OJK Supervises Crypto in Indonesia: Impact of Regulatory Transitions and Their Implications

With the rapid growth of the cryptocurrency industry in Indonesia, the shift in oversight from Bappebti to the Financial Services Authority (OJK) has begun to attract attention. On January 10, 2025, new regulations transferring crypto oversight to the OJK, based on Government Regulation No. 49 of 2024 and OJK Regulation No. 27 of 2024, came into effect.

This change has brought a breath of fresh air to the growth of the Indonesian crypto market. However, it also presents new challenges for players in the industry.

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Transfer of Supervision: Bappebti to OJK

The shift in oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK) is a significant step impacting the entire crypto ecosystem in Indonesia. Here are some key points related to this transition:

• Compliance Improvement: With stricter regulations, crypto oversight is now more focused on the financial services sector, rather than just commodities. This is encouraging more structured growth in the crypto market.
• Stricter Regulations: OJK supervision includes stricter rules regarding personal data protection, obligations for companies to maintain data archives for longer (10 years), and suitability tests for controlling shareholders and company directors.

Positive Impact on Local Crypto Exchanges

Despite strict OJK oversight, a number of local crypto exchanges have actually generated significant profits. Some of the benefits these exchanges have generated include:

• Protection Against Foreign Players: With increased oversight of foreign exchanges like Binance and Bybit, local exchanges are increasingly gaining market share. The Financial Services Authority (OJK) reminds the public to only transact on legally registered platforms.
• Increased TransactionsExchanges like Tokocrypto and Indodax have successfully captured significant market share with rapidly increasing transaction volumes. This demonstrates that clear and transparent regulations have a positive impact on the industry.

New Challenges for Crypto Exchanges

While the benefits are palpable, this regulatory shift also presents challenges for some players in the crypto industry, particularly smaller ones. Some of the challenges faced include:

• High Compliance Costs: This new regulation requires a substantial authorized capital, with a minimum capital requirement of IDR 100 billion and minimum equity of IDR 50 billion. This places a heavy burden on exchanges with small capital to survive.
• Foreign Crypto Exchanges Circumvent Regulations: Some foreign companies try to get permits by buying shares in local companies, as OSL Group did when it bought Koinsayang.

Crypto Industry Performance Post-Regulation

Despite rising compliance costs, there are many positive signs that the Indonesian crypto industry continues to thrive. Here are some key figures:

• Increase in the Number of Consumers: By May 2025, the number of Indonesian crypto consumers will reach 14.78 million people, with monthly transactions reaching 49.57 trillion rupiah (around 3 billion US dollars).
• Crypto Transaction SurgeIn January 2025, crypto transactions surged 104%, reaching a transaction value of $2.68 billion. This demonstrates that despite additional costs, the market continues to grow rapidly thanks to regulatory clarity.

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What Are the Long-Term Impacts of This Transition?

Stricter oversight by the OJK is expected to improve the long-term integrity of the Indonesian crypto market. Some anticipated long-term impacts include:

• Increasing Consumer Confidence: Better consumer protection could encourage more people to invest in digital assets.
• More Complex Market Structures: With a new, more structured system, larger and stronger crypto exchanges can thrive, while smaller exchanges may struggle to survive.

Conclusion

The transition of crypto oversight from Bappebti to the Financial Services Authority (OJK) brings significant changes to the Indonesian crypto industry. While new challenges, particularly in terms of compliance costs, clearer and more transparent regulations are expected to foster more sustainable growth and increase consumer confidence in the crypto market.

If you are interested in broadening your knowledge about the Indonesian financial market, visit Bittime Exchange for trading or read the latest news about crypto at Bittime Blogs.

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

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FAQ

What is the transfer of crypto supervision to the OJK?

The transfer of crypto oversight to the OJK means that the OJK is now responsible for supervising and regulating crypto exchanges, which were previously regulated by Bappebti.

What impact will this regulatory shift have on the Indonesian crypto market?

This transition has had positive impacts, such as strengthening oversight and consumer protection, but has also increased compliance costs for some exchanges.

Can foreign crypto exchanges still operate in Indonesia?

Foreign crypto exchanges like Binance and Bybit are hampered by the new regulations, but they are trying to find a way around this by buying shares in local companies.

Does this shift improve the security of crypto transactions?

Yes, with stricter oversight, personal data protection and market integrity are increasingly assured.

What are the prospects for local crypto exchanges after the shift in oversight?

Local crypto exchanges like Tokocrypto and Indodax are making huge profits, with growing market share and increasing transaction volume.