Legal Framework Governing Crypto Assets in Indonesia

The crypto industry in Indonesia falls under the auspices of the Commodity Futures Trading Supervisory Body (Bappebti), under the Ministry of Trade (MOT) and in coordination with other institutions such as the Financial Services Authority (OJK), Bank Indonesia (BI) and the Ministry of Communication and Informatics (the MOCI).

The MOT has acknowledged crypto assets, including but not limited to digital coins (virtual currency or cryptocurrency), as tradeable commodities for which Bappebti acts as the regulator and supervisor. Nevertheless, in January 2023, the Indonesian government enacted an omnibus law for the financial sector that will transfer the authority over crypto assets from Bappebti to the OJK.

As regulated under Bappebti Regulation No. 8 of 2021 regarding Guidelines for Organising Crypto Asset Physical Trading Market on the Future Exchange, as lastly amended by Bappebti Regulation No. 9 of 2024 dated 16 October 2024 (together Bappebti Regulation 8/2021), crypto assets are defined as intangible commodities in digital form, using cryptography, information technology networks and distributed ledgers to regulate the creation of new units, verify transactions and secure transactions without the intervention of other parties. In essence, cryptocurrencies may be traded if they have been approved by the head of Bappebti.

This Regulation further categorizes crypto assets as follows:

• coins: a coin is defined as a form of crypto asset with a separate configuration of blockchain and characteristics like a crypto asset that appears for the first time (eg, bitcoin).
• tokens: a token is defined as a derivative product of a coin.

Specifically for the determination of crypto assets that are permitted to be traded in Indonesia, Bappebti has enacted Bappebti Regulation No. 11 of 2022 dated 8 August 2022 regarding the Determination of the List of Tradable Crypto Assets within the Crypto Asset Physical Market, as last amended by Bappebti Regulation 2 of 2024 dated 19 February 2024 (together, Bappebti Regulation 11/2022). This regulation sets forth the list on the types of crypto assets that are permitted to be traded in Indonesia as well as technical guidelines and requirements for the registration of new crypto assets in Indonesia for Bappebti’s approval.

Pursuant to Bappebti Regulation 11/2022, presently, there are 545 types of crypto assets (both coins and tokens) that are permitted to be traded in Indonesia.

By SSEK, Indonesia, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact indonesia@transatlanticlaw.com

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