Bappebti Crypto Licensing: How Indonesia Regulated Digital Assets
Indonesian Crypto License Checker
Minimum Capital Requirements
- Exchange - IDR 100 billion (approx. USD 6.5 million)
- Custodian - IDR 50 billion (approx. USD 3.25 million)
Licenses Required
- OJK License - Digital Financial Asset Trader / Custodian / Infrastructure Provider
- BI License - Payment System Licence (if fiat-on-ramp is involved)
Transition Period
All existing Bappebti licenses remain valid for 12 months post-January 10, 2025.
Foreign Entities
Must establish a local legal entity and appoint a resident compliance officer.
Indonesia’s crypto market has been shaped by two regulators in the last few years: Bappebti is the Commodity Futures Trading Supervisory Body that treated crypto assets as commodities until January2025 and the Financial Services Authority (OJK), which now runs the show under a financial‑services framework. If you’re wondering how the licensing landscape changed, why the shift matters, and what you need to do to stay compliant, keep reading.
Key Takeaways
- Bappebti regulated crypto assets as commodities from the first Indonesian rules up to 10Jan2025.
- On 10Jan2025 the oversight moved to OJK (the Financial Services Authority) under Regulation No.27/2024, re‑classifying them as digital financial assets.
- All existing Bappebti licences were preserved during the hand‑over, but new applicants must follow OJK’s licensing checklist.
- Bank Indonesia still oversees payment‑system aspects, creating a dual‑regulatory model.
- Future‑proofing your crypto business means aligning with OJK’s investor‑protection rules and preparing for possible securities‑type treatment.
1. What Bappebti Did - The Commodity Era
When Indonesia first embraced crypto, the government decided to fit digital tokens into the existing commodity‑trading regime. Regulation No.8/2021 (Guidelines for Conducting Crypto Asset Physical Market Trading on Commodity Exchanges) set the baseline. It required every token to obtain agency approval before it could be listed on a physical crypto market.
By mid‑2023 the list grew to 501 approved assets - Bitcoin, Ethereum, Solana and many local tokens. The agency issued an amendment, Regulation No.13/2022, tightening eligibility criteria and introducing a mandatory registration fee.
Under Bappebti’s watch, the market exploded: over 17million investors by the end of 2023 and transaction volumes topping IDR300trillion, which doubled to IDR650trillion in 2024. The regulator also rolled out a dedicated crypto exchange, a clearing house and a storage manager in July2023, giving the market a legal backbone.
2. Why the Shift to OJK?
The change wasn’t a simple bureaucratic shuffle. Law No.4 of2023 on Financial Sector Development (P2SK) gave the government a legal route to move crypto oversight to the financial‑services arena. The goal: align crypto with banks, securities and payment‑system rules, and invite more institutional players.
On 10January2025, OJK (the Financial Services Authority) officially signed the Minutes of Handover (BAST) alongside Acting Bappebti chief Tommy Andana, Bank Indonesia’s Donny Hutabarat and OJK deputies. From that day forward, crypto assets are treated as digital financial assets rather than commodities.
3. OJK’s New Licensing Framework
The cornerstone is Regulation No.27/2024 (Implementation of Trading in Digital Financial Assets including Crypto Assets). It outlines four categories of market participants:
- Digital Financial Asset Traders (formerly “Crypto Asset Traders”).
- Digital Asset Custodians.
- Market Infrastructure Providers - exchanges, clearing houses, settlement systems.
- Service providers dealing with token issuance or tokenised securities.
Key licensing steps for a new exchange, for example, include:
- Submit a detailed business plan covering AML/KYC, risk‑management and technology architecture.
- Show proof of capital (minimum IDR100billion for exchanges, IDR50billion for custodians).
- Obtain a “Digital Financial Asset Trader” licence from OJK after a 90‑day review.
- Secure a separate operating licence from Bank Indonesia if the platform processes fiat‑to‑crypto payments.
All licences granted under Bappebti remain valid during a 12‑month transition window, but any renewal or new activity must be filed under OJK’s template.
4. Dual Regulation - OJK + Bank Indonesia
Because crypto touches both securities‑like trading and payment‑system functions, Indonesia now has a split oversight model. OJK handles the trading, custody and token‑issuance side, while Bank Indonesia (the central bank) retains authority over payment‑gateway licensing and stable‑coin settlement.
This means a platform that offers both spot trading and fiat‑on‑ramp services must hold two licences: an OJK “Digital Financial Asset Trader” licence and a BI “Payment System” licence. The regulators coordinate through a joint supervisory committee to avoid duplicated reporting.
5. Practical Steps to Get Licensed Today
Whether you’re a local startup or an international exchange eyeing the Indonesian market, follow this checklist:
- Define your activity type. Are you only trading, only custodial, or both?
- Gather capital. Prepare audited financial statements showing the required minimum.
- Prepare compliance docs. AML/KYC policies must meet both OJK and BI standards (Customer Due Diligence, Transaction Monitoring, Suspicious Activity Reporting).
- Submit the OJK application. Use the e‑portal, upload business plan, risk‑management framework and capital proof.
- If you need fiat‑on‑ramp, file with Bank Indonesia. The BI form asks for payment‑system architecture and reserve‑fund details.
- Undergo technical & legal review. OJK typically runs a 30‑day technical audit, followed by a 60‑day legal assessment.
- Obtain the licence and publish it. Publicly display the licence number on your website and all user interfaces as required by Regulation No.27/2024.
Don’t forget to register each approved token with OJK’s digital asset registry - this step replaces the old Bappebti token‑approval process.
6. Comparing Bappebti and OJK Oversight
| Aspect | Bappebti (until Jan2025) | OJK (from Jan2025) |
|---|---|---|
| Legal classification | Crypto assets = commodities | Digital financial assets |
| Primary regulation | Regulation No.8/2021, amended by 13/2022 | Regulation No.27/2024 |
| Licensing focus | Physical market trading licences | Trader, custodian, infrastructure licences |
| Investor protection | Basic market‑integrity rules | Comprehensive AML/KYC, risk‑management, capital adequacy |
| Interaction with central bank | Limited - mainly commodity‑exchange coordination | Joint oversight with Bank Indonesia on payment aspects |
| Transition handling | Licences grandfathered until renewal | New applications must meet OJK standards; existing licences accepted for 12months |
7. What the Change Means for Your Business
For existing Bappebti‑licensed exchanges, the biggest task is updating compliance documents to match OJK’s broader risk‑framework. Most of the heavy lifting-AML procedures, capital buffers, reporting cadence-already exists, so the impact is manageable.
For newcomers, the bar is higher. OJK expects a more sophisticated governance model, including an independent compliance officer and a board‑level oversight committee. The regulator also plans to introduce periodic stress‑testing for large digital‑asset traders, similar to banks’ capital‑adequacy tests.
From an investor‑confidence perspective, the shift is positive. International fund managers see OJK’s framework as closer to global standards, which could unlock cross‑border capital inflows.
8. Looking Ahead - Possible Futures
Analysts think the re‑classification opens the door for crypto assets to be treated like securities in the next regulatory cycle. If that happens, OJK may adopt a securities‑law approach, demanding prospectus filings for token sales and stricter disclosure rules.
Meanwhile, the government is rolling out a Digital Financial Innovation (DFI) sandbox. Start‑ups can apply for a limited‑time exemption to test novel DeFi protocols or NFT marketplaces under OJK supervision, provided they meet a thin‑air risk‑assessment sheet.
In short, the environment is becoming more structured, which is good news for anyone looking to build a sustainable crypto business in Indonesia.
Frequently Asked Questions
Do existing Bappebti licences still work?
Yes. All licences issued before 10Jan2025 remain valid for a 12‑month transition period. After that, renewals must follow OJK’s Regulation27/2024 requirements.
What capital is needed to start a crypto exchange in Indonesia?
OJK requires a minimum of IDR100billion (roughly US$6.5million) in audited capital for a spot exchange. Custody‑only platforms can start with IDR50billion.
Do I need a Bank Indonesia licence as well?
If your service includes fiat‑to‑crypto conversion, payment‑gateway functions, or stable‑coin issuance, you must obtain a separate payment‑system licence from Bank Indonesia. Pure‑trading platforms without fiat handling only need the OJK licence.
How long does the OJK licensing process take?
Typically 120‑150days: 30days for technical review, 60days for legal assessment, and an additional 30‑60days for any clarifications or supplemental documentation.
Can foreign firms apply for an OJK crypto licence?
Yes, but they must establish a local legal entity, meet the same capital thresholds, and appoint a resident compliance officer. The regulator reviews foreign ownership structures to ensure effective control.
Leo McCloskey
January 30, 2025 AT 17:02The regulatory metamorphosis within Indonesia's digital‑asset ecosystem epitomizes a paradigm shift toward rigorous AML/KYC scaffolding, necessitating compliance officers to internalize a multi‑layered governance matrix, enforce capital adequacy thresholds, and synchronize with both OJK and Bank Indonesia oversight, all while preserving operational continuity during the 12‑month transition corridor.
Stakeholders must therefore recalibrate risk‑management frameworks, overhaul custodial protocols, and allocate capital buffers commensurate with the IDR100‑billion benchmark, lest they incur punitive sanctions, reputational damage, or license revocation.
Nathan Van Myall
February 2, 2025 AT 11:42Parsing the OJK Regulation No.27/2024 reveals a granular licensing checklist that aligns closely with global financial‑services standards, highlighting the necessity for detailed business plans, audited capital statements, and robust AML/KYC policies that satisfy both OJK and BI criteria.
debby martha
February 5, 2025 AT 06:22i think the whole thing is kinda overcomplicated, like why do you need two separate licences just to let people trade crypto? its just more red tape for startups.
Ted Lucas
February 8, 2025 AT 01:02Wow, the shift to OJK is a game‑changer! 🎉 The dual‑regulatory model means we finally have a solid framework that can support massive institutional inflows, and the capital requirements push the market towards professionalism. 🚀
ചഞ്ചൽ അനസൂയ
February 10, 2025 AT 19:42Look, friends, this is an opportunity to build stronger governance together. By embracing the OJK guidelines, we can create a safer environment for investors and foster trust in the Indonesian crypto space.
Philip Smart
February 13, 2025 AT 14:22Frankly, anyone who claims the old Bappebti regime was sufficient clearly missed the fact that modern digital assets demand a more comprehensive supervisory approach; OJK's framework is the logical evolution, and the capital thresholds are merely reflective of systemic risk considerations.
Jacob Moore
February 16, 2025 AT 09:02First, define your business activity-whether you are a trader, custodian, or infrastructure provider-because OJK requires a distinct license for each category.
Second, assemble audited financial statements that demonstrate the minimum capital of IDR100 billion for exchanges or IDR50 billion for custodians.
Third, craft comprehensive AML and KYC policies that satisfy both OJK and Bank Indonesia, covering customer due diligence, transaction monitoring, and suspicious activity reporting.
Fourth, submit a detailed business plan outlining technology architecture, risk‑management procedures, and governance structures through the OJK e‑portal.
Fifth, if your platform will handle fiat‑on‑ramp services, prepare a separate application for a Bank Indonesia payment‑system license, detailing reserve‑fund mechanisms and settlement workflows.
Sixth, appoint a resident compliance officer who will act as the point of contact for regulator inquiries and ensure ongoing adherence to reporting obligations.
Seventh, undergo the technical audit, typically lasting 30 days, where OJK assesses your system security, data integrity, and operational resilience.
Eighth, after the technical review, OJK conducts a legal assessment for another 60 days, scrutinizing your licensing documents, capital proof, and corporate structure.
Ninth, respond promptly to any clarification requests from OJK, providing supplemental documentation within the stipulated timeframe to avoid delays.
Tenth, upon successful review, OJK issues the digital‑financial‑asset trader or custodian license, which must be publicly displayed on your website as required by Regulation 27/2024.
Eleventh, register each token you intend to list on the OJK digital asset registry, replacing the old Bappebti token‑approval process.
Twelfth, implement ongoing compliance monitoring, including periodic stress‑testing for large traders, to demonstrate continued solvency and risk mitigation.
Thirteenth, maintain regular reporting to both OJK and Bank Indonesia, covering transaction volumes, AML metrics, and financial statements.
Fourteenth, prepare for renewal cycles well before the 12‑month transition window expires, ensuring all documentation reflects the latest regulatory updates.
Fifteenth, consider joining the joint supervisory committee’s forums to stay informed about emerging guidelines and best practices in the Indonesian crypto ecosystem.
Annie McCullough
February 19, 2025 AT 03:42Sure the new rules sound more strict but they also open doors for real innovation without the old hype
Carol Fisher
February 21, 2025 AT 22:22Indonesia finally got its act together 🇮🇩💪! This regulation will keep riff‑raff out and let true patriots invest safely 💼✨
Melanie Birt
February 24, 2025 AT 17:02To ensure compliance, draft your AML/KYC procedures using the latest FATF guidelines, then align them with OJK's specific checklist; once validated, you can submit the package via the OJK portal and monitor the status regularly 😊.
Lady Celeste
February 27, 2025 AT 11:42The drama of licensing ends when the paperwork finally lands.
Rama Julianto
March 2, 2025 AT 06:22Listen up, if you dont lock down those capital reserves and ignore the BI licence for fiat bridges, you are just begging for a regulator slap‑down-get it together.
Helen Fitzgerald
March 5, 2025 AT 01:02Hey team, think of this as a chance to level up our compliance game together; share resources, review each other's docs, and we’ll all sail through the OJK process as a united front.
Jon Asher
March 7, 2025 AT 19:42The new OJK rules are clear: have enough money, follow AML rules, and get the right license.
Hanna Regehr
March 10, 2025 AT 14:22While the regulatory landscape grows more intricate, maintaining a disciplined approach to documentation and stakeholder communication will undeniably smooth the licensing journey.
Ben Parker
March 13, 2025 AT 09:02Yo, did anyone actually read the fine print on the OJK form? 😂 It’s like a novel-make sure you double‑check every field or you’ll be stuck in limbo 🌀.
Daron Stenvold
March 16, 2025 AT 03:42We recognize the challenges many firms face during this transition, and we stand ready to provide comprehensive support, ensuring that each applicant navigates the OJK licensing pathway with confidence and precision.
Nina Hall
March 18, 2025 AT 22:22Bright futures await! 🌅 Embracing the new framework will paint the Indonesian crypto scene with vibrant opportunities for growth and innovation.
Lena Vega
March 21, 2025 AT 17:02Good luck with the applications.