The Direction of Crypto Asset Regulation in Indonesia Following the Transfer of Supervisory Authority from Bappebti to the OJK
Indonesia’s regulatory approach to crypto assets has undergone a fundamental shift following the transfer of supervisory authority from the Commodity Futures Trading Regulatory Agency or Badan Pengawas Perdagangan Berjangka Komoditi (“Bappebti”) to the Financial Services Authority or Otoritas Jasa Keuangan (“OJK”). Initially regulated as commodities, crypto assets are now positioned within the broader digital financial assets framework under Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector or Undang-Undang Pengembangan dan Penguatan Sektor Keuangan (“UU P2SK”), OJK Regulation Number 27 of 2024 on the Procedure of Trading in Digital Financial Assets, Including Crypto Assets (“POJK 27/2024”), and its refinement through POJK Number 23 of 2025 on Amendments To Financial Services Authority Regulation Number 27 of 2024 on the Conduct of Trading of Digital Financial Assets, Including Crypto Assets (“POJK 23/2025”). These developments reflect a move towards stronger governance, enhanced risk management, and consumer protection standards, with direct implications for licensing, compliance, and business operations. This article examines the regulatory transition, key policy shifts, and their practical implications for businesses operating in Indonesia’s digital asset ecosystem.
In recent years, crypto assets have experienced rapid growth in Indonesia and are increasingly viewed as part of the broader digital financial assets landscape. OJK recorded that, as of April 2025, the number of crypto asset consumers in Indonesia had reached 14.16 million1, reflecting rising market activity as well as growing interest from both business actors and investors in this sector.
In line with the rapid growth of crypto assets, Indonesia’s regulatory framework governing crypto assets has also undergone a significant development. Since 2018, crypto assets have been classified as commodities and regulated under the supervision of the Bappebti, with regulatory focus on physical trading mechanisms, business licensing, and market infrastructure development.
A fundamental regulatory shift was subsequently introduced through UU P2SK. This law places digital financial assets, including crypto assets, within the scope of the financial services sector and serves as the legal basis for the transfer of regulatory and supervisory authority from Bappebti to OJK.
Crypto Asset Regulation under Bappebti
In the initial phase of regulation in Indonesia, crypto assets were determined as commodities and fell under the regulatory and supervisory authority of Bappebti.
Within Bappebti’s regulatory framework, crypto assets were treated as tradable commodities in the physical crypto asset market, with regulatory efforts primarily focused on structuring trading activities, ensuring the legality of tradable assets, and maintaining orderly market mechanisms.
Not all crypto assets were tradable in Indonesia. In this regard, Bappebti, which at the time served as the supervisory authority in Indonesia, determined a list of tradable crypto assets in Indonesia through, among others, Bappebti Regulation Number 1 of 2025 on the Third Amendment to Bappebti Regulation Number 11 of 2022 on Determination of the List of Crypto Assets Traded in the Physical Crypto Asset Market (“Bappebti Regulation 1/2025”), which governs the determination and evaluation of crypto assets eligible for trading in the Physical Crypto Asset Market. Under Bappebti’s regime, crypto assets were predominantly understood and regulated as tradable commodities, rather than as instruments or products within the financial services sector.
Transition of Crypto Asset Supervision to OJK
The formal transformation of the crypto asset regulatory framework in Indonesia began with the enactment of UU P2SK, which, for the first time, explicitly placed digital financial assets, including crypto assets, within the financial services sector and designated OJK as the authority responsible for their regulation and supervision.2 This development marked a fundamental paradigm shift, whereby crypto assets were no longer viewed merely as trading commodities or objects, but as one of financial assets that requires higher standards of governance, risk management, and consumer protection.
This transitional arrangement was further elaborated through Government Regulation Number 49 of 2024 on the Transfer of Regulatory and Supervisory Duties over Digital Financial Assets, Including Crypto Assets and Financial Derivatives (“GR 49/2024”), which ultimately formalizes the transfer of regulatory and supervisory authority over digital financial assets, including crypto assets, from Bappebti to OJK as of 10 January 2025.3 During this transition period, Bappebti continues to carry out its regulatory and supervisory functions under the existing legal framework, while coordinating with OJK and transferring relevant data and supervisory infrastructure.
As the operational basis for this transfer of authority, OJK issued POJK 27/2024, which essentially continues the regulatory approach previously applied under the Bappebti regime by adopting most of the principles and mechanisms already familiar to crypto asset market participants, with the objective of ensuring regulatory continuity during the transition phase.
From a licensing perspective, licenses previously granted by Bappebti to market participants, including physical crypto asset traders, remain valid at the time of the supervisory transfer.4 Following the transition, licensing and supervision of crypto asset trading activities are fully administered under the OJK framework, replacing the previous commodity-based regulatory approach under Bappebti. This shift reflects the repositioning of crypto assets within the financial services sector, where regulatory oversight places greater emphasis on governance, compliance, risk management, and consumer protection.
Strengthening OJK’s Supervisory Approach to Crypto Assets
The issuance of POJK 23/2025 marks a new phase in the regulation of crypto assets in Indonesia. While POJK 27/2024 primarily functioned as a transitional instrument following the transfer of authority, POJK 23/2025 reflects the consolidation of OJK’s role as the financial services regulator for crypto assets.5
First, POJK 23/2025 confirms the conclusion of the transition phase and the beginning of full OJK supervision of crypto assets within the financial services sector. This regulation demonstrates that OJK has shifted its focus toward implementing a supervisory approach centred on governance, risk management, and consumer protection.
Second, the regulatory scope is expanded beyond crypto assets to include digital financial assets and their derivatives. POJK 23/2025 clarifies that crypto assets are no longer positioned as standalone instruments, but rather as components of a broader digital financial asset ecosystem, reflecting the increasing complexity of crypto-based products and activities.6
Third, the regulation of digital financial asset derivatives trading is strengthened as part of OJK’s prudential approach. POJK 23/2025 places these derivatives trading activities under a more stringent supervisory framework, including requirements relating to trading governance, consumer protection mechanisms, and specific obligations for business actors involved. This approach substantiates OJK’s proactive stance in anticipating systemic and consumer risks inherent in derivative products, while reaffirming the policy direction toward a more mature and integrated crypto market within Indonesia’s financial system.7
Key Considerations for Business Actors
The transfer of crypto asset regulation to the OJK regime through the UU P2SK, POJK 27/2024, and its refinement under POJK 23/2025 demonstrates that crypto assets in Indonesia are now treated as part of the digital financial asset ecosystem subject to financial services regulatory standards. For business actors such as traders and other regulated entities, these developments necessitate a reassessment of their licensing status, compliance frameworks, and risk-management readiness, particularly for entities engaged in increasingly complex digital financial asset products and activities.
Understanding the regulator’s policy direction and its legal implications for business models is essential to ensuring compliance and long-term sustainability. A well-considered approach from the planning stage, licensing and governance to risk management is crucial for businesses seeking to adapt effectively to the evolving regulatory landscape for digital financial assets.
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