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Southeast Asia

Indonesia

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

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Licences

What it takes to operate in Indonesia: 4 licences, who issues each, what it covers and who holds one.

Digital Financial Asset Trader license (Pedagang Aset Keuangan Digital, PAKD)

OJK · UU 4/2023 (P2SK); POJK 27/2024 as amended by POJK 23/2025

Retail-facing crypto trading platforms that buy, sell and hold digital financial assets and derivatives for customers.

What it takes
  • 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 include

28holders, 22 Sep 2026Register

Digital Financial Asset Exchange license (Penyelenggara Bursa)

OJK · POJK 27/2024 as amended by POJK 23/2025

Market operators that run trading infrastructure, set the list of tradable digital assets and oversee member platforms.

What it takes
  • 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 include

2holders, 22 Sep 2026Register

Clearing, Guarantee and Settlement Institution license (Lembaga Kliring Penjaminan dan Penyelesaian)

OJK · POJK 27/2024 as amended by POJK 23/2025

Clearing, guarantee and settlement of digital financial asset and derivatives trades.

What it takes
  • 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 include

2holders, 22 Sep 2026Register

Digital Asset Custodian license (Pengelola Tempat Penyimpanan)

OJK · POJK 27/2024 as amended by POJK 23/2025

Safekeeping of customer digital financial assets on behalf of licensed trading platforms.

What it takes
  • 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 include

2holders, 22 Sep 2026Register

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