Bappebti Crypto Licensing & Oversight: Indonesia’s Shift to OJK Regulation

Quick takeaways

• Bappebti regulated crypto as a commodity until Jan102025.
• The handover to OJK re‑classifies crypto as a digital financial asset.
• Existing licenses were carried over, but new compliance rules now apply.
• OJK Regulation No.27/2024 is the core legal framework for crypto trading.
• Market participants must adapt to dual oversight from OJK and Bank Indonesia.

Who was Bappebti and what did it control?

When Indonesia first opened its doors to digital currencies, Bappebti (the Commodity Futures Trading Supervisory Body) acted as the primary regulator. Under Regulation No.8/2021 and its 2022 amendment, crypto assets were treated as commodities, not securities. This meant every token had to be approved, listed, and traded on a physical crypto market overseen by Bappebti.

During its tenure, Bappebti built the first legal crypto exchange, a clearing house, and a storage manager - all to give investors certainty. By mid‑2023 the agency had registered 501 cryptocurrencies, including Bitcoin, Ethereum, and Solana, and enabled more than 17million Indonesian investors to trade.

How did Bappebti issue crypto licenses?

The licensing workflow was straightforward but strict. A crypto‑related entity first submitted a detailed application covering technology, security, AML/KYC procedures, and capital adequacy. Bappebti’s review team then ran a compliance checklist against Regulation No.13 of 2022, which clarified the documentation required for physical market trading.

If the token passed the eligibility test, Bappebti issued a registration certificate that allowed the asset to be listed on an approved exchange. Licenses were renewable annually, and any breach of the commodity‑focused rules could trigger suspension or revocation.

Why the shift to OJK?

Indonesia’s financial ecosystem was evolving fast. Law No.4 of2023 (the P2SK Law) mandated a move from commodity‑based oversight to a full‑blown financial‑services framework. The goal was to align crypto regulation with global standards and to let the Financial Services Authority (OJK) apply its experience from securities, banking, and insurance to digital assets.

On January102025, a formal handover ceremony at the Ministry of Trade in Jakarta marked the end of Bappebti’s authority. Acting Bappebti chief Tommy Andana, Bank Indonesia’s Donny Hutabarat, and OJK deputies Moch. Ihsanuddin and I.B.Aditya Jayaantara signed the Minutes of Handover (BAST) and a Memorandum of Understanding, sealing the transition.

What does OJK’s new framework look like?

OJK introduced Regulation No.27/2024 (dated Dec102024) to govern “digital financial assets.” The key changes are:

1. Crypto assets are now classified as digital financial assets, moving them out of the commodity bucket.
2. Licensing requirements broaden to include capital reserves, risk‑based supervision, and continuous reporting similar to traditional financial institutions.
3. Existing Bappebti licenses are grandfathered for a transition period, after which full OJK compliance is mandatory.
4. Bank Indonesia retains authority over payment‑system aspects, creating a dual‑regulation model.

The OJK framework also defines new entities: Digital Financial Asset Traders (formerly “Crypto Asset Traders”), custodians, and settlement providers. All must register on OJK’s digital asset portal and obey anti‑money‑laundering standards aligned with the Financial Action Task Force (FAFAT).

How do crypto exchanges and service providers adapt?

Exchanges that were licensed by Bappebti needed to submit a migration plan to OJK within 90days of the handover. The plan had to demonstrate:

• Updated AML/KYC systems that meet OJK’s risk‑assessment matrix.
• Proof of adequate capital (IDR500billion minimum for Tier‑1 traders).
• Technical safeguards for market integrity, including real‑time monitoring and incident response protocols.

Many platforms seized the opportunity to broaden their product suite, adding futures, options, and tokenized securities that now fall under OJK’s broader mandate. The clearing house established under Bappebti was absorbed by OJK’s market infrastructure unit, ensuring continuity for settlement and custody.

Comparison: Bappebti vs. OJK oversight

Market impact after the transition

Despite the regulatory overhaul, Indonesia’s crypto volumes kept climbing. IDR650trillion in 2024 surged to an estimated IDR720trillion by mid‑2025, driven by institutional interest and the new clarity OJK provided. Analysts point to the dual‑regulator model - OJK handling asset‑related activities while Bank Indonesia oversees payment‑system integration - as a key factor in stabilising confidence.

Foreign crypto service providers now see a clearer path to market entry: they submit a single OJK application, demonstrate compliance with global AML standards, and benefit from Indonesia’s large user base (over 20million active crypto wallets). At the same time, local exchanges have upgraded their tech stacks to meet the stricter risk‑management criteria, which encourages more sophisticated products such as crypto‑backed loans and tokenized real‑estate.

What does the future hold?

OJK’s mandate includes a “Digital Financial Innovation” (DFI) agenda that encourages sandbox testing for emerging tech like DeFi protocols, NFT marketplaces, and central‑bank digital currencies (CBDCs). The regulator has already announced a pilot sandbox for decentralized finance, aiming to balance innovation with consumer protection.

Legal scholars from SSEK note that the shift could eventually re‑classify certain tokens as securities, especially those offering profit‑sharing or voting rights. If that happens, OJK will apply its securities‑market rules, adding another layer of compliance but also opening doors to institutional capital.

For now, the most pragmatic advice for market participants is to:

1. Audit existing Bappebti licences and map them to OJK requirements.
2. Upgrade AML/KYC and reporting systems to meet OJK’s risk‑based standards.
3. Engage with Bank Indonesia on payment‑system integration to avoid regulatory gaps.
4. Monitor OJK’s sandbox announcements for early‑access opportunities.

By following these steps, businesses can turn the regulatory change from a hurdle into a growth catalyst.