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 (AKD) offerings was published on 19 September 2025 for public consultation. It introduces differentiated approval and notification requirements for offerings of tokenised assets and crypto assets, including currency‑backed and other backed crypto assets, and imposes custody and governance obligations on issuers of backed assets. Bank Indonesia is exploring, as part of Project Garuda, a state‑issued ‘national stablecoin’ concept involving digital government‑bond‑backed instruments linked to the digital rupiah, but this remains in the design and study phase. The draft regulation classifies assets into backed and unbacked categories; however, it does not yet create an explicit, binding permission/ban regime for particular stablecoin types such as algorithmic stablecoins. Existing businesses have a compliance deadline of July 2025 for full adherence to OJK Regulation 27/2024.
Applicable Laws:
Law No. 4 of 2023 (P2SK Law) - https://www.bi.go.id/en/tentang-bi/profil/uu-bi/UndangUndang%20BI/The-Consolidation-of-Law-on-Bank-Indonesia.pdf
OJK Regulation Number 27/2024 Concerning The Operation of Digital Financial Asset Trading, Including Crypto Assets - https://iru.ojk.go.id/IRU/Image/Migrasi/uploads/regulation/files/file_dbcb2814-e863-4332-80c4-f311a33c9e5f-17042025221106.pdf
Minister of Finance crypto tax and reporting regulations (including PMK on crypto trading income tax and reporting for e-wallet and crypto providers) - https://www.legal500.com/guides/chapter/indonesia-fintech/
Draft OJK Regulation on Digital Financial Asset (AKD) Offerings - https://www.ssek.com/blog/indonesia-issues-draft-ojk-regulation-on-digital-financial-asset-offerings/
OJK Regulation Number 23/2025 concerning Amendment to POJK 27/2024 concerning Provision of Trading of Digital Financial Assets Including Crypto Assets - https://iru.ojk.go.id/iru/FW/Attachment/PreviewFile?file=MvH658jmCj2X47%2FkfAHnQAp%2FPJ7dfgOABqd3c2Mocmmn%2BPl%2BXHl5j3m3PfAsMWQU_162616ajSH_Eng_OJK%20Regulation%2023%202025_Amendment%20to%20POJK%2027%20Of%202024%20concerning%20Provision%20of%20Trading%20of%20Digital%20Financial%20Assets%20Including%20Crypto%20Assets.pdf
Government Regulation No. 49 of 2024 on Transfer of Regulation and Supervision of Digital Financial Assets, including Crypto Assets - https://www.hsfkramer.com/notes/fintech/2025-posts/ojk-assumes-regulatory-oversight-of-digital-financial-assets
