INDONESIA Law and Practice Contributed by: Winnie Yamashita Rolindrawan, Bianca Putri Kadarisman and Qafaldi Putra Ismayudha, SSEK Law Firm
1.2.6 Industry and Trade Bodies The primary association for the crypto-asset industry in Indonesia is Asosiasi Pedagang Aset Kripto Indo- nesia (ASPAKRINDO), which serves as a forum for members to share knowledge and research, and to co-ordinate on industry matters. It also plays a con- sultative role in OJK and government policy-making processes, providing industry input on draft regula- tions and regulatory initiatives relevant to the crypto- asset sector. 2. Regulation 2.1 Regulators and International Alignment Regulatory Bodies The primary regulator for blockchain and crypto-asset businesses in Indonesia is the OJK. Following the enactment of Law No 4 of 2023 regarding the Devel- opment and Strengthening of the Financial Sector (P2SK Law), supervisory authority over crypto-assets was transferred from the Commodity Futures Trading Regulatory Agency ( Badan Pengawas Perdagangan Berjangka Komoditi , or Bappebti ) to the OJK, with effect from January 2025. The OJK is responsible for licensing entities in the digital financial asset sector, supervising licensed entities’ compliance, and issuing sector regulations. Bank Indonesia (the central bank) retains relevance to the extent that crypto-asset transactions intersect with the payment system, given its authority over PJPs and its ongoing development of the Digital Rupiah. The Ministry of Communication and Digital Affairs is also relevant, as Digital Financial Asset Trading Operators are required to be registered as ESPs with that min- istry – a requirement expressly confirmed under OJK Reg 27/2024, as amended. Regulatory Approach The OJK’s approach to regulating the digital asset sector has been incremental and consultative. The regulator has progressively expanded the scope of the framework, from the foundational regime to address- ing crypto-asset derivatives under OJK Reg 27/2024, as amended, and primary market offerings through the Draft OJK Regulation on digital financial asset offer-
value, with the licensed Digital Financial Asset Trader or Bourse required to collect and remit these taxes. Outside these transaction-specific provisions, the general Indonesian tax framework applies to crypto- asset businesses and individuals. Uncertainty remains around how certain crypto-asset-related income and gains are characterised for tax purposes, particu- larly for transactions or arrangements falling outside straightforward buying and selling on licensed plat- forms. Further regulatory or fiscal guidance is antici- pated but has not yet been issued. 1.2.5 Insolvency Voluntary Cessation of Business Under OJK Reg 27/2024, as amended, Digital Finan- cial Asset Trading Providers wishing to cease opera- tions must submit a written application to the OJK requesting the cessation of business activities. The application must be accompanied by: • the shareholder’s resolution approving the cessa- tion plan; • the reasons for cessation; • a plan for settling all outstanding obligations; and • the most recent financial statements. Upon OJK approval, the entity must cease its activi- ties and promptly settle all obligations to consumers Following settlement of all obligations, the entity may apply for a formal licence revocation. This application must include: • a report on the implementation of the business cessation; • a public announcements of the cessation; • a report on the settlement of all obligations; • a verification report from a public accounting firm confirming settlement; and • a shareholder’s declaration confirming that all obligations have been discharged, and accepting responsibility for any future claims. The OJK will revoke the licence upon being satisfied that all requirements have been met. and counterparties. Licence Revocation
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