Bappebti Crypto Oversight & Licensing Explained (2025 Update)

Quick Take

• Bappebti regulated crypto as a commodity until Jan102025.
• On that date authority moved to OJK, reclassifying crypto as a digital financial asset.
• Existing Bappebti licences were carried over, but new OJK licences now require compliance with financial‑services standards.
• Key regulations: Bappebti Reg.8/2021 (amended 2022), OJK Reg.27/2024, Gov.Reg.49/2024, Law4/2023 (P2SK).
• Crypto firms must now register as Digital Financial Asset Traders and meet stricter investor‑protection rules.

What Bappebti Was and How It Controlled Crypto

Founded as Bappebti (the Indonesian Commodity Futures Trading Supervisory Body), the agency treated crypto assets like any other commodity. Under Bappebti Regulation No.8/2021 (Guidelines for Conducting Crypto Asset Physical Market Trading on Commodity Exchanges), every digital currency had to be listed, approved, and registered before it could appear on a physical market.

By mid‑2023 the list grew to 501 assets, including Bitcoin, Ethereum, and Solana. The agency also issued Bappebti Regulation No.13/2022 (an amendment tightening listing criteria) and Bappebti Regulation No.4/2023 (adjustments to asset eligibility for physical trading). These rules gave Bappebti tight control over which coins could be traded, how they were settled, and which custodians could hold them.

During its tenure, Bappebti built the first Indonesian crypto exchange, clearing house, and storage manager on July202023. Those institutions provided a legal backbone that helped the market swell to over IDR650trillion in transaction volume by the end of 2024.

The Legal Shift: From Commodity to Financial Asset

Indonesia’s policy change didn’t happen by accident. Law No.4 of2023 (P2SK Law) (Financial Sector Development and Strengthening Law) gave the government a clear mandate to move crypto oversight from a commodity‑centric regulator to a financial‑services regulator.

Two key instruments made the hand‑over possible:

• Government Regulation No.49 of2024 (reclassifying crypto as a digital financial asset), signed on Dec312024.
• The signing ceremony on Jan102025 at the Ministry of Trade, where Acting Chief of Bappebti Tommy Andana, Bank Indonesia’s assistant governor Donny Hutabarat, and OJK deputy commissioners Moch. Ihsanuddin and I.B. Aditya Jayaantara signed the Minutes of Handover (BAST) and a Memorandum of Understanding.

With those documents, the regulatory mantle passed to OJK (Indonesia’s Financial Services Authority). The agency now treats crypto under OJK Regulation No.27 of2024 (Implementation of Trading in Digital Financial Assets including Crypto Assets). In short, crypto moved from the commodity world into the financial‑services world.

How OJK Licenses Crypto Activities Differently

Under the new framework, any business that wants to trade, offer, settle, or store crypto must obtain a licence as a Digital Financial Asset Trader, often called a Crypto Asset Trader in the regulation. This licence replaces the old “crypto exchange licence” issued by Bappebti, but the core requirements are stricter:

• Capital Requirements: Minimum paid‑up capital increased from IDR1billion (Bappebti) to IDR5billion, aligning with traditional securities firms.
• Risk Management: Mandatory internal audit, AML/KYC procedures that meet Bank Indonesia’s payment‑system standards.
• Investor Protection: Mandatory disclosure of pricing, custody risks, and a “fit‑and‑proper” test for senior management.
• Technology Oversight: OJK now requires periodic penetration testing and a certified blockchain risk‑assessment framework.

Existing Bappebti licences were automatically recognised during the transition, but holders had to submit a migration dossier to OJK by June302025. Failure to migrate meant the licence would be revoked, and the firm would have to re‑apply under the new rules.

What Changed for Crypto Service Providers?

The shift impacted three main groups:

1. Exchanges: Must upgrade their AML/KYC systems, maintain higher capital buffers, and report daily trade data to OJK’s supervisory portal.
2. Custodians: Need to obtain a separate “Digital Asset Storage Manager” licence, prove segregation of client assets, and undergo annual audits by an OJK‑approved auditor.
3. DeFi Platforms: Currently operate under a “sandbox” regime. They must apply for a pilot licence and agree to a real‑time monitoring API that feeds transaction data to OJK and Bank Indonesia.

Because OJK also coordinates with Bank Indonesia on payment‑system matters, crypto firms now face a dual‑regulator environment. For example, a payment‑gateway that converts fiat to crypto must comply with both OJK’s financial‑service standards and BI’s payment‑system regulations.

Side‑by‑Side: Bappebti vs OJK Crypto Oversight

Practical Steps for Firms Looking to Operate Under OJK

1. Gather all Bappebti licences and registration certificates.
2. Prepare a migration dossier that includes:
   • Updated corporate governance documents.
   • Proof of the IDR5billion capital deposit.
   • AML/KYC policies aligned with Bank Indonesia’s Payment System Regulation.
   • Technical security audit report (pen‑test, blockchain risk assessment).
3. Submit the dossier via OJK’s online licensing portal before 30June2025.
4. Once approved, integrate OJK’s daily reporting API to push trade logs, AML alerts, and custody statements.
5. Train staff on the new fit‑and‑proper criteria - OJK will conduct random personnel audits.

Skipping any of these steps can trigger a licence suspension, which would freeze all user assets until compliance is restored.

What This Means for Crypto Investors in Indonesia

For the average investor, the transition is mostly invisible - their accounts stay on the same exchange, and assets remain in the same wallets. However, there are two tangible benefits:

• Higher Safety Net: OJK’s stricter custody rules mean funds are less likely to disappear in a hack or mis‑management scenario.
• Clearer Legal Recourse: If a platform breaches its obligations, investors can file complaints directly with OJK, which now has the power to impose fines and revoke licences.

On the flip side, some smaller platforms may close down because they cannot meet the higher capital and reporting demands. Investors should check that their chosen exchange displays a valid OJK Digital Financial Asset Trader licence.

Future Outlook: From Regulation to Innovation

The reclassification of crypto as a digital financial asset opens doors for new product types. OJK has already announced a sandbox for tokenised securities and DeFi protocols, meaning Indonesian firms could soon issue “crypto‑backed bonds” or offer regulated staking services. Because OJK operates under the same framework as the securities regulator, these innovations will likely enjoy greater international acceptance, attracting foreign institutional capital.

Analysts also expect that the legal basis will keep evolving. If the government decides to treat stablecoins as payment instruments, they may fall under Bank Indonesia’s direct supervision, creating a three‑tiered model: OJK for trading, BI for payments, and Bappebti (now largely dormant) for commodity‑linked tokens.

In any case, the groundwork laid by Bappebti - the exchange, clearing house, and custodial standards - gives OJK a solid platform to build on. The next few years will likely see Indonesia move from a high‑growth crypto market to a mature, regulated hub for digital finance.