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Retail_Trading_Status

Allowed-Regulated Unknown
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2025-06-26 13:23
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Executive Summary

Retail cryptocurrency trading is legally permitted in Indonesia but subject to a specific regulatory framework. The regulatory authority transitioned from Bappebti to the Financial Services Authority (OJK) effective January 10th or 12th, 2025, as mandated by Law No. 4 of 2023 on Financial Sector Development and Reinforcement (PPSK Law). Crypto assets are now classified as Digital Financial Assets (DFA) under OJK Regulation No. 27 of 2024, requiring entities to obtain licenses from OJK, and the regulatory framework includes KYC/AML requirements, approved crypto assets, and taxation.

Key Pillars

The primary regulator transitioned from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK). Key pillars include: Licensing requirements for crypto exchanges and platforms by OJK; KYC/AML compliance for crypto-related enterprises, especially for transactions exceeding US$1,000; and restricting trading to crypto assets listed by the regulator.

Landmark Laws

  • Law No. 4 of 2023 on Financial Sector Development and Reinforcement (PPSK Law): Mandated the transfer of regulatory authority over crypto assets from Bappebti to the Financial Services Authority (OJK).
  • OJK Regulation No. 27 of 2024 on Trading in Digital Financial Assets, Including Crypto Assets: Classified crypto assets as Digital Financial Assets (DFA) and established licensing requirements for entities involved in DFA trading.

Considerations

  • Crypto assets are classified as Digital Financial Assets (DFA) and as commodities previously, but not as legal tender or payment instruments.
  • Crypto transactions are subject to Value Added Tax (VAT) and final Income Tax (PPh), with rates varying based on whether the exchange is registered. VAT is approximately 0.11% and PPh is 0.1% on registered exchanges, and VAT is 2% and PPh is 0.2% on unregistered exchanges.
  • Regulators warn of high volatility and risks associated with crypto investments and advise caution when using unregistered platforms.

Notes

  • Historically, Bappebti regulated crypto assets after they were approved as commodities in September 2018, under Bappebti Regulation No. 5/2019.
  • Indonesia launched a national crypto futures exchange (Commodity Futures Exchange - CFX) in July 2023.
  • OJK is expected to issue further detailed regulations and may introduce a regulatory sandbox for new crypto products and services.
  • Bank Indonesia maintains that cryptocurrencies are not recognized as legal tender.

Detailed Explanation

Retail cryptocurrency trading is permitted in Indonesia but is regulated. Initially, cryptocurrencies operated in a gray regulatory area before being classified as commodities by the Commodity Futures Trading Regulatory Agency (Bappebti), under the Ministry of Trade. This allowed for legal trading by individuals. Bappebti Regulation No. 5/2019 governed the technical provisions for organizing the physical market of crypto assets on futures exchanges. Effective January 10th or 12th, 2025, the regulatory and supervisory duties for crypto assets transitioned from Bappebti to the Financial Services Authority (OJK), as mandated by Law No. 4 of 2023 on Financial Sector Development and Reinforcement (PPSK Law). This shift aims to strengthen consumer protection and align with international standards. OJK Regulation No. 27 of 2024 on Trading in Digital Financial Assets, Including Crypto Assets, now classifies crypto assets as Digital Financial Assets (DFA). Entities such as exchanges, clearinghouses, custodians, and dealers must obtain licenses from OJK to operate. Licenses previously issued by Bappebti remain valid but may require adjustment to new OJK requirements. Key regulatory aspects include licensing for crypto exchanges by OJK, KYC/AML procedures, especially for transactions over US$1,000, and approved crypto assets limited to those listed by the regulator. Crypto transactions are subject to Value Added Tax (VAT) and Income Tax (PPh), with rates varying based on whether the exchange is registered; VAT being around 0.11% and PPh around 0.1% on registered exchanges, but 2% and 0.2% on unregistered platforms. A primary goal is enhanced consumer protection, market stability, and legal certainty. Bank Indonesia maintains that cryptocurrencies are not recognized as legal tender, and the public is advised to be cautious. Indonesia launched a national crypto futures exchange (Commodity Futures Exchange - CFX) in July 2023 to provide a regulated trading environment. OJK is expected to issue further regulations and potentially introduce a regulatory sandbox for new crypto products. This direction indicates a move towards a more structured environment for crypto trading. The authorities also require crypto-related enterprises to conduct KYC information. Licensing requirements are in place to vet the financial, operational and security frameworks of platforms.

Summary Points

Okay, here's a bullet-point summary of the Indonesian retail cryptocurrency trading regulatory landscape, based on the provided report, designed for quick comprehension:

Retail Cryptocurrency Trading Status in Indonesia: 2025

  • Overall Status: Allowed-Regulated. Retail trading (buying, selling, and holding) of cryptocurrencies is legal but subject to regulation.

I. Key Regulatory Bodies & Roles

  • Financial Services Authority (OJK):
    • Primary Regulator: Assumed regulatory and supervisory duties for Digital Financial Assets (DFA), including crypto assets, effective January 10-12, 2025.
    • Responsibilities:
      • Licensing: Issues licenses for crypto asset companies (brokers, exchanges, etc.).
      • Market Oversight: Monitors crypto assets and protects investors.
      • Supervision: Reviews reports from crypto asset companies.
      • Enforcement: Conducts inspections and imposes sanctions.
  • Commodity Futures Trading Regulatory Agency (Bappebti):
    • Historical Regulator: Previously regulated crypto as a commodity tradable on futures exchanges.
    • Current Status: Authority transitioned to OJK in early 2025. Licenses issued by Bappebti remain valid but may require adjustment.
  • Bank Indonesia (BI):
    • Role: Maintains that cryptocurrencies are not legal tender or a payment instrument in Indonesia.
    • Advisories: Issues warnings about the volatility and risks associated with crypto investments.
  • Ministry of Trade:
    • Historical Role: Initially approved crypto trading as commodities in 2018.

II. Key Legislation & Regulations

  • Law No. 4 of 2023 on Financial Sector Development and Reinforcement (PPSK Law): Mandated the transfer of regulatory authority from Bappebti to OJK.
  • OJK Regulation No. 27 of 2024 on Trading in Digital Financial Assets, Including Crypto Assets:
    • Classifies crypto assets as Digital Financial Assets (DFA).
    • Requires entities involved in DFA trading (exchanges, clearinghouses, custodians, dealers) to obtain business licenses from OJK.
  • Bappebti Regulation No. 5/2019: Technical Provisions for Organizing the Physical Market of Crypto Assets (Crypto Asset) on the Futures Exchange.
    • Note: While Bappebti's authority has shifted, existing regulations may remain in effect until superseded by new OJK regulations.

III. Compliance Requirements

  • Licensing: Crypto exchanges and other platforms must be licensed by OJK to operate legally.
  • KYC/AML: Crypto-related enterprises must implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
    • Detailed sender and recipient information required for transactions over a certain threshold (e.g., US$1,000).
  • Approved Crypto Assets: Only crypto assets listed by the regulator (currently the list established under Bappebti, but subject to change by OJK) are allowed to be traded.
  • Taxation: Crypto transactions are subject to Value Added Tax (VAT) and final Income Tax (PPh).
    • Rates vary depending on whether the transaction is conducted on a registered or unregistered exchange.
    • Registered Exchanges: VAT is 0.11% and PPh is 0.1%.
    • Unregistered Exchanges: VAT is 2% and PPh is 0.2%.
    • Note: The shift to OJK oversight may lead to changes in the tax regime.

IV. Restrictions & Limitations

  • Not Legal Tender: Cryptocurrencies are not recognized as legal tender or a payment instrument in Indonesia by Bank Indonesia.
  • Trading Restrictions: Only approved crypto assets can be traded.
  • Platform Restrictions: Trading on unregistered platforms is discouraged and subject to higher tax rates.

V. Recent Developments & Changes

  • Regulatory Shift: Transfer of regulatory authority from Bappebti to OJK in early 2025.
  • New OJK Regulations: OJK Regulation No. 27 of 2024 introduces a new framework for DFA trading.
  • National Crypto Bourse: Launch of a national crypto futures exchange (Commodity Futures Exchange - CFX) in July 2023.
  • Future Developments: OJK is expected to issue further detailed regulations and potentially introduce a regulatory sandbox.

VI. Consumer Protection

  • Enhanced Focus: A primary goal of the regulatory framework, particularly with OJK's involvement, is to enhance consumer protection.
  • Market Stability: Efforts to ensure market stability and provide legal certainty.
  • Warnings and Advisories: Public advised to be cautious due to the high volatility and risks associated with crypto investments.

Full Analysis Report

Report on the Current Status of Retail Cryptocurrency Trading in Indonesia

Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Identified Status:

Allowed-Regulated

2. Detailed Narrative Explanation:

Retail cryptocurrency trading (buying, selling, and holding) is legally permitted in Indonesia but is subject to a specific and evolving regulatory framework. Historically, cryptocurrencies were initially in a regulatory gray area before being classified as commodities that could be traded on futures exchanges by the Commodity Futures Trading Regulatory Agency (Bappebti) under the Ministry of Trade. This classification formed the basis for their legal trading by individual citizens and residents.

A significant regulatory shift occurred effective January 10th (or 12th, sources vary slightly) 2025, when the authority to supervise and regulate crypto assets transitioned from Bappebti to the Financial Services Authority (OJK). This move is mandated by Law No. 4 of 2023 on Financial Sector Development and Reinforcement (PPSK Law) and aims to strengthen the regulatory framework, enhance consumer protection, and align with international financial services standards.

Under the new OJK Regulation No. 27 of 2024 on Trading in Digital Financial Assets, Including Crypto Assets, crypto assets are now classified as Digital Financial Assets (DFA). Entities involved in DFA trading, such as exchanges, clearinghouses, custodians, and dealers, must obtain business licenses from OJK. Licenses and approvals previously issued by Bappebti remain valid, though entities may need to reapply or adjust to new OJK requirements within a specified timeframe.

Key aspects of the regulatory environment include:

  • Licensing: Crypto exchanges and other platforms must be licensed by OJK (previously Bappebti) to operate legally in Indonesia. There are numerous locally registered exchanges.
  • KYC/AML Requirements: Crypto-related enterprises are required to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. This is to prevent illicit activities such as money laundering and terrorism financing. For transactions over a certain threshold (e.g., US$1,000), detailed sender and recipient information must be collected.
  • Approved Crypto Assets: Only crypto assets listed by the regulator (previously Bappebti, with the list remaining valid until a new one is established by exchanges under OJK) are allowed to be traded. As of early 2025, a significant number of crypto assets were approved for trading.
  • Taxation: Crypto transactions are subject to Value Added Tax (VAT) and final Income Tax (PPh). The rates vary depending on whether the transaction is conducted on a registered or unregistered exchange. The shift to OJK oversight may lead to changes in the tax regime as crypto-assets might be redefined as financial services rather than commodities.
  • Consumer Protection: A primary goal of the regulatory framework, particularly with the OJK's involvement, is to enhance consumer protection in the crypto market. This includes ensuring market stability and providing legal certainty.
  • Warnings and Advisories: While trading is permitted, Bank Indonesia (the central bank) maintains that cryptocurrencies are not recognized as legal tender or a payment instrument in Indonesia. The public has been advised to be cautious due to the high volatility and risks associated with crypto investments. Regulators have also warned against using unregistered platforms.
  • National Crypto Bourse: Indonesia launched a national crypto futures exchange (Commodity Futures Exchange - CFX) in July 2023, which aims to provide a regulated environment for trading.

The regulatory landscape is still developing, with OJK expected to issue further detailed regulations and potentially introduce a regulatory sandbox for new crypto products and services. The overall direction indicates a move towards a more structured and secure environment for retail crypto trading in Indonesia.

3. Specific, Relevant Text Excerpts:

  • Regarding the legality of crypto trading and initial regulation by Bappebti: "Perdagangan Aset Kripto disahkan pada September 2018, ketika Kementerian Perdagangan menyetujui perdagangan Bitcoin (BTC) dan aset kripto sebagai komoditas. Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti), yang bertindak sebagai regulator perdagangan komoditas dalam negeri, kemudian menyusun regulasi aset kripto dan blockchain di dalam negeri. Hal itu kemudian dimuat ke dalam Peraturan Bappebti No. 5/2019 tentang Ketentuan Teknis Penyelenggaraan Pasar Fisik Aset Kripto (Crypto Asset) di Bursa Berjangka." (Translation: "Crypto Asset Trading was legalized in September 2018, when the Ministry of Trade approved the trading of Bitcoin (BTC) and crypto assets as commodities. The Commodity Futures Trading Regulatory Agency (Bappebti), which acts as the regulator of domestic commodity trading, then compiled regulations for crypto assets and blockchain in the country. This was then included in Bappebti Regulation No. 5/2019 concerning Technical Provisions for Organizing the Physical Market of Crypto Assets (Crypto Asset) on the Futures Exchange.")
  • Regarding the transition of regulatory authority to OJK: "On 10 January 2025, Indonesia's Financial Services Authority (Otoritas Jasa Keuangan (“OJK”)) Regulation No. 27 of 2024 on Trading in Digital Financial Assets, Including Crypto Assets (“OJK Regulation No. 27” or “Regulation”) came into force. It transitions the regulatory and supervisory duties for digital financial assets (“DFA”), including crypto assets and financial derivatives, from the Commodity Futures Trading Authority (Badan Pengawas Perdagangan Berjangka Komoditi (“Bappebti”)) to OJK."
  • Regarding the status of crypto assets as commodities and not payment instruments: "Meskipun Bank Indonesia melarang aset kripto digunakan sebagai mata uang atau alat pembayaran, namun aset kripto umumnya dapat dijadikan sebagai alat investasi dan dapat diperjualbelikan." (Translation: "Although Bank Indonesia prohibits crypto assets from being used as currency or payment instruments, crypto assets can generally be used as investment tools and can be traded.")
  • Regarding KYC/AML requirements: "The authorities also require crypto-related enterprises to conduct KYC information. Licensing requirements are in place to vet the financial, operational and security frameworks of platforms." And, "Adhering to international standards like FATF is crucial. This includes implementing KYC and AML procedures, especially for transactions over US$1.000, and ensuring tax compliance for crypto transactions."
  • Regarding taxation: "Indonesia telah resmi menerapkan pajak atas transaksi crypto sejak Mei 2022... Pemerintah Indonesia, melalui Kementerian Keuangan, telah menetapkan tarif pajak untuk transaksi crypto yang terdiri dari Pajak Pertambahan Nilai (PPN) dan Pajak Penghasilan (PPh). Jika kamu melakukan transaksi di platform exchange yang terdaftar di Bappebti, PPN yang dikenakan adalah 1% dari nilai transaksi, sedangkan PPh adalah 0,1%. Namun, jika transaksi dilakukan di platform yang tidak terdaftar, tarifnya meningkat menjadi 2% untuk PPN dan 0,2% untuk PPh." (Translation: "Indonesia has officially implemented taxes on crypto transactions since May 2022... The Indonesian Government, through the Ministry of Finance, has set tax rates for crypto transactions consisting of Value Added Tax (VAT) and Income Tax (PPh). If you conduct transactions on an exchange platform registered with Bappebti, the VAT charged is 1% [this rate seems to be a typo in the source, other sources state 0.11% or 0.1% for PPN on registered exchanges] of the transaction value, while PPh is 0.1%. However, if transactions are carried out on unregistered platforms, the rates increase to 2% for VAT and 0.2% for PPh.") More consistently, other sources state: "At present, Indonesian crypto users benefit from a relatively low tax rate of 0.1% – 0.22% on trading and mining activities. The applicable taxes include Value Added Tax (VAT) and final income tax." And for registered exchanges: "PPN yang dikenakan adalah 0,11%, sementara PPh dikenakan 0,1%." (Translation: "The VAT charged is 0.11%, while PPh is charged at 0.1%.")
  • Regarding the OJK's role and future developments: "Effective 12 January 2025, OJK will assume the following responsibilities, among other things: Licensing: Issuing licenses for companies that want to operate in the crypto asset market (e.g., crypto asset brokers, crypto asset bourse, etc.). Market oversight: Monitoring crypto assets and taking action to protect investors if needed. Supervision: Receiving and reviewing reports from crypto asset companies. Enforcement: Conducting inspections and imposing administrative sanctions to ensure compliance with regulations."

4. Direct, Accessible URL Links to Sources:

  1. https://www.o2k.com/insights/crypto-taxes-in-indonesia-2025-are-major-changes-coming
  2. https://www.allenandgledhill.com/sg/perspectives/articles/20111/sg-indonesia-financial-services-authority-issues-draft-regulation-on-trading-in-digital-financial-assets-including-crypto-assets
  3. https://cointelegraph.com/learn/top-crypto-exchanges-in-indonesia
  4. https://www.agilegal.com/insights/articles/indonesia-financial-services-authority-sets-out-framework-for-trading-of-digital-financial-assets-in-new-regulation/
  5. https://www.ahp.id/client-alert-details.php?id=305
  6. https://mobee.io/blog/regulasi-kripto-di-indonesia/
  7. https://bisnis.tempo.co/read/1951591/ojk-ungkap-regulasi-baru-untuk-perdagangan-kripto-banyak-diadopsi-dari-bappebti
  8. https://www.reuters.com/markets/currencies/indonesias-crypto-market-enters-new-era-2025-2024-12-31/ (Note: While the search result points to a Reuters article with a similar title, the provided link leads to a different source, crypto.news. The content, however, aligns with the general information found.)
  9. https://www.lifescifi.com/index.php/RH/article/view/178
  10. https://www.rri.co.id/lain-lain/806140/bagaimana-perkembangan-regulasi-kripto-berbagai-negara
  11. https://www.cimbniaga.co.id/id/inspirasi/gayahidup/mengenal-trading-kripto-dan-risikonya-sebelum-membeli
  12. https://pintu.co.id/news/wajib-tahu-ini-aturan-pajak-crypto-di-indonesia
  13. https://www.globaldata.com/wealth/thematic-research/diverse-use-cases-push-indonesia-to-top-of-global-crypto-adoption-rankings/
  14. https://www.ejournal.upstegal.ac.id/index.php/Profita/article/download/9036/4300
  15. https://indodax.com/blog/regulasi/aturan-pajak-crypto-diubah-transaksi-bakal-lebih-berat/
  16. https://journal.unimal.ac.id/papeun/article/download/12338/pdf
  17. https://www.kompas.id/baca/ekonomi/2024/05/23/tak-hanya-as-indonesia-berupaya-dukung-pengembangan-aset-kripto
  18. https://bappebti.go.id/resources/docs/info_berkala/20210323_WRG_IB_Aset_Kripto_idTwzGzN.pdf
  19. https://klikpajak.id/blog/pajak-kripto-indonesia/
  20. https://pluang.com/blog/resource/apakah-cryptocurrency-legal-di-indonesia
  21. https://pluang.com/id/blog/pajak/panduan-pelaporan-pajak-untuk-pengguna-pluang
  22. https://www.cnbcindonesia.com/tech/20210510100348-37-244439/jangan-marah-dan-baper-ini-bahaya-besar-investasi-crypto
  23. https://kychub.com/blog/a-global-overview-of-cryptocurrency-regulations-in-2025
  24. https://www.kemendag.go.id/berita/perdagangan/transaksi-kripto-indonesia-sentuh-rp-211-triliun-hingga-april-2024
  25. https://indodax.com/blog/edukasi/npwp-buat-trader-kripto-emang-wajib-cek-faktanya/
  26. https://www.bareksa.com/berita/reksa-dana/2021-04-22/3-kelemahan-trading-kripto-dan-bedanya-dengan-investasi-reksadana
  27. https://sumsub.com/blog/indonesia-crypto-regulation-a-full-guide-for-companies/
  28. https://finance.detik.com/moneter/d-5354093/perhatian-jual-beli-barang-di-ri-dilarang-pakai-bitcoin-cs
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  30. https://www.cimbniaga.co.id/id/inspirasi/finansial/aset-kripto-mengenal-pengertian-fungsi-fungsi-dan-risiko
  31. https://www.armalaw.co/insights/perbappebti-no-8-tahun-2021-pedoman-penyelenggaraan-perdagangan-aset-kripto
  32. https://bappebti.go.id/siaran_pers/detail/11051-bappebti-gandeng-aspakrindo-tingkatkan-pengawasan-perdagangan-aset-kripto
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Web Sources (42)

Sources discovered via web search grounding

Search queries used (10)
  • status retail cryptocurrency trading Indonesia 2025
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  • Bappebti peraturan perdagangan kripto individu Indonesia
  • Bank Indonesia pernyataan resmi tentang trading kripto retail
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  • apakah trading kripto legal di Indonesia untuk WNI
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