Indonesia Crypto & Digital Asset Regulation

ID schema crypto-v2.0.0 trajectory: not yet assessed in transition overlaps: Sentinel (AML/CFT), World Payments

Last updated 2026-11-04 · 9 categories · 51 sourced findings · 53 sources in the cumulative register

Evidence re-verified: 2026-11-04·Position last changed: 2026-11-04·

Record history & provenance ▾

Methodology & record provenance: Module confidence is derived from the underlying claims (source tier and primary excerpt retention), while statutory legal force is tracked independently.

Review status: AI-synthesised · Tier-1/2 verified · As-of date: 2026-10-26

Open in Co-Pilot ↗Build Report Compare

Framework postureIn transition8 of 9 modules populated · AI-synthesised · Tier-1/2 verified

Lead supervisory authorityCoinDeskPrimary statutory & supervisory perimeter

Next milestone (> 2026-10-26)2026-11-10Crypto exchange system-control and customer-fund transitional deadline

Module coverage & confidence8 / 9 modules assessed0 Confirmed · 8 Probable · 0 Uncertain · 1 Not yet assessed

Jurisdiction lead brief

Latest update · 4 November 2026

Lead Signal

The most consequential movement in Indonesia's digital-asset market this period was commercial rather than legislative: three distinct exchange-sector transactions either closed or progressed, each requiring the clearance of the Financial Services Authority (OJK) as the licensing gatekeeper for the sector. Bybit completed its acquisition of a majority stake in PT Enkripsi Teknologi Handal, the entity formerly operating as NOBI, and relaunched the business as Bybit Indonesia on 17 July 2026 with more than 500 trading pairs under OJK oversight. The transaction is the clearest evidence yet that global exchanges are entering Indonesia through acquisition of already-licensed local platforms rather than seeking a licence from scratch, a route that sidesteps the lead time associated with fresh OJK authorisation.

Other Developments

Two further transactions illustrate the same pattern at different stages of completion. Robinhood's agreed dual acquisition of PT Buana Capital Sekuritas and PT Pedagang Aset Kripto remains pending regulatory clearance from OJK; Robinhood's own second-quarter 2026 investor disclosure continued to describe both deals as pending close, with no confirmed completion date and no disclosed consideration. The absence of a closing date across two successive reporting periods suggests the OJK review has not moved as quickly as the acquirer's original timeline implied. Separately, BTSE Group's joint venture with PT Aset Kripto Internasional, forming BTSE Indonesia, was announced 4 July 2026 and reported as operationally launched following OJK clearance, giving BTSE a locally domiciled, regulator-cleared vehicle for Indonesian market access.

Cross-Monitor Connections

Each of these transactions sits on the corporate and ownership side of a licensing perimeter whose underlying rules remain under review elsewhere in this product; the acquisitions themselves do not alter the standing capital or licensing framework but do demonstrate how acquirers are satisfying it in practice. No overlap into anti-money-laundering, payments, or cross-border transfer rulemaking was identified in the material available this period.

Outlook

The near-term question is less about new rulemaking than about completion risk in the pending deal. If the Robinhood dual acquisition continues to slip past successive reporting periods, it will be a useful indicator of how OJK's sector-licensing review pace compares with the market-entry timelines acquirers are setting for themselves, and whether the acquisition route into Indonesia's exchange sector is proving as fast as the Bybit and BTSE transactions suggested.

4 earlier updates not shown here.

Standing brief · as of 25 August 2026

Written before the update above. Where they differ, the update is the more recent position.

Lead Signal

Indonesia's crypto regulatory baseline has been materially corrected and brought current this cycle. The Bappebti-to-OJK transfer of crypto oversight, which the Otoritas Jasa Keuangan (OJK) assumed effective 10 January 2025, is now traceable to a named implementing instrument: OJK Regulation No. 27 of 2024 (POJK 27/2024), enacted 10 December 2024. Under that regulation, the legacy Bappebti-era Physical Crypto Asset Trader (PFAK) license category has been superseded by a new Digital Financial Asset Trader (Pedagang Aset Keuangan Digital) designation, and crypto assets themselves were reclassified from commodities to digital financial assets, effective the same 10 January 2025 date -- correcting an earlier characterisation of that reclassification as merely a probable future step rather than a completed one. POJK 27/2024 has itself since been amended by OJK Regulation No. 23 of 2025 (POJK 23/2025), which introduces new derivatives-trading approval procedures, segregated custody-account requirements, and updated consumer-protection and reporting provisions. This amendment was already roughly nine months in force before being surfaced in the sourced record, and its precise commencement date and full compliance scope remain unconfirmed pending primary gazette-text retrieval -- OJK's own regulatory portal was not directly accessed this cycle, with corrections instead resting on law-firm secondary summaries. The practical effect is that Indonesia's licensing and classification regime is more mature, and more settled, than prior tracking suggested, even as the newest amending layer remains only partially documented.

Other Developments

A parallel and independently significant development is Indonesia's 1 August 2025 crypto tax overhaul. The Ministry of Finance raised seller income tax on domestic exchange transactions from 0.1% to 0.21%, and on sales routed through foreign or overseas exchanges from 0.2% to a full 1%. VAT on buyer purchases was eliminated entirely, while VAT on mining operations was raised from 1.1% to 2.2%. Exchanges remain separately obligated to remit a small transaction fee, on the order of 0.02%-0.04%, to the national crypto bourse for record-keeping and tax-monitoring purposes. A further change on the horizon concerns the special 0.1% preferential income-tax rate applied to mining, which sources describe as being phased out during 2026 in favour of standard personal or corporate tax rates; because the originally recorded effective date for that change now falls before the current reporting date, its regulatory_stage has been aligned to reflect that the date has passed, though the precise within-year commencement point communicated by sources remains unconfirmed and is carried forward as an open item rather than asserted as verified fact.

On the consumer-protection side, the record continues to rest on two pillars of uneven strength: a 2022 OJK warning that financial institutions may not use, market, or facilitate crypto asset trading, now downgraded in confidence because no post-transition primary-source reaffirmation of that restriction has been located; and the OJK regulatory sandbox mechanism, effective alongside the January 2025 transition, framed as designed to protect consumers, provide education, and curb fraudulent investment schemes. Token classification retains two persistent gaps: Indonesia has issued no dedicated regulatory classification for non-fungible tokens distinct from general crypto rules, addressing NFTs only incidentally through AML-monitoring directives, and OJK has not established any statutory sub-classification distinguishing stablecoins from other crypto assets generally. On-chain activity regulation remains similarly partial -- licensed exchanges such as Triv operate spot trading, staking, and futures products under joint OJK/Bappebti supervision, and mining now carries the higher VAT rate noted above, but DeFi lending, decentralized exchange operation, node operation, and validator activity all remain without any dedicated regulatory framework distinct from centralized exchange licensing. On cross-border transfer, the only confirmed mechanism of differentiation is fiscal: the tax gap between domestic and foreign-exchange-routed sales. No additional statutory restriction on outbound transfers has been identified beyond that differential.

Cross-Monitor Connections

Two cross-monitor threads carry forward from this cycle. First, toward the Financial Integrity Monitor: the FATF 2025 Follow-Up Report places Indonesia in continued enhanced follow-up status, with several Recommendations assessed as only partially compliant, including gaps in VASP supervision where enforcement has reportedly been limited to written warnings; whether Indonesia operates any crypto-specific cross-border travel-rule regime distinct from its general FATF-aligned AML/CFT framework has not been confirmed within this crypto-consumer baseline, and substantive assessment of that question is treated as FIM's remit rather than resolved here. Second, toward the World Payments Monitor: the August 2025 tax-rate overhaul and the resulting cross-border tax differential carry payments and tax-reporting adjacency, as does the continuing absence of any dedicated stablecoin issuance, reserve, or redemption framework in Indonesia -- stablecoins remain folded into OJK's general digital-financial-asset supervision without a bespoke regime of their own.

Outlook

The near-term watch list centres on documentation catch-up rather than fresh policy direction: confirming the precise commencement date and full compliance detail of POJK 23/2025's derivatives, custody, and consumer-protection provisions; establishing whether any NFT-specific classification or stablecoin-specific framework has since emerged; and pinning down the exact 2026 date on which the preferential mining income-tax rate lapses. None of these gaps currently point toward regulatory retrenchment; if anything, the trajectory across licensing, classification, and tax modules is one of tightening and consolidation following the Bappebti handover, with Indonesia's regime maturing into a more clearly OJK-centred structure even as several implementation details await primary-source confirmation.

Key regulatory facts for Indonesia
Regulatory Dimension	Indonesia Standing Position
Jurisdiction	Indonesia (ID)
Regulatory Scope	Crypto & Digital Asset Regulation (9 modules, 51 sourced findings)
Crypto Licensing	Following the amended P2SK Law (Law 4/2026, effective 17 June 2026), OJK holds full, consolidated regulatory and licensing authority over crypto-asset trading, replacing the legacy Bappebti commodity-regulator regime.
Token Classification	Crypto assets in Indonesia remain formally classified as commodities pending full completion of the OJK transition, with market and regulator commentary indicating a likely reclassification toward financial...
On-Chain Activity Regime	On-chain activity regulation in Indonesia is limited and largely incidental to exchange-level licensing.
Stablecoin Regime	OJK's regulatory sandbox cleared a rupiah-pegged stablecoin issuer model (IDRP, PT Adhyoka Berkah Maju) and a non-trading custody model (PT Tennet Depository Indonesia) on 11 June 2026, opening a registration path...
Primary Instruments Cited	CoinDesk, CoinDesk, CoinDesk, The Block, OJK Regulation No. 27 of 2024 (POJK 27/2024)
Last Confirmed / Updated	2026-11-04 (53 sources in cumulative register)

#

Following the amended P2SK Law (Law 4/2026, effective 17 June 2026), OJK holds full, consolidated regulatory and licensing authority over crypto-asset trading, replacing the legacy Bappebti commodity-regulator regime. Reported minimum capital for a digital-asset exchange licence diverges across secondary sources (IDR 50bn vs IDR 500bn), flagged as unresolved. OJK's Satgas PASTI task force closed 228 unlicensed platforms January-May 2026.

Open gap — crypto-int-1No T1 ojk.go.id primary page retrieved this cycle for crypto_licensing/token_classification claims; only secondary law-firm/trade coverage.no under-indexing note recorded

Open gap — crypto-int-2Exact Bappebti-to-OJK transfer effective date disputed between sources (10 vs 20 January 2025); not resolved this cycle.Pooled search budget prioritised regulatory modules this cycle.

Horizon · 2026-11-10 (± a quarter)Crypto exchange system-control and customer-fund transitional deadlineAdopted, not yet in force · Tier 3 source

Standing sub-brief · as of 25 August 2026 517 words · last cycle 2026-10-25

Crypto Licensing

Indonesia's crypto licensing framework has undergone its most consequential structural change since the industry's inception: the transfer of primary regulatory authority from the commodities regulator Bappebti to the financial-services regulator Otoritas Jasa Keuangan (OJK), effective 10 January 2025. This cycle corrects the prior record's treatment of that transition as an open or partially sourced event; the implementing instrument is now identified by name and number as OJK Regulation No. 27 of 2024 (POJK 27/2024), enacted 10 December 2024 and effective 10 January 2025. Under POJK 27/2024, the legacy Bappebti-era license category known as Physical Crypto Asset Trader (Pedagang Fisik Aset Kripto, PFAK) has been superseded by a renamed and reconstituted category, the Digital Financial Asset Trader (Pedagang Aset Keuangan Digital). This is a material correction: the prior baseline had asserted PFAK as the current lawful license name at high confidence, when in fact it is now the superseded designation. The confidence on this specific correction is held at Probable rather than Confirmed, reflecting that the underlying sourcing rests on law-firm secondary summaries (T3 tier) rather than the primary OJK gazette text, which was not directly retrieved this cycle.

Layered atop this transition, OJK Regulation No. 23 of 2025 (POJK 23/2025) further amends POJK 27/2024, introducing new approval procedures for crypto derivatives trading, requirements for segregated custody accounts, and updated consumer-protection and reporting provisions. Notably, this amendment had already been in force for roughly nine months before being captured in the sourced record, and its precise commencement date remains unconfirmed -- a gap flagged for continued monitoring rather than resolved by inference. The regulatory sandbox mechanism introduced as part of the OJK transition requires that any firm offering crypto services be evaluated through that process; absent such evaluation, the firm is considered to be operating illegally. Older, still-relevant structural features persist alongside these updates: registration of crypto exchanges with the Commodity Futures Exchange (CFX) under 2019 Bappebti rules remains part of the documented historical baseline, and Indonesia continues to permit crypto trading as an investment activity while prohibiting the use of cryptocurrency as a means of payment.

Taken together, the licensing picture for Indonesia is now considerably more complete than in prior cycles, naming both the foundational transition regulation and its first amendment, but it remains an amber-rated picture rather than a fully resolved green one: the precise compliance timeline and detailed obligations under POJK 23/2025's derivatives and custody provisions are not yet independently confirmed, and the entire correction chain rests on secondary rather than primary legal sourcing.

Outlook

The principal open item is verification against OJK's own primary regulatory text for both POJK 27/2024 and POJK 23/2025, which would allow the derivatives-approval, custody-segregation, and reporting provisions introduced by the 2025 amendment to be dated and detailed with greater confidence. Barring a further legislative change, the licensing trajectory should be read as one of consolidation and tightening under OJK's expanded mandate rather than continued transitional uncertainty, though the amendment cadence -- a second regulation arriving within roughly a year of the first -- suggests the framework may continue to be actively refined in the near term.

Periodic update · new data 2026-10-25

Crypto Licensing

Indonesia's crypto-licensing regime tightened materially. The 2026 Financial Services Omnibus Law, amending the P2SK Law, now makes unlicensed operation as a Crypto-Asset Financial Services Institution a criminal offence, carrying up to ten years' imprisonment and a fine of up to IDR 50 billion, a category VIII fine band. This escalates the consequence of operating without an OJK business licence substantially beyond prior administrative sanction. Separately, OJK's PADK No. 3 of 2026 revokes SEOJK No. 20/SEOJK.07/2024, the prior implementing circular, on a phased basis: some provisions cease to apply from 1 July 2026, with the remainder lapsing on 1 January 2027, signalling an ongoing transition in the secondary-guidance layer beneath the primary statute. A persistent gap in the evidence is the minimum capital requirement for a licensed digital-asset exchange following the June 2026 P2SK amendment: secondary sources report figures as divergent as IDR 50 billion and IDR 500 billion, and this has not been resolved against a primary regulatory text, leaving a material open question for any entity sizing its capital commitment to enter the licensed Indonesian market.

Outlook

Resolution of the capital-threshold conflict against a primary OJK or statutory text is the clearest near-term item to watch, since it directly affects the cost of market entry for a licensed exchange. The phased lapsing of SEOJK 20/2024's remaining provisions on 1 January 2027 will also be a point at which the secondary-guidance landscape should become clearer, potentially resolving some of the current ambiguity as implementing rules catch up with the primary statutory changes.

3 earlier distinct update(s)

Periodic update · new data 2026-10-18

Crypto Licensing

Indonesia's crypto-licensing regime tightened materially this cycle. The 2026 Financial Services Omnibus Law, amending the P2SK Law, now makes unlicensed operation as a Crypto-Asset Financial Services Institution a criminal offence, carrying up to ten years' imprisonment and a fine of up to IDR 50 billion, a category VIII fine band. This escalates the consequence of operating without an OJK business licence substantially beyond prior administrative sanction. Separately, OJK's PADK No. 3 of 2026 revokes SEOJK No. 20/SEOJK.07/2024, the prior implementing circular, on a phased basis: some provisions cease to apply from 1 July 2026, with the remainder lapsing on 1 January 2027, signalling an ongoing transition in the secondary-guidance layer beneath the primary statute. A persistent gap in this cycle's evidence is the minimum capital requirement for a licensed digital-asset exchange following the June 2026 P2SK amendment: secondary sources report figures as divergent as IDR 50 billion and IDR 500 billion, and this has not been resolved against a primary regulatory text, leaving a material open question for any entity sizing its capital commitment to enter the licensed Indonesian market.

Outlook

Periodic update · new data 2026-10-11

Crypto Licensing

Supervisory and regulatory authority over crypto-asset trading in Indonesia transferred from Bappebti to OJK effective 10 January 2025, under the P2SK Law, Law No. 4 of 2023, and Government Regulation PP 49 of 2024, with POJK 27/2024 taking effect the same day as the foundational crypto-asset regulation. This architecture was entrenched and expanded through two subsequent instruments. OJK Regulation No. 23 of 2025, effective 10 November 2025, formally brought digital-financial-asset derivatives within the regulated perimeter, requiring exchanges to obtain specific OJK approval for derivatives trading and requiring clearing institutions and depository managers to segregate trading margins. Law No. 4 of 2026, the first amendment to the P2SK Law, took effect 17 June 2026, expressly placing crypto-asset actors within the Digital Financial Asset Financial Institutions taxonomy under OJK and expanding OJK's rulemaking authority over derivatives, carbon exchanges and strategic-commodity exchanges.

The minimum paid-up capital requirement for a licensed digital-asset exchange following the June 2026 amendment remains unresolved: one secondary source reports IDR 500 billion, while other commentary cites IDR 1 trillion or IDR 100 billion for different tiers, and the precise current figure has not been confirmed against primary regulatory text this cycle. This is a material gap for any entity assessing the capital threshold for licensed operation, since the three cited figures differ by an order of magnitude in places. OJK has also begun drafting a regulation on Tokenised Asset Offerings, covering gold, government securities, property-related economic benefits and closed-ecosystem token trading, with drafting beginning in October 2026, and a parallel stablecoin framework reportedly continuing to develop into 2027.

Outlook

Resolution of the minimum paid-up capital figure against primary OJK text, and the progress of the Tokenised Asset Offerings regulation through 2027, are the two developments most likely to clarify the licensing picture going forward.

Periodic update · new data 2026-10-05

Crypto Licensing

Law No. 4 of 2026, amending Indonesia's P2SK Law, confirms that the Financial Services Authority, OJK, retains Board-level supervisory authority over ITSK, digital financial assets and crypto assets, consolidating the transfer of regulatory authority from Bappebti, the commodities futures trading regulator, that took effect 12 January 2025. This core transfer of authority is settled and in force, giving Indonesia a single, confirmed crypto-asset regulator at the apex of the framework.

Beneath that settled authority, implementing detail remains unresolved: secondary sources report conflicting figures for the minimum registered capital required for a digital-asset exchange licence, variously stated as IDR 50 billion or IDR 500 billion, and no primary OJK regulatory text was retrieved this cycle to resolve which figure is correct. This is a live gap in the evidentiary record rather than a resolved regulatory fact, and any operator sizing a market-entry capital plan for Indonesia should treat the figure as unconfirmed pending primary-source verification.

On the enforcement side, OJK's Satgas PASTI task force reportedly closed 228 unlicensed digital-financial-asset trading platforms between January and May 2026, according to a single secondary source. This figure has not been independently corroborated this cycle and should be read with that caveat, though it is directionally consistent with OJK's broader posture of consolidating supervisory authority over the sector while actively working against unlicensed competition.

Outlook

The near-term question is whether OJK issues a primary instrument clarifying the minimum-capital requirement for exchange licensing, resolving the current secondary-source discrepancy. Continued Satgas PASTI enforcement activity against unlicensed platforms is likely to persist as OJK consolidates its supervisory position following the Bappebti transfer.

1 further periodic run re-emitted the standing brief unchanged and is not shown.

Sources and findings (14)

T3CoinDesk — Indonesia's Financial Services Authority (OJK) took over regulation of the crypto industry from the commodities agency Bappebti in January 2025. retrieved 2026-08-05 M5 binding in force
T3CoinDesk — Firms offering crypto services in Indonesia without being evaluated in OJK's regulatory sandbox will be considered to be operating illegally. retrieved 2026-08-05 M4 binding in force
T3CoinDesk — Crypto exchanges operating in Indonesia must obtain a full Physical Crypto Asset Trader (PFAK) license from the regulator to operate lawfully. retrieved 2026-08-05 M5 binding in force
T3CoinDesk — Regulations introduced in 2019 by Bappebti require all crypto exchanges operating in Indonesia to seek authorization, including registration with the Commodity Futures Exchange (CFX). retrieved 2026-08-05 M4 binding in force
T4The Block — Cryptocurrencies are legal to trade as investment assets in Indonesia but cannot be used as a means of payment. retrieved 2026-08-05 M5 binding in force
T3 · SSEK Law FirmOJK Regulation No. 27 of 2024 (POJK 27/2024) — the implementing regulation for the Bappebti-to-OJK transition of crypto asset oversight, enacted 10 December 2024 and effective 10 January 2025, later amended by POJK 23/2025 retrieved 2026-08-05 M4 binding in force new
T3 · SSEK Law FirmOJK Regulation No. 23 of 2025 (POJK 23/2025) — POJK 27/2024 by introducing new rules on crypto derivatives trading approval, segregated custody accounts, and updated consumer-protection and reporting provisions retrieved 2026-08-05 M4 binding in force new
Unsourcedsource not recorded — Crypto assets were reclassified from commodities to digital financial assets under OJK Regulation No. 27 of 2024, effective 10 January 2025, replacing the prior Bappebti commodity classification. binding in force
Unsourcedsource not recorded — As of 10 January 2025, the current lawful license category for crypto exchanges is Digital Financial Asset Trader (Pedagang Aset Keuangan Digital) under POJK 27/2024; PFAK is the superseded Bappebti-era designation.
T3Otoritas Jasa Keuangan (OJK) — Crypto-Asset Financial Services Institutions and Financial Services Institutions for Digital Financial Assets must hold an OJK business licence; conducting such business without one attracts criminal sanctions under the 2026 Financial Services Omnibus Law. retrieved 2026-11-01 M5 binding in force
T3Digital-asset exchange minimum paid-up capital — IDR 500 billion minimum paid-up capital, raised from IDR 100 billion under OJK Regulation No. 27/2024 retrieved 2026-11-01 M4 binding in force
T3PADK 3/2026 — SEOJK 20/SEOJK.07/2024 as the reporting-form regime for exchanges, clearing/guarantee/settlement institutions, custodians and traders; annual financial statements audited by OJK-registered accountant and published within 30 days. retrieved 2026-10-25 M3 binding in force
T3Otoritas Jasa Keuangan (OJK) — Crypto-asset trading operators, clearing/guarantee/settlement institutions, custodians and digital-asset traders statutorily classified as LJK AKD requiring an OJK business licence under Law No. 4 of 2026; minimum registered capital for a digital-asset exchange licence raised (figure not reconciled between sources). retrieved 2026-10-11 M5 binding in force
T3Otoritas Jasa Keuangan (OJK) — Authority to freeze or block crypto and digital-asset transactions violating Indonesian law, including activity by foreign parties offering crypto/digital assets to Indonesian persons without presence in Indonesia. M4 binding in force

#

Crypto assets in Indonesia remain formally classified as commodities pending full completion of the OJK transition, with market and regulator commentary indicating a likely reclassification toward financial instruments/securities-adjacent treatment. No dedicated statutory sub-classification yet exists for NFTs or for stablecoins as a distinct token category.

C2 · Token Classification — Full Module Record0 sub-modules · 180 words · 5 traced claims · Re-verified 2026-11-04

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On-chain activity regulation in Indonesia is limited and largely incidental to exchange-level licensing. Some OJK/Bappebti-supervised exchanges offer staking and futures products under their existing licenses, and crypto mining has been targeted with specific, escalating tax treatment. No dedicated regulatory framework yet addresses DeFi lending, DEX operation, node operation, or validator activity as distinct on-chain categories.

Periodic update · new data 2026-10-11

On-Chain Activity Regime

Law No. 4 of 2026, effective 17 June 2026, expanded Indonesia's statutory scope to expressly cover tokenisation, initial offerings, stablecoins, staking, crypto lending and borrowing, the use of crypto as collateral, and spot and derivative transactions. This is a significant widening of the statutory perimeter for on-chain activity, naming several activity types, particularly staking and crypto lending and borrowing, that had not previously been expressly named in Indonesia's crypto-asset statutory framework. However, dedicated implementing rules translating this expanded statutory naming into operational requirements, capital treatment or risk-management obligations for staking and lending activity specifically have not yet been located.

The practical effect this cycle is therefore one of statutory architecture outrunning implementing detail: the law now names these activities within OJK's regulatory perimeter, but a market participant seeking to understand the specific compliance obligations attached to, for example, offering a staking product or a crypto-collateralised lending product, cannot yet point to an implementing OJK regulation addressing those activities directly. This is consistent with the broader pattern in Indonesia's crypto regulatory architecture this cycle, in which the P2SK amendment and OJK Regulation No. 23 of 2025 together tighten and widen the regulated perimeter in director-level rulemaking authority and statutory naming, while operational-level implementing rules continue to be developed and published on a lag.

Outlook

The publication of implementing rules specifically addressing staking, crypto lending and borrowing, and crypto-collateralised lending under the Law No. 4 of 2026 statutory scope is the clearest gap to watch; until such rules are published, market participants operating in these activity categories do so against named statutory scope but limited operational specificity.

C3 · On-Chain Activity — Full Module Record0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-04

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OJK's regulatory sandbox cleared a rupiah-pegged stablecoin issuer model (IDRP, PT Adhyoka Berkah Maju) and a non-trading custody model (PT Tennet Depository Indonesia) on 11 June 2026, opening a registration path without re-running the sandbox for firms using the same model types. OJK has scheduled a dedicated stablecoin policy discussion for 8 October 2026, which postdates this cycle's window and has not yet produced a rulemaking output.

Horizon · 2026-10-08 (± a quarter)OJK dedicated stablecoin policy discussionProposed · Tier 4 source

Horizon · 2027-Q2 (± more than a year)OJK draft Tokenised Asset Offerings Regulation and stablecoin frameworkProposed · Tier 2 source

Horizon · 2027-Q1 (± six months)OJK targets stablecoin framework completionProposed · Tier 2 source

Periodic update · new data 2026-10-25

Stablecoin Regime

Indonesia's stablecoin regime remains in development rather than settled. OJK has stated a target of early 2027 for dedicated stablecoin regulation addressing reserves, governance, consumer protection and redemption, and is coordinating with Bank Indonesia on digital-financial-asset risk mitigation as it does so. This sits alongside, but is institutionally distinct from, Bank Indonesia's own Project Garuda, a multi-phase tokenised government-securities initiative running through a roadmap to 2030; its first phase, covering 2025 and 2026, is limited to issuance, transfer and withdrawal experimentation rather than full deployment. The two tracks reflect a structural division: OJK's stablecoin rulemaking will govern privately issued stablecoins, while Bank Indonesia's Project Garuda is a central-bank-led tokenisation initiative operating on its own, separate timeline.

Outlook

The early-2027 target date for OJK's dedicated stablecoin rules is the key date to watch; until it lands, no reserve, governance or redemption standard binds a privately issued stablecoin operating in or into Indonesia. Project Garuda's progression through its 2025-2026 experimentation phase will also be worth tracking as a signal of how the central bank's tokenisation plans might eventually interact with the privately issued stablecoin space OJK is separately regulating.

Periodic update · new data 2026-10-18

Stablecoin Regime

Indonesia's stablecoin regime remains in development rather than settled this cycle. OJK has stated a target of early 2027 for dedicated stablecoin regulation addressing reserves, governance, consumer protection and redemption, and is coordinating with Bank Indonesia on digital-financial-asset risk mitigation as it does so. This sits alongside, but is institutionally distinct from, Bank Indonesia's own Project Garuda, a multi-phase tokenised government-securities initiative running through a roadmap to 2030; its first phase, covering 2025 and 2026, is limited to issuance, transfer and withdrawal experimentation rather than full deployment. The two tracks reflect a structural division: OJK's stablecoin rulemaking will govern privately issued stablecoins, while Bank Indonesia's Project Garuda is a central-bank-led tokenisation initiative operating on its own, separate timeline.

Outlook

Periodic update · new data 2026-10-05

Stablecoin Regime

Indonesia now has a concrete, tested pathway to a lawful rupiah-pegged stablecoin product. A stablecoin issuer model, IDRP, issued by PT Adhyoka Berkah Maju, passed OJK's regulatory sandbox on 11 June 2026, together with an associated custody model, and providers adopting the same model type may now seek registration without repeating the sandbox process. This establishes a registrable precedent under OJK Regulation No. 27/2024's sandbox regime, even though no generally applicable, standalone stablecoin regulation has yet been finalised in Indonesia.

OJK has scheduled a dedicated stablecoin policy discussion for 8 October 2026. As of 3 October 2026, there was no indication available that this discussion would produce a new regulation rather than remain at the policy-discussion stage; this is a single-source, forward-looking item that postdates the bulk of this cycle's evidentiary window and should be treated as provisional.

The overall picture is one of regulatory experimentation ahead of formal rulemaking: a tested model exists and is registrable, but the broader rules that would govern stablecoin issuance generally in Indonesia remain to be settled.

Outlook

The 8 October 2026 OJK discussion is the next concrete date to watch for signs of whether Indonesia moves toward a dedicated stablecoin regulation or continues to rely on the sandbox-derived registration pathway for additional issuers using the IDRP model type.

C4 · Stablecoins & EMTs — Full Module Record0 sub-modules · 180 words · 3 traced claims · Re-verified 2026-11-04

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Consumer protection for crypto in Indonesia currently centers on two documented pillars: a strict prohibition on financial institutions marketing or facilitating crypto trading, and OJK's regulatory sandbox mechanism, explicitly framed around consumer protection and fraud prevention as it absorbs supervisory authority from Bappebti.

Standing sub-brief · as of 25 August 2026 302 words · last cycle 2026-10-11

Consumer Protection

Indonesia's consumer-protection regime for crypto assets rests on two documented pillars of differing vintage and strength. The older pillar is a 2022 OJK public statement prohibiting financial institutions from using, marketing, and/or facilitating crypto asset trading. This cycle downgrades confidence in that restriction from Confirmed to Probable, because it rests on a single T4 source -- a January 2022 OJK Instagram statement reported by CoinDesk -- that predates the 2025 Bappebti-to-OJK transition, and no post-transition primary-source reaffirmation of the restriction has been located. This does not mean the restriction has lapsed; it means the sourcing base supporting it is stale relative to the regime's subsequent restructuring, and the claim is carried forward at reduced confidence pending fresh confirmation.

Periodic update · new data 2026-10-11

Consumer Protection

Consumer-protection provisions for Traders under POJK 27/2024, as amended by OJK Regulation No. 23 of 2025, began applying from 12 January 2025. OJK Regulation No. 23 of 2025 added a knowledge-test requirement specifically for consumers trading crypto derivatives, layering an additional competency check onto general consumer-protection obligations now that derivatives have been formally brought within the regulated perimeter. This knowledge-test requirement is a direct consequence of the same regulation that required exchanges to obtain specific OJK approval for derivatives trading and required clearing institutions and depository managers to segregate trading margins, meaning the consumer-protection and market-structure tightening for derivatives occurred through a single instrument.

A material gap in the current consumer-protection picture concerns custody: pinpoint custody-segregation and client-asset insolvency-treatment provisions for OJK-licensed crypto custodians have not been located this cycle. This means the question of what happens to a consumer's crypto-assets held by a licensed custodian in the event of that custodian's insolvency cannot currently be answered from available sourcing, notwithstanding the general segregation requirement that applies to trading margins for derivatives specifically under OJK Regulation No. 23 of 2025.

Outlook

Locating the pinpoint custody-segregation and insolvency-treatment provisions for licensed crypto custodians, if such provisions exist in primary OJK text not yet retrieved, would close the most significant consumer-protection gap currently open for this jurisdiction.

1 further periodic run re-emitted the standing brief unchanged and is not shown.

Sources and findings (5)

T3CoinDesk — Financial institutions in Indonesia are strictly prohibited from using, marketing, and/or facilitating crypto asset trading. retrieved 2026-08-05 M4 binding in force
T3CoinDesk — OJK's crypto regulatory sandbox is explicitly designed around consumer protection and education, and is intended to directly prevent fraudulent crypto investment schemes. retrieved 2026-08-05 M3 binding in force
T3OJK crypto enforcement power — OJK may freeze or block crypto and digital asset transactions violating Indonesian law, including offshore platforms serving Indonesian consumers. retrieved 2026-11-01 M4 binding in force
T3Law No. 4 of 2026 — Fintech/digital-asset governance and risk-control compliance completed by firms by 1 July 2026. retrieved 2026-10-25 M3 binding in force
T3OJK Regulation No. 27 of 2024 (as amended) — Customer assets segregated from exchange's own assets; retail investors subject to leverage cap reported as 5x. retrieved 2026-10-11 M4 binding in force

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Indonesia significantly revised its crypto tax framework effective 1 August 2025: domestic-exchange seller income tax rose from 0.1% to 0.21%, tax on sales via foreign/overseas exchanges rose from 0.2% to 1%, VAT on crypto buyer purchases was eliminated, and mining VAT rose from 1.1% to 2.2%. A special 0.1% mining income tax rate is reported to be phased out during 2026 in favor of standard personal/corporate tax rates. Exchanges also remit a small transaction fee to the national crypto bourse for record-keeping/tax-tracking purposes.

Horizon · 2026-01-01 (± a year)Special 0.1% mining income tax rate phased outAdopted, not yet in force · Tier 4 source

Periodic update · new data 2026-10-25

Tax Treatment

Indonesia's crypto tax-treatment picture gains a new forward-looking dimension: the country will begin exchanging crypto tax data under the OECD Crypto-Asset Reporting Framework (CARF) from 2027. This is an enacted but not-yet-effective obligation, with an effective date of 1 January 2027, that will bring Indonesian crypto-asset activity into an international automatic-exchange regime for tax-transparency purposes for the first time. No change to Indonesia's existing VAT or income-tax treatment of crypto-asset transactions was located; the CARF commencement is additive to that existing framework rather than a replacement of it.

Outlook

The 1 January 2027 CARF commencement date is the clear marker to watch; its approach will likely prompt clarifying guidance from the Finance Ministry on how existing crypto tax-reporting obligations interact with the new cross-border data-exchange mechanism, particularly for exchanges and custodians that will need to establish the reporting infrastructure CARF requires.

Periodic update · new data 2026-10-18

Tax Treatment

Indonesia's crypto tax-treatment picture gains a new forward-looking dimension this cycle: the country will begin exchanging crypto tax data under the OECD Crypto-Asset Reporting Framework (CARF) from 2027. This is an enacted but not-yet-effective obligation, with an effective date of 1 January 2027, that will bring Indonesian crypto-asset activity into an international automatic-exchange regime for tax-transparency purposes for the first time. No change to Indonesia's existing VAT or income-tax treatment of crypto-asset transactions was located this cycle; the CARF commencement is additive to that existing framework rather than a replacement of it.

Outlook

C6 · Tax Treatment — Full Module Record0 sub-modules · 180 words · 5 traced claims · Re-verified 2026-11-04

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Indonesia's principal documented cross-border-transfer control for crypto is fiscal rather than a dedicated transfer-restriction regime: transactions routed through foreign/overseas exchanges are taxed at a materially higher seller rate (1% vs 0.21% domestic) as of August 2025. No additional statutory outbound restriction, sanctions-nexus rule, or crypto-specific cross-border travel-rule regime distinct from Indonesia's general FATF-aligned AML/CFT framework (owned by the FIM aml_ctf module) was identified.

Periodic update · new data 2026-10-25

Cross-Border Transfer

Indonesia's cross-border crypto framework tightened significantly through the enforcement dimension rather than through any new market-access mechanism. There remains no licence-passporting regime: an OJK crypto licence is valid only within Indonesian territory, regardless of an operator's place of incorporation, and no reverse-solicitation carve-out was located. What changed is that the 2026 Financial Services Omnibus Law now grants OJK the power to freeze or block crypto transactions conducted by foreign operators serving Indonesian users even where those operators have no local presence at all. This closes a practical gap that the absence of passporting previously left open: where a foreign platform could once operate into Indonesia without a licensed local footprint and face limited direct enforcement exposure, OJK can now act against the transaction flow itself.

Outlook

How OJK operationalises this extraterritorial freeze and block power in practice, including what triggers its use and whether it requires cooperation with foreign payment rails or exchanges, is the key open question. Any offshore platform serving Indonesian users without a local licence should treat this as a material escalation in enforcement reach rather than a theoretical power, since the absence of passporting no longer functions as an effective jurisdictional shield.

Periodic update · new data 2026-10-18

Cross-Border Transfer

Indonesia's cross-border crypto framework tightened significantly this cycle through the enforcement dimension rather than through any new market-access mechanism. There remains no licence-passporting regime: an OJK crypto licence is valid only within Indonesian territory, regardless of an operator's place of incorporation, and no reverse-solicitation carve-out was located. What changed is that the 2026 Financial Services Omnibus Law now grants OJK the power to freeze or block crypto transactions conducted by foreign operators serving Indonesian users even where those operators have no local presence at all. This closes a practical gap that the absence of passporting previously left open: where a foreign platform could once operate into Indonesia without a licensed local footprint and face limited direct enforcement exposure, OJK can now act against the transaction flow itself.

Outlook

Periodic update · new data 2026-10-05

Cross-Border Transfer

Bank Indonesia Regulation No. 10 of 2025, Article 119, prohibits payment-service providers from accepting, processing, or linking virtual currency, including crypto assets, as a source of payment funds, unless otherwise governed under prevailing law. This is a clear statutory prohibition that constrains any cross-border or domestic payment use case built on crypto-asset funding, regardless of the underlying asset's classification or OJK licensing status. The regulation took effect 31 March 2026.

The practical effect is a bifurcated regulatory perimeter: crypto-asset trading, custody and now stablecoin-issuance activity fall under OJK's consolidated supervisory authority, while any attempt to use a crypto asset as a funding source within Indonesia's licensed payment-system infrastructure remains closed off under Bank Indonesia's separate rules. This constrains cross-border crypto-to-fiat payment flows that might otherwise route through licensed Indonesian payment-service providers.

Outlook

Watch for any OJK or Bank Indonesia guidance clarifying the boundary between OJK-regulated crypto-asset activity and BI's payment-funding prohibition, particularly as the stablecoin registration pathway under OJK develops further and raises the question of how a registered rupiah-stablecoin product would interact with BI's payment-system rules.

C7 · Cross-Border & Travel Rule — Full Module Record0 sub-modules · 180 words · 8 traced claims · Re-verified 2026-11-04

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AML/CFT obligations for Indonesian VASPs (customer due diligence, travel rule, suspicious-transaction reporting, sanctions screening, record-keeping, risk assessment) are governed under Indonesia's general FATF-aligned AML Law No. 8 of 2010 and PPATK/OJK/Bappebti joint regulations. This module is intentionally left claim-empty here: crypto AML/CFT content is owned by the FIM aml_ctf module per fleet subscription rules, and is not duplicated in this baseline. FATF's 2025 Follow-Up Report notes Indonesia remains in enhanced follow-up with several Recommendations rated only partially compliant, including gaps specific to VASP supervision (enforcement limited to written warnings) — captured here strictly as disambiguation context.

C8 · AML/CFT Regime — Full Module Record0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-04

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## Commercial Activity Indonesia's OJK-regulated crypto perimeter saw sustained foreign-entry M&A and capital-raising activity this cycle. Bybit completed a majority-stake acquisition of PT Enkripsi Teknologi Handal, formerly NOBI, rebranding the entity Bybit Indonesia; former NOBI executives Lawrence Samantha and Dionisius Evan were retained as CEO and COO respectively of the new entity. Robinhood Markets agreed to acquire Indonesian brokerage PT Buana Capital Sekuritas and licensed digital-asset trader PT Pedagang Aset Kripto, subject to OJK approval, with closing originally expected in the first half of 2026; the regulatory review's status is recorded as unknown. ICEx Group raised approximately IDR 1 trillion, around 70 million US dollars, with eleven major Indonesian exchanges, including Ajaib, Indodax, Tokocrypto, Reku, Upbit Indonesia and Triv, as founding shareholders, and was subsequently licensed by OJK as Indonesia's second official crypto exchange, with the sector-licensing regulatory review recorded as cleared. These multiple disclosed, named-party commercial events corroborate continued investor confidence in the OJK-regulated perimeter specifically: each transaction proceeds through, or has already cleared, an OJK approval or licensing process rather than establishing activity outside that perimeter. The ICEx transaction, with its disclosed amount and cleared sector-licensing review, demonstrates that the licensing pathway can accommodate large multi-party capital formation, while the Bybit and Robinhood transactions illustrate continued foreign strategic entry via acquisition of existing licensed or near-licensed entities. — Outlook: The outcome of OJK's review of the Robinhood acquisition remains the clearest open item; its resolution, in either direction, would be informative about how OJK is treating foreign brokerage and exchange consolidation within the regulated perimeter going forward.

No periodic updates recorded in this cycle

Sources and findings (7)

T3Bybit — PT Enkripsi Teknologi Handal (formerly NOBI), rebranding it Bybit Indonesia; former NOBI executives Lawrence Samantha (CEO) and Dionisius Evan (COO) lead the new entity. retrieved 2026-10-11 M3 non-binding
T2Robinhood Markets — Indonesian brokerage PT Buana Capital Sekuritas and licensed digital-asset trader PT Pedagang Aset Kripto, subject to OJK approval; closing expected H1 2026. retrieved 2026-10-11 M4 non-binding
T3ICEx Group — Raised approximately IDR 1 trillion ($70 million) with eleven major Indonesian exchanges as founding shareholders, and was subsequently licensed by OJK as Indonesia's second official crypto exchange. retrieved 2026-10-11 M4 non-binding
T3Bybit / PT Enkripsi Teknologi Handal (NOBI) — Bybit acquired majority stake in PT Enkripsi Teknologi Handal (formerly NOBI), rebranding as Bybit Indonesia, launched 17 July 2026 with over 500 trading pairs under OJK oversight. retrieved 2026-11-01 M3 binding in force
T3BTSE Group / PT Aset Kripto Internasional — BTSE Group launched BTSE Indonesia as a joint venture with PT Aset Kripto Internasional after OJK approval, announced 4 July 2026. retrieved 2026-11-01 M2 binding in force
T4Bybit — Majority stake in PT Enkripsi Teknologi Handal (OJK-licensed operator of exchange NOBI) in April 2026; renamed Bybit Indonesia, operating under OJK supervision from July 2026. retrieved 2026-10-25 M3 non-binding enacted not yet effective
T3Robinhood / PT Buana Capital Sekuritas / PT Pedagang Aset Kripto — Robinhood agreed dual acquisition of PT Buana Capital Sekuritas and PT Pedagang Aset Kripto, pending OJK approval, targeted H1 2026 close, still listed pending as of Q2 2026 presentation. retrieved 2026-11-01 M3 binding in force

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Indonesia Crypto & Digital Asset Regulation

Jurisdiction lead brief

Latest update · 4 November 2026

Lead Signal

Other Developments

Cross-Monitor Connections

Outlook

Standing brief · as of 25 August 2026

Lead Signal

Other Developments

Cross-Monitor Connections

Outlook

Indonesia: C1 Crypto LicensingAmberEnacted in forceModule confidence: Probable▾#

Crypto Licensing

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Crypto Licensing

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Crypto Licensing

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Crypto Licensing

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Crypto Licensing

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Indonesia: C2 Token ClassificationAmberEnacted in forceModule confidence: Probable▾#

Indonesia: C3 On-Chain Activity RegimeRedEnacted in forceModule confidence: Probable▾#

On-Chain Activity Regime

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Indonesia: C4 Stablecoin RegimeRedEnacted in forceModule confidence: Probable▾#

Stablecoin Regime

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Stablecoin Regime

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Stablecoin Regime

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Indonesia: C5 Consumer ProtectionAmberEnacted in forceModule confidence: Probable▾#

Consumer Protection

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Consumer Protection

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Indonesia: C6 Tax TreatmentAmberEnacted in forceModule confidence: Probable▾#

Tax Treatment

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Tax Treatment

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Indonesia: C7 Cross-Border TransferAmberEnacted in forceModule confidence: Probable▾#

Cross-Border Transfer

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Cross-Border Transfer

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Cross-Border Transfer

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Indonesia: C8 AML/CFT RegimeAmberEnacted in forceModule confidence: Probable▾#

Indonesia: C9 Commercial Activity unpopulated ▾#

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