Effective January 2025, supervisory authority over crypto assets in Indonesia transferred from Bappebti, the commodity futures trading regulator, to OJK, the Financial Services Authority — a shift mandated by the P2SK Law (Law No. 4 of 2023 on Financial Sector Development and Strengthening). The reclassification of crypto assets from commodities to financial instruments is more than an administrative relabeling; it brings exchanges, custodians, and related service providers under a licensing and supervisory regime built for financial institutions.
For exchanges previously licensed under Bappebti's regime, the transition has required re-registration under OJK's framework, with corresponding adjustments to capital requirements, governance structures, and reporting obligations. OJK has signaled that anti-money laundering and know-your-customer standards will be applied with the same rigor as in conventional financial services — a materially higher bar than the commodity-trading regime some platforms were accustomed to.
For businesses that merely accept or hold crypto assets as part of a broader operation — rather than operating an exchange — the practical question is often simpler but easy to overlook: confirming which counterparties are properly licensed under the new regime before treating them as a compliant custodian or trading partner.
We are advising several clients in the digital asset space on licensing status, re-registration timelines, and updated AML documentation under OJK's rules.
