-12-13, guidance. Announces completion of the first wholesale Digital Rupiah proof of concept on distributed ledger technology. - [OJK Regulation No. 27 of 2024 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx). Otoritas Jasa Keuangan (OJK), 2024-12-10, in force. The core crypto rulebook, issued 10 December 2024 and effective 10 January 2025 when OJK took over from Bappebti. Sets licensing, capital, custody (at least 70% with a licensed custodian) and listing rules for exchanges, clearing houses, custodians and traders. - [FAQ on POJK 27/2024 on Digital Financial Asset Trading Including Crypto Assets](https://www.ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/FAQ%20POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf). Otoritas Jasa Keuangan (OJK), 2024-12, guidance. OJK's official Q&A on the transition from Bappebti. Explains that each exchange, not the regulator, now sets the list of tradable crypto assets. - [Project Garuda: Navigating the Architecture of Digital Rupiah](https://www.bi.go.id/en/rupiah/digital-rupiah/default.aspx). Bank Indonesia (BI), 2022-11-30, guidance. BI's Digital Rupiah hub, with the November 2022 white paper and later consultative papers. BI is starting with a wholesale CBDC before any retail rollout. - [Bappebti Regulation No. 8 of 2021 on Guidelines for Physical Crypto Asset Market Trading on Futures Exchanges](https://bappebti.go.id/resources/docs/peraturan/sk_kep_kepala_bappebti/sk_kep_kepala_bappebti_2021_12_01_bt4tvsg9_id.pdf). Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti), 2021-10-29, superseded. The commodity-era rulebook that created the bourse, clearing, custodian and trader structure OJK inherited. Superseded when supervision moved to OJK in January 2025. - [Bank Indonesia Warns All Parties Not to Sell, Buy or Trade Virtual Currency](https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx). Bank Indonesia (BI), 2018-01-13, guidance. States that virtual currency is not legal tender under the Currency Law (UU 7/2011) and bars payment system operators from processing it. The payment ban still stands.