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Indonesia is undergoing a pivotal transformation in the regulation of crypto-assets. With the enactment of Law No 4 of 2023 regarding the Development and Strengthening of the Financial Sector dated 12 January 2023 (the "PPSK Law") and its implementing regulations, as of January 2025, the supervisory authority over crypto-assets has officially moved from the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi or "Bappebti") to the Financial Services Authority (Otoritas Jasa Keuangan or "OJK").
This regulatory shift reflects the government's intention to more closely integrate crypto-assets into the financial system while enhancing consumer protection, market integrity and systemic stability in the digital assets space. Despite the transition to OJK oversight, crypto-assets remain classified as commodities or digital assets rather than financial instruments – a distinction that has important implications for their regulatory treatment, including how they are taxed.
As the OJK assumes its new role overseeing crypto-assets, significant questions arise around how the regulatory transition will be implemented and whether the OJK is prepared to accommodate both domestic and foreign investors amid growing interest in Indonesia's digital asset market.
The practical application of OJK Regulation No 27 of 2024 regarding the Implementation of Digital Financial Asset Trading, dated 10 December 2024 ("OJK Reg 27/2024") is also yet to be tested, particularly in relation to how the authorities will approach licensing, compliance and new business innovations in the digital asset industry, be it in the form of new services or products.
At the same time, the market itself is evolving rapidly, marked by the entry of major foreign players, increasing interest in Indonesia's digital asset sector, the emergence of blockchain-based services supporting crypto-asset businesses and advances in decentralized finance (DeFi) and blockchain-driven financial products. These developments signal a more complex and dynamic regulatory landscape ahead.
Further Reading
- Crypto Taxation in Indonesia: Key Insights into MOF Regulation No. 50/2025
- Reporting Timelines for Indonesia's Fintech Innovators: New Deadlines Under OJK Circular Letter 4/2025
Excerpted from the Blockchain 2025 Chambers Global Practice Guide, published by Chambers and Partners.
Find Blockchain: Indonesia here.
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