On January 10, 2025, Indonesia’s crypto market stopped being regulated like a farmers market and started being treated like a stock exchange. That’s when Bappebti officially handed over control of cryptocurrency oversight to the Financial Services Authority, or OJK. If you were trading Bitcoin, Ethereum, or any other crypto in Indonesia before that date, you were operating under a completely different set of rules - and those rules no longer exist.

What Was Bappebti’s Role?

Before January 2025, Bappebti is the Indonesian Commodity Futures Trading Supervisory Body, responsible for regulating cryptocurrency as a commodity, not a financial asset. Also known as Badan Pengawas Perdagangan Berjangka Komoditi, it was established to oversee futures and commodities trading, and in 2021, it was given authority over crypto. Under Bappebti, crypto wasn’t seen as money, stocks, or securities. It was treated like soybeans or coffee beans - something you could trade on an exchange, but not something that needed the same level of investor protection as a bond or stock.

That meant the rules were simple but limited. Bappebti Regulation No. 8/2021 and its 2022 update laid out which digital assets could be traded. By mid-2023, over 500 cryptocurrencies - including Bitcoin, Ethereum, and Solana - were approved for trading on licensed platforms. To operate, crypto exchanges had to register with Bappebti, meet basic operational standards, and keep user funds secure. But there was no requirement for financial disclosures, no investor suitability checks, and no oversight of how platforms handled customer money beyond basic custody rules.

By the end of 2023, Indonesia had over 17 million crypto investors. Transaction volumes hit IDR 300 trillion ($19 billion USD). That’s more than the entire stock market turnover of some Southeast Asian countries. Bappebti responded by setting up its own crypto exchange, clearinghouse, and storage manager in July 2023 - a move meant to bring order to a chaotic market. But even with those steps, the framework was built for commodities, not finance.

Why Did Everything Change?

The shift wasn’t random. It came from Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law), passed in 2020. The law didn’t just want to regulate crypto - it wanted to bring it into the heart of Indonesia’s financial system. The government realized that treating crypto like a commodity was like regulating electric cars as bicycles. The technology had grown too big, too complex, and too tied to real financial risk.

By late 2024, the scale of trading had exploded. Volumes jumped to over IDR 650 trillion. Millions of people were investing, often with little understanding of what they were buying. Scams, platform failures, and frozen withdrawals were becoming common. Bappebti didn’t have the tools to stop them. It couldn’t require risk disclosures, ban unregistered offerings, or hold platforms accountable for misleading marketing - things that financial regulators do every day.

So, on December 31, 2024, President Joko Widodo signed Government Regulation No. 49 of 2024. It formally moved crypto oversight from Bappebti to OJK. The handover ceremony on January 10, 2025, wasn’t just bureaucratic. It was a signal: crypto is now part of Indonesia’s financial infrastructure.

What’s Different Under OJK?

Under OJK, crypto assets are no longer commodities. They’re now called digital financial assets. That one change rewrites everything.

OJK is Indonesia’s Financial Services Authority, the same agency that regulates banks, insurance companies, and stock exchanges. Also known as Otoritas Jasa Keuangan, it has decades of experience overseeing financial markets and protecting retail investors. Its new rules - outlined in OJK Regulation No. 27 of 2024 - treat crypto like stocks or bonds. That means:

• Every crypto exchange must now be licensed by OJK, not just registered.
• Platforms must prove they have strong internal controls, risk management systems, and anti-fraud measures.
• Investors must pass suitability tests before trading certain assets.
• Marketing must be clear, accurate, and not misleading - no more “get rich quick” ads.
• Platforms must report suspicious activity to OJK, just like banks do.
• Custody rules are stricter: user funds must be held separately from company assets, and insurance coverage is now required.

The old Bappebti system allowed 501 cryptocurrencies to trade. OJK hasn’t shut any down, but it’s now reviewing each one for compliance with financial standards. Tokens that are purely speculative, lack transparency, or function like unregistered securities may be removed from trading lists.

Who’s Responsible for What Now?

The new system isn’t just OJK alone. There’s a division of labor:

• OJK handles everything related to crypto trading, asset offerings, investor protection, and platform licensing.
• Bank Indonesia (BI) oversees the payment side - how crypto is bought, sold, or settled using rupiah or other payment systems. BI makes sure crypto doesn’t disrupt the national payment infrastructure.

This split is intentional. Crypto isn’t just a financial product - it’s also a payment tool. OJK deals with the investment side. BI deals with the transaction side. Together, they cover the full spectrum.

For businesses, this means two sets of rules to follow. For users, it means more protection - but also more barriers. If you want to start a crypto exchange in Indonesia now, you’re not just filling out a form. You’re going through the same licensing process as a bank.

What Happened to Existing Licenses?

Good news: if you had a Bappebti license before January 10, 2025, you didn’t lose it. OJK automatically recognized those registrations and gave platforms a 12-month window to upgrade to the new standards. That means exchanges like Tokocrypto, Pintu, and Indodax didn’t shut down overnight. They just had to start following stricter rules.

But the clock is ticking. By January 2026, any platform still operating under old Bappebti rules will be considered unlicensed. OJK has already started audits. Several smaller platforms have quietly shut down or merged with larger ones to meet the new requirements.

What Does This Mean for You?

If you’re an investor:

• Your money is safer. Platforms must now prove they’re not using your funds for risky bets.
• You’ll see fewer scam tokens. OJK is already pulling low-quality assets off exchanges.
• You might have to answer more questions before trading. Suitability tests are now standard.
• You’ll get clearer disclosures. Ads can’t promise returns anymore.

If you’re a business:

• Licensing is harder, longer, and more expensive.
• You need lawyers, compliance officers, and audit systems - not just a website and a wallet.
• International crypto firms now have a clearer path to enter Indonesia. OJK’s rules are closer to global standards like MiCA in the EU.

For the market, the transition has been rocky but necessary. Indonesia still has one of the largest crypto user bases in Southeast Asia. But now, it’s moving from a wild west frontier to a regulated financial hub.

What’s Next?

OJK is already working on rules for DeFi platforms, NFT marketplaces, and institutional crypto trading. The next wave of regulation will likely require:

• Know-your-customer (KYC) rules for decentralized protocols.
• Reporting requirements for NFT transactions above a certain value.
• Standards for crypto-backed loans and staking services.

Indonesia isn’t trying to ban crypto. It’s trying to own it. By bringing crypto under financial regulation, the government is saying: this isn’t a fad. It’s part of the future of money. And if it’s going to be part of the system, it has to play by the system’s rules.

The days of Bappebti are over. But the market it helped build is just getting started - now with real guardrails in place.