Fintech 2026

INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law

must be registered with the OJK as a partner of the securities broker. The sale of mutual funds via a platform can also be performed by fintech companies licensed by the OJK to act as mutual fund sales agents. Crypto-Assets Trading Law 4/2023 and its implementing regulation trans - ferred the oversight and supervisory authority over digital financial assets, including crypto-assets and financial derivatives, from Bappebti to the OJK. Sub - sequently, OJK issued OJK Reg 27/2024 and its amendment, OJK Regulation No 23 of 2025 (“OJK Reg 23/2025”). The key players involved in the crypto-asset trading ecosystem are the OJK, crypto exchanges, crypto- asset clearing agencies, crypto-asset traders (com - monly known as crypto-asset trading/exchange plat - forms), and crypto-asset depository agencies. See 6.3 Impact of the Emergence of Cryptocurrency Exchanges and 10.3 Classification of Blockchain Assets for further details on this topic. Futures Commodities Trading Bappebti, as the futures trading supervisor, has not issued a specific regulation on the use of online plat - forms for futures trading. However, Bappebti allows futures commodities brokers to use online electronic media for customer onboarding processes, provided that prior approval from Bappebti exists for an online feature. In practice, trading in commodities futures, which may also include digital gold, can be done via a platform as long as the platform is operated by a licensed commodities futures broker who is also connected to an online trading platform provided by the Indonesia Commodity and Derivatives Exchange (ICDX) and the Jakarta Futures Exchange (JFX). Money Market Under the BI Board of Governors Regulation No 13 of 2025 on Providers of Electronic Trading Platforms, operators of electronic trading platforms that facilitate transactions within money and foreign exchange mar - kets must be licensed by the BI. Initially, an operator can apply to the BI for an in-principle licence. With this, the operator is allowed to start preparing the

infrastructure of its platform, including a feasibility study of its business operation. Once preparation is complete and the operator is ready to start operating, it may apply for a business licence. Operations can only commence after a BI licence has been issued. 6.2 Regulation of Different Asset Classes As discussed in 6.1 Permissible Trading Platforms , each asset class will have its own regulatory regime. Securities trading and crypto-assets trading falls under the supervision of the OJK, while futures com - modities (including digital gold) fall under the supervi - sion of Bappebti. The BI supervises the use of trading platforms within money and foreign exchange mar - kets. 6.3 Impact of the Emergence of Cryptocurrency Exchanges Virtual currencies (including cryptocurrencies) are not recognised as a legitimate payment instrument in Indonesia. However, the increase in popularity of cryp - tocurrencies in Indonesia has pushed the Indonesian government to issue a legal framework for cryptocur - rencies in the Indonesian market. Cryptocurrencies in Indonesia are recognised as crypto-assets that can only be traded as digital financial assets at a crypto- assets futures exchange approved by the OJK. Trad - ing can also be done through a crypto-asset trad - ers’ platform connected with a digital financial assets exchange platform. Key players involved in crypto- assets transactions are: • exchanges; • clearing agencies; • traders; • depository agencies for crypto-assets; • facilitators of supporting activities in the digital financial assets market; and • FSTI organisers. All of these need to be licensed by the OJK. Tradable crypto-assets are only those registered in the crypto-asset list issued by the digital financial asset exchanges and any such list must be evaluated by the OJK. According to OJK Reg 23/2025, a tradable digital financial asset (including a crypto-asset) must fulfil the following conditions:

391 CHAMBERS.COM