INDONESIA Trends and Developments Contributed by: Winnie Yamashita Rolindrawan, Bianca Putri Kadarisman and Qafaldi Putra Ismayudha, SSEK Law Firm
• the emergence of a regulatory framework for digital financial asset offerings in Indonesia, including Initial Coin Offerings (ICOs); and • the challenges faced by entities seeking to intro- duce prediction market products in the Indonesian market. ICOs and the draft regulation on digital financial asset offerings Until recently, Indonesia’s digital financial asset regula- tory framework addressed the trading of crypto-assets but contained no dedicated provisions governing their public offering or issuance. This left a significant gap in the legal regime governing primary market activities in the digital asset space, creating uncertainty for issu- ers and market participants seeking to conduct ICOs or Initial Token Offerings (ITOs) in Indonesia. In Sep- tember 2025, the OJK moved to address this gap by publishing a long-anticipated draft regulation on the public offering of digital financial assets (“Draft OJK Regulation”), which was opened for public consulta- tion through October 2025. The Draft OJK Regulation, while not yet finalised, provides an important signal of how the primary market for digital financial assets is expected to be regulated going forward. Under the Draft OJK Regulation, digital financial assets that are eligible for public offering include both tokenised assets and crypto-assets. Tokenised assets are divided into backed and unbacked catego- ries, while crypto-assets are similarly categorised into currency-backed and unbacked crypto-assets. The regulation introduces distinct approval and notification requirements depending on the type of digital asset being offered, with different procedural pathways applicable to each category. Backed and tokenised assets generally require a business licence from the OJK prior to a public offering, while unbacked crypto- assets may only be offered following approval from the relevant Bourse. These distinctions reflect the OJK’s risk-tiered approach to primary market regula- tion, with more stringent requirements applied to more complex or less transparent instruments. The Draft OJK Regulation also identifies the catego- ries of entities that may participate in digital financial asset public offerings, all of which must be incorpo-
rated as limited liability companies under Indonesian law, including: • Issuers; • Exchanges; • Bourses; • Clearing and Settlement Institutions; Offering may be conducted on a single or continuous basis, with single offerings subject to a minimum of three and a maximum of five business days. Issuers and exchanges are required to provide prospective and existing consumers with information that is clear, complete, accurate, honest and non-misleading, with all information documents subject to OJK approval. Consumer and personal data protection obligations are also expressly incorporated into the offering framework, consistent with the OJK’s broader regu- latory approach under OJK Reg 27/2024 and OJK Reg 27/2024, as amended. As the Draft OJK Regula- tion remains subject to revision, market participants should closely monitor its finalisation and any accom- panying implementing standards or guidance. Prediction Markets Prediction markets have attracted growing global attention, with platforms such as Kalshi and Poly- market gaining considerable traction in the United States and other markets. In general terms, a pre- diction market allows participants to trade financial contracts whose value is tied to the outcome of a spe- cific future event (whether political, economic or oth- erwise measurable) by taking positions based on their assessment of the likely outcome. A number of enti- ties have expressed interest in introducing prediction market products in Indonesia, drawn by the country’s large and increasingly sophisticated retail investor base and its expanding digital financial services eco- system. However, the current regulatory landscape in Indonesia does not accommodate prediction market activities, and the pathway to regulatory approval remains uncertain and fraught with material risk. At present, prediction markets are not specifically reg- ulated under Indonesian financial sector regulations. • Custodian Managers; and • Asset Storage Managers.
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