As of January 10, 2025, the Financial Services Authority (Otoritas Jasa Keuangan/ “OJK”) enacted OJK Regulation No. 27 of 2024 on the Organization of Digital Financial Asset Trading including Crypto Assets (“POJK No. 27/2024”).
This regulation implements the mandate under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector and Government Regulation No. 49 of 2024 on the Transfer of Regulatory and Supervisory Duties for Digital Financial Assets including Crypto Assets and Financial Derivative, which transfers regulatory and supervisory authority over digital financial assets including crypto assets, from the Commodity Futures Trading Supervisory Agency (Badan Pengawas Perdagangan Berjangka Komoditi/ “Bappebti”) to OJK.
✨ POJK No. 27/2024 introduces several key changes:
1️⃣ First, it classifies and regulates crypto assets as Digital Financial Assets (“DFA”), thereby aligning them with other financial instruments under OJK’s supervision and requires them to meet criteria determined by OJK. The regulation further designates 4 (four) key entities as Digital Financial Assets Trading Providers (Penyelenggara Perdagangan Aset Keuangan Digital/ “DFA Trading Providers”), as follows:
- DFA Exchange;
- DFA Traders;
- Clearing, Guarantee, and Settlement Institution for DFA;
- Depository Manager for DFA.
Any DFA Trading Provider shall commence business activities only after obtaining a business license from OJK. Following the enactment of POJK No. 27/2024, all approvals, licenses, and product or instrument registrations previously issued by Bappebti remain valid, provided they do not contravene applicable laws and regulations, while all pending applications shall be continued and finalized by OJK.
2️⃣ Second, the List of Crypto Assets (Daftar Aset Kripto), previously determined by Bappebti, is now determined by the DFA Exchange with the obligation to analyze and evaluate each crypto asset to ensure compliance with the applicable criteria. Furthermore, OJK has the authority to evaluate the List of Crypto Assets issued by the DFA Exchange and based on such evaluation, OJK may prohibit the trading of certain crypto assets by ordering the DFA Exchange to remove them from the List and/or directing DFA Traders to cease their trading.
3️⃣ Third, DFA Trading Providers are now required to implement good governance principles, personal data protection, and consumer protection in accordance with the applicable laws and regulations. To ensure these obligations are properly enforced, POJK No. 27/2024 also sets out a comprehensive sanction framework. Failure to comply with POJK No. 27/2024 may result in administrative sanctions ranging from written warnings to revocation of business licenses. Importantly, OJK may impose these sanctions with or without prior written warning, giving OJK wide discretion in the enforcement.
⚠️ It should also be noted that the initial offering of DFAs, such as crypto assets (initial coin offering) and/or tokenization (initial token offering), does not fall within the scope of POJK No. 27/2024.
✅ Conclusion POJK No. 27/2024 strengthens crypto assets regulations from the previous frameworks and reinforces alignment with Indonesia’s financial sector framework by classifying crypto assets as DFAs, imposing stricter governance and compliance requirements. This regulation shift enhances legal certainty for market players while creating both challenges and opportunities as OJK refines its supervisory role.
Disclaimer This article is provided for educational and general informational purposes only. It does not constitute legal advice and should not be relied upon as the basis for any decision-making without prior consultation with qualified legal counsel.
