Regulator: Otoritas Jasa Keuangan (OJK) / Financial Services Authority (primary); Bank Indonesia (BI) (central bank authority for monetary policy and CBDC)
Indonesia is transitioning from a commodity-focused regulatory approach (previously BAPPEBTI) to a financial services framework under OJK. As of January 10, 2025, OJK Regulation No. 27 of 2024 transfers oversight of digital financial assets/crypto assets from BAPPEBTI to OJK. A draft OJK regulation on digital financial asset offerings (including stablecoins) was released September 19, 2025 for public consultation, establishing a three-tier approval framework based on offering value and asset type. Bank Indonesia is developing a national stablecoin backed by government bonds (tokenized SBN) to be integrated with the digital rupiah CBDC (Project Garuda). The framework permits fiat-backed, crypto-backed, and commodity-backed stablecoins, but prohibits unbacked algorithmic stablecoins. Custody requirements and governance standards are mandated for backed asset issuers. Existing businesses have a compliance deadline of July 2025 for full adherence to OJK Regulation 27/2024.
Applicable Laws:
Law No. 4 of 2023 (PPSK Law) (In Force) - https://mkklaw.net/static/mediamkk/newsletters/OJK_Issues_Regulation_on_The_Implementation_of_Digital_Financial_Assets_Trad_C032cRK.pdf
Government Regulation No. 27 of 2024 (In Force) - https://www.jipyong.com/en/board/jipyongNews_post.php?seq=6880
