INDONESIA Law and Practice Contributed by: Winnie Yamashita Rolindrawan, Bianca Putri Kadarisman and Qafaldi Putra Ismayudha, SSEK Law Firm
ings. The OJK typically consults industry associations and stakeholders when developing new regulations. 2.2 Crypto-Asset Regulatory Frameworks Classification of Crypto-Assets Under OJK Reg 27/2024, crypto-assets are classi- fied as digital financial assets, characterised as digital commodities intended for investment. Despite being supervised by the OJK, crypto-assets are not classi- fied as financial instruments in the traditional sense. The framework distinguishes between backed crypto- assets, whose value is tied to underlying assets, and unbacked crypto-assets, which have no such back- ing. Regulated Activities The activities regulated under OJK Reg 27/2024 are those conducted by licensed Digital Financial Asset Trading Providers. The Digital Financial Asset Trader licence is the most commonly sought authorisation by foreign entities entering Indonesia, and permits the following activities: • buying and selling crypto-assets against Rupiah; • exchange between one or more types of crypto- assets; • custody of consumer crypto-assets; and • transfer or movement of crypto-assets between wallets. Prohibited Activities There is no exhaustive list of prohibited crypto-asset activities. However, the use of crypto-assets as a means of payment is not permitted, as the Rupiah is the sole recognised legal tender in Indonesia. PJPs are also prohibited from processing payment trans- actions involving crypto-assets. In addition, only crypto-assets listed on the official approved list may be traded on licensed platforms; assets not on this list cannot be offered or traded through Indonesian licensed channels. Upcoming Regulations The most significant near-term regulatory develop- ment is the anticipated finalisation of the OJK’s draft regulation on digital financial asset offerings, which would establish Indonesia’s first regulatory framework for Initial Coin Offerings (ICOs) and Initial Token Offer-
ings (ITOs). Published for public consultation in Sep- tember 2025, this regulation will introduce a structured approval and disclosure regime for primary market activities in the digital asset sector, once finalised. 2.3 Regulated Firms and Legal Wrappers The use of a legal wrapper, such as a fund, does not alter the fundamental licensing requirements applica- ble to crypto-asset activities in Indonesia. Any entity that conducts activities falling within the scope of reg- ulated digital financial asset trading activities under OJK Reg 27/2024, as amended, will be required to obtain the appropriate OJK licence, regardless of its corporate form, as the licensing obligation attaches to the nature of the activity being conducted rather than the legal form of the entity. This also means that any fund wishing to conduct activities within the scope of OJK Reg 27/2024, as amended, would need to obtain Indonesia does not yet have a finalised regulatory framework governing the issuance of crypto-assets to the public through ICOs or ITOs. The OJK published a draft regulation on digital financial asset offerings for public consultation in September 2025, but it has not yet been finalised. Until it comes into force, there is no formal process through which an entity can lawfully conduct an ICO or ITO in Indonesia. Listed Assets Requirement the requisite licence. 2.4 Token Issuance Regulatory Status of ICOs and ITOs Under OJK Reg 27/2024, as amended, only crypto- assets included in the official list of approved digital financial assets may be traded on licensed platforms in Indonesia. Any crypto-asset not on this list can- not be offered or traded through Indonesian licensed channels, regardless of how the asset was issued. This gatekeeping mechanism effectively determines which crypto-assets have access to the Indonesian market. 2.5 Market Abuse Crypto-Asset Markets There is currently no market abuse or insider trad- ing framework specifically applicable to crypto-asset trading in Indonesia. OJK Reg 27/2024, as amend- ed, and its amendments do not contain provisions
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