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Bacaan 6 Menit
Who supervises crypto and digital assets in Indonesia, and what is the legal basis? Is it true that the Indonesian Financial Services Authority (Otoritas Jasa Keuangan/�OJK�) will supervise crypto assets? If so, what is the law that underlies this?
The supervision of crypto assets and digital financial assets in Indonesia is currently under the authority of the Indonesian Financial Services Authority (Otoritas Jasa Keuangan/“OJK”) and Bank Indonesia (“BI”). Previously, the supervision was carried out by the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi/“Bappebti”). This transition is based on Law 4/2023 and clarified in Government Regulation 49/2024. The purpose of this transition of supervision is to increase legal certainty, transparency, and protection for investors and the public.
Please take a look at the review below for a further explanation.
Thank you for your question.
This article is an English translation of
Pengawasan Aset Kripto dan Aset Digital, written by
Fanny, S.H., and published on the 4th of March 2025.
Answering your question, essentially, the supervision of crypto and digital assets in Indonesia has changed significantly. Historically, the Commodity Futures Trading Supervisory Agency (Badan Pengawas Perdagangan Berjangka Komoditi “Bappebti”) was the agency responsible for the regulation and supervision of crypto assets. However, since January 10th, 2025,
[1] the supervision was officially transferred to the Indonesian Financial Services Authority (Otoritas Jasa Keuangan/“OJK”) and Bank Indonesia (“BI”) based on Article 8 number 4 of
Law 4/2023 which amends Article 6 of the
OJK Law, and Article 312 paragraph (1) of Law 4/2023.
According to the
Financial Services Authority FAQ article, as reported on the OJK website, essentially, OJK has the main responsibility for the supervision of digital financial assets in the capital market. The focus of OJK supervision includes drafting regulations to ensure transparency, licensing systems through the Integrated Licensing and Registration System (Sistem Perizinan dan Registrasi Terintegrasi/“SPRINT”), as well as maintaining market stability and increasing public confidence in digital assets. As a legal infrastructure measure, OJK has issued
Circular of OJK 20/SEOJK.07/2024, which contain technical provisions related to the trading and management of digital financial assets, including crypto assets.
On the other hand, BI is taking a role in the supervision of financial derivatives related to the Money Market and Foreign Exchange Market (Pasar Uang dan Pasar Valuta Asing/“PUVA”), with attention to derivative instruments as hedging tools and the development of an efficient and integrated supervisory infrastructure.
[2]
In Indonesia, cryptocurrencies are not recognized as legal means of payment, as stipulated in the
Currency Law. The only recognized means of payment is the rupiah currency,
[3] therefore, transactions using crypto assets must first go through a conversion process to rupiah. However, as an investment instrument, crypto assets are still allowed because they have great potential in encouraging digital economic growth in Indonesia. This has been confirmed in the Letter from the Coordinating Minister for Economic Affairs No. S-302/M.EKON/09/2018, which states that crypto assets can be traded as commodities on futures exchanges.
[4]
Read more:
3 Langkah Transaksi Aset Kripto Secara Legal di Indonesia (3 Steps to Legally Transact Crypto Assets in Indonesia)
Based on the author's personal practical experience, while cryptocurrencies offer great returns, the risks that come with them are also very high. OJK highlights that the value fluctuations of cryptocurrencies are unpredictable. This results in significant changes in value in a short period, as well as creating uncertainty for investors. Therefore, OJK has strengthened regulations and licensing systems to maintain public confidence in digital assets.
Furthermore, while the transfer of supervision is aimed at strengthening Indonesia's digital financial sector, various challenges need to be faced. Some of these include the complexity of blockchain technology, potential risks of fraud and money laundering, and limited public literacy. Thus, OJK and BI are collaborating with various parties to improve education and adaptive regulations while maintaining the prudential principle.
Read more:
Legality of Bitcoin and Blockchain as Commodities and Financial Technology in Indonesia
This transfer of supervision reflects the collaborative efforts of OJK and BI to improve digital financial literacy. Education and socialization related to digital assets continue to be carried out so that people better understand the risks and benefits of investing in this sector. In addition, the development of flexible regulations while maintaining the principle of prudence is the main focus of these two institutions to ensure sustainable economic growth.
Read more:
Cryptocurrency, Lawful or Unlawful?
These are the answers we can provide, we hope you will find them useful.
Legal Basis:
References:
[1] Article 3
Regulation of the Government Number 49 of 2024 on Transfer of Regulatory and Supervisory Duties of Digital Financial Assets Including Crypto Assets and Financial Derivatives (“Government Regulation 49/2024”)
[2] Refer to the provisions in Government Regulation 49/2024
[3] Article 10 number 1
Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector which amends Article 2 section (1)
Law Number 7 of 2011 on Currency
Perdagangan Aset Kripto (Crypto-Asset Trading), Commodity Futures Trading Regulatory Agency, Ministry of Trade of the Republic of Indonesia, p. 3
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