Starting January 10, 2025, regulatory authority over Digital Financial Assets and crypto assets in Indonesia has officially shifted from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK). This transition marks a pivotal moment in Indonesia’s financial regulatory evolution, aligning with broader national goals of strengthening financial resilience, enhancing consumer protection, and supporting sustainable economic growth.
The change is driven by Government Regulation (PP) Number 49 of 2024, which formalizes the transfer of supervision and regulation of digital financial assets—including cryptocurrencies and related financial derivatives—from Bappebti to OJK and Bank Indonesia (BI). This regulatory realignment reflects a strategic effort to streamline oversight within a rapidly expanding digital asset ecosystem.
Regulatory Framework Behind the Transition
Under Article 2 paragraph (1) letter a of PP 49/2024, oversight of digital financial assets—including crypto assets and capital market-related derivatives—has been transferred to OJK. Meanwhile, financial derivatives tied to money markets and foreign exchange now fall under the supervision of Bank Indonesia, as outlined in Article 2 paragraph (1) letter b.
This regulation was enacted on December 31, 2024, with implementation commencing on January 10, 2025. It is grounded in Article 312 paragraph (2) of Law Number 4 of 2023 on Financial Sector Development and Strengthening (UU P2SK), which aims to bolster national financial system resilience, improve financial intermediation, and support long-term economic development.
The move is expected to enhance regulatory efficiency, reduce jurisdictional overlaps, and create a more cohesive policy environment for digital finance innovation.
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OJK’s Strategic Preparations for Crypto Oversight
Anticipating this shift, OJK has taken proactive steps to ensure a smooth transition and robust regulatory framework. On January 7, 2024, Hasan Fawzi, Chief Executive for Supervision of Financial Technology, Digital Financial Assets, and Crypto Assets at OJK, outlined key initiatives during a press briefing.
Among the most significant developments are:
- POJK Number 27 of 2024: Regulates the operation of Digital Financial Asset and Crypto Asset trading platforms. Issued on December 12, 2024, it sets clear standards for licensing, risk management, and investor safeguards.
- SE OJK Number 20 of 2024: Focuses on the use of innovative technologies in digital financial and crypto asset trading, promoting secure and transparent digital infrastructure.
Both regulations took effect on January 10, 2025, coinciding with the official handover.
“These regulations are part of OJK’s strategic roadmap to establish a comprehensive, forward-looking framework for digital financial assets,” Hasan stated. “Our goal is to foster innovation while ensuring market integrity and consumer protection.”
To support implementation, OJK has established a dedicated transition team, developed technical coordination guidelines with Bappebti and industry stakeholders, and formalized handover procedures through memoranda of understanding.
Growing Crypto Adoption in Indonesia
The timing of this regulatory shift underscores the explosive growth of crypto adoption across Indonesia. As of November 2024:
- Total crypto investors reached 22.11 million, reflecting sustained public interest.
- Monthly trading volume surged to IDR 81.41 trillion, a 68% increase from October.
- Year-to-date trading value hit IDR 556.53 trillion, representing a staggering 376% year-on-year growth.
This surge is fueled by several factors:
- Rising bullish sentiment among active traders—now numbering 1.3 million.
- Increased global regulatory clarity boosting investor confidence.
- Expanding utility of major cryptocurrencies like Bitcoin in payments and decentralized finance (DeFi).
Such momentum highlights the importance of a strong, adaptive regulator like OJK stepping in to guide market development responsibly.
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Implications for Investors and Industry Players
The transfer to OJK brings several benefits for market participants:
- Stronger investor protection: Enhanced disclosure requirements, custody rules, and dispute resolution mechanisms.
- Improved market transparency: Standardized reporting and audit obligations for exchanges.
- Greater institutional confidence: A more predictable regulatory environment may attract traditional financial institutions into crypto-linked services.
Additionally, OJK plans to require all new crypto products to enter a regulatory sandbox before public launch—a move designed to test innovation under controlled conditions while safeguarding users.
Frequently Asked Questions (FAQ)
Q: What changes for crypto investors after the OJK takeover?
A: Investors can expect stricter platform oversight, better fund security, and clearer complaint channels. The overall market should become safer and more transparent.
Q: Does this mean crypto is now part of the capital market?
A: While not classified as traditional securities, crypto assets related to capital market activities (e.g., tokenized assets or security tokens) will be regulated similarly under OJK’s authority.
Q: Will taxes on crypto change due to this shift?
A: Tax policies remain under the Ministry of Finance. However, OJK is coordinating with the ministry to review current crypto tax frameworks for fairness and competitiveness.
Q: Are existing crypto exchanges still allowed to operate?
A: Yes, but they must comply with POJK 27/2024 and obtain proper licensing from OJK by the designated deadline.
Q: How will OJK handle fraud or scams in the crypto space?
A: With expanded enforcement powers, OJK will work closely with law enforcement to monitor suspicious activities and impose penalties on non-compliant platforms.
Looking Ahead: A New Era for Digital Finance
With OJK now at the helm, Indonesia is positioning itself as a leader in responsible digital asset innovation in Southeast Asia. The integration of crypto into a broader financial regulatory framework signals maturity in the country’s approach to fintech.
Future priorities may include:
- Cross-border regulatory cooperation.
- Development of central bank digital currency (CBDC) integration frameworks.
- Public education campaigns on safe crypto usage.
As the digital economy continues to expand, OJK’s leadership in this space will play a crucial role in balancing innovation with stability.
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