INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law
For eligibility criteria, see 6.3 Impact of the Emer- gence of Cryptocurrency Exchanges . 10.4 Regulation of “Issuers” of Blockchain Assets The issuance of crypto-assets remains unregulated, despite their rising popularity among local “issuers” in the country; the same sentiment also applies to initial coin offerings (ICOs), and the main regulation of crypto-assets (OJK Reg 27) explicitly states that it excludes ICOs and/or initial token offerings from the scope of its regulatory scheme. However, in late 2025, the OJK issued a draft regula - tion on the Offering of Digital Financial Assets (“Draft Regulation”). It sets out in general a comprehensive framework related to how digital assets can be offered in Indonesia, who can offer them, and the standards that must be met to protect Indonesian consumers and the integrity of the financial system. The draft is currently still in consultation and awaiting internal finalisation. Key Features of the Draft Regulation Scope and definitions The Draft Regulation applies to a broad range of digi - tal financial assets, including: • Tokenised assets: Digital representations of real- world assets (such as commodities, receivables, or income rights) converted into tokens via tokenisa - tion. Derivatives and crypto-assets themselves are expressly excluded from this category. • Crypto-assets: Both “backed” (supported by underlying assets or fiat currency) and “unbacked” (not supported by any underlying asset) crypto- assets. Offerings may be organised by various parties, includ - ing issuers, merchants, exchanges, clearing and set - tlement institutions, custody institutions, and asset managers. Each has distinct roles and responsibilities under the regulation. In-scope and out-of-scope criteria To be offered in the Indonesian market, digital assets must:
• Use distributed ledger technology (DLT) or equiva - lent technologies for issuance, storage, transfer, and/or offering. • Not be an existing electronic financial asset already recorded electronically by financial institutions. • Not originate from or be used for unlawful activi - ties. • Meet any additional eligibility criteria set by the OJK. Certain instruments are explicitly excluded from the regulation, such as: • Securities regulated under Indonesia’s capital markets law. • Central bank-issued assets (eg, central bank digital currencies (CBDCs)). • Non-transferable assets, “closed-loop” tokens, NFTs, airdropped/free tokens, mining/staking rewards, and other OJK-determined exclusions. Public offering triggers and thresholds A public offering is triggered if: • The offering is conducted within Indonesia via mass media; or • The offering is made to more than 100 parties. For tokenised assets and backed crypto-assets: • Offerings of at least IDR1 billion require the issuer to obtain a business licence from the OJK and secure OJK approval for the specific offering. • Offerings below IDR1 billion require only notifica - tion to the OJK. If cumulative offerings within a year reach IDR1 billion, the same full licensing requirement applies. For unbacked crypto-assets, a distinct approval pro - cess is enforced: offerings of at least IDR1 billion (sin - gle or cumulative) must comply fully with the Draft Regulation and must obtain approval from the author - ised exchange ( bourse or Bursa), which must conduct a substantive review and ensuring adherence to the regulatory criteria established by the OJK.
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