INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law
Issuers’ and market participants’ obligations/ requirements Issuers and other organisers, including traders, exchanges, clearing and settlement institutions, and custodians, are bound to meet mandatory standards, including: • Corporate Structure: All market participants (including issuers) must be locally incorporated as a limited liability company or Perusahaan Terbatas or “PT”). The Draft Regulation specifies that issuers must maintain a majority Indonesian board and key personnel domiciled locally. As the regulation requires local incorporation and Indonesian direc - tors for issuers, this means foreign issuers may participate only through local entities or partner - ships that meet these requirements. • Due Diligence: Traders must conduct due diligence before offerings. • Co-operation Agreement: Co-operation agree - ments between issuers and traders are effective only upon approval by the OJK or the relevant exchange/ bourse . • Reporting obligations: Market participants are subject to several reporting obligations; these include offering activity reports, which must detail the results of offerings, the distribution of assets to consumers, and the distribution of proceeds to issuers. They must also provide periodic reports, consisting of monthly and annual submissions, and incidental reports, which must be filed within five business days following any relevant incident. 10.5 Regulation of Blockchain Asset Trading Platforms Blockchain asset-trading platforms are regulated in Indonesia. These are defined in the regulation as “crypto-asset traders”. Crypto-asset traders (com - monly known as crypto-asset trading/exchange platforms) are defined as parties that have secured approval from the OJK to carry out crypto-asset trad - ing transactions in their own right and on behalf of customers. While it is understood that the term “cryptocurrency exchanges” is more commonly used internationally for crypto-asset traders, it is important to point out here that the term “exchange” for the Indonesia context is
to define a digital financial-asset exchange that has secured approval from the OJK and is the legal entity responsible for listing, approval, and oversight of Digi - tal Financial Assets regime. This is distinct from “trad - ers”, which typically denotes the exchange platform that operates the trading system and facilitates trans - actions for customers. The government of Indonesia is introducing a rather different approach as regards the crypto-asset ecosystem in Indonesia. In general, the key players involved in the physical crypto-asset market are: • the OJK; • crypto-asset exchanges; • clearing agencies; • traders; and • depository agencies. A crypto-asset trader must be: • incorporated as a limited liability company; • a member of a crypto-asset exchange and a crypto-asset clearing agency; and • designated as a trader by the crypto-asset exchange. Each type of transaction mechanism deployed by crypto-asset traders must be regulated under the rules and regulation of the exchange. Such rules and regulation, along with amendments (if any), must be approved by the OJK. Crypto-asset traders must meet certain criteria as specified in the regulation, including: • having minimum paid-up capital of IDR100 bil - lion during the application of business licences. According to OJK Reg 23/2025, the OJK may require additional capital, taking into consideration the trader’s market domination, number of con - sumers, transaction volume, as well as intercon - nectedness with other market players that might have a systemic impact; • having an organisational structure consisting of at least an information technology division, audit divi - sion, legal division, consumer complaints division,
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