Is crypto legal in Indonesia? Rules & regulation (2026)

Legal framework

OJK Regulation No. 27 of 2024 (as amended by POJK No. 23 of 2025) on Trading of Digital Financial Assets Including Crypto Assets; Government Regulation No. 49 of 2024 (transfer of authority from Bappebti to OJK/Bank Indonesia); Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law); Law No. 7 of 2011 on Currency (rupiah as sole legal tender); Ministry of Finance Regulation (PMK) No. 50 of 2025 on crypto taxation.

Status by sub-area

• Stablecoins

  None

  Indonesia has no dedicated private-stablecoin issuance regime; stablecoins are treated as ordinary crypto assets when traded on licensed venues but are prohibited as a means of payment under the Currency Law. Bank Indonesia is instead building a sovereign digital rupiah with stablecoin-like mechanics (tokenised-bond backing), announced October 2025.

• Exchanges / VASP

  In force

  Exchanges, physical crypto traders (PFAK), clearing houses and depositories must be licensed by OJK under POJK 27/2024 (amended by POJK 23/2025) with capital, governance, AML/CFT, market-integrity and consumer-protection requirements. Legacy Bappebti licences remain valid during the transition to full OJK oversight.

• Token Offerings

  Partial

  Indonesia has no dedicated ICO/STO prospectus regime; token offerings are handled through the OJK ITSK regulatory sandbox under POJK 3/2024 and, once a token is approved, through the whitelist/listing process under POJK 27/2024. Security-token-like instruments may also fall within general capital-markets rules under the P2SK Law.

  Still pending: Dedicated ICO/STO prospectus regime pending (currently POJK 3/2024 sandbox, POJK 27/2024 whitelist)

• Custody

  In force

  POJK 27/2024, as tightened by POJK 23/2025 in December 2025, requires strict segregation of client funds and assets from operator funds. Customer funds must be held in segregated accounts in the name of the OJK-regulated clearing institution (not the trader), managed transparently, and only used with OJK approval.

• DeFi

  Unclear

  Indonesia has no dedicated DeFi regulation. Under POJK 27/2024 the operating model presupposes licensed centralised operators, and OJK's approach so far channels novel decentralised products (including tokenisation) into the ITSK regulatory sandbox rather than granting a bespoke DeFi regime. DAOs, protocols and non-custodial front-ends are not explicitly addressed.

  Still pending: Dedicated DeFi regulation pending; DAOs, protocols, non-custodial front-ends regulatory status unclear

• Tax

  In force

  Ministry of Finance Regulation PMK 50/2025 (effective 1 August 2025) overhauled crypto tax: VAT (PPN) on crypto asset transfers was removed, and final income tax (PPh Article 22) was set at 0.21% for domestic OJK-licensed platforms and 1% for foreign platforms; VAT still applies to platform-service fees and mining services, and mining income moves to ordinary income tax from 2026.

Key points: crypto & digital assets in Indonesia

1. 01Authority transferred from Bappebti to OJK

   Effective 10 January 2025, regulatory and supervisory duties for digital financial assets (crypto and derivatives) were transferred from Bappebti to OJK and Bank Indonesia under Government Regulation 49/2024, with a two-year transition period ending January 2027 for full institutional handover. Previously issued Bappebti licenses remain valid to the extent not inconsistent with new rules.

   ojk.go.id hbtlaw.com

2. 02Comprehensive OJK framework in force

   POJK 27/2024 (issued 10 December 2024), amended by POJK 23/2025 (issued 4 December 2025), governs the trading of digital financial assets including crypto and now crypto derivatives. It requires licensing of all crypto exchanges, traders (PFAK), custodians and clearing infrastructure, and mandates whitelisted assets, AML/CFT compliance, capital, consumer protection, market integrity and consumer knowledge tests for derivatives.

   iru.ojk.go.id dentons.hprplawyers.com

3. 03Crypto banned as a means of payment

   Under Law No. 7 of 2011 on Currency, the rupiah is the only legal tender in Indonesia; Bank Indonesia prohibits the use of cryptocurrency (and today, private stablecoins) as a payment instrument regardless of party agreement. Crypto is only lawful as an investable digital financial asset.

   freemanlaw.com indonesiabusinesspost.com

4. 04OJK ITSK regulatory sandbox is the gateway

   Under POJK 3/2024 on Financial Sector Technology Innovation (ITSK), new digital-asset business models (including tokenisation and DFA activities) must enter the OJK regulatory sandbox; a 'Passed' status is followed by a 6-month window to apply for a full ITSK/DFA licence.

   ojk.go.id ojk.go.id

5. 05Tax regime overhauled by PMK 50/2025

   Effective 1 August 2025, Ministry of Finance Regulation 50/2025 removed VAT (PPN) on crypto asset transfers and raised the final income tax (PPh Article 22) to 0.21% for transactions on domestic (OJK-licensed) platforms and 1% for foreign platforms; VAT still applies to platform service fees (12% on 11/12 of commission) and to mining services (2.2%). Mining income is taxed under normal income tax from 2026.

   kpmg.com ssek.com

6. 06Bank Indonesia developing sovereign 'digital rupiah' stablecoin

   At the Indonesia Financial & Digital Economy Festival (30 October 2025), Bank Indonesia Governor Perry Warjiyo announced a national digital rupiah backed by tokenised government securities, structured with stablecoin-like mechanics but issued as a direct central-bank liability. Rollout will be phased (wholesale first, then retail); no private-issuer stablecoin regime yet exists.

   idnfinancials.com crypto.news

Timeline of decisions

1. 25 May 2026Decision
   Indonesia blocks Polymarket, calling prediction market online gambling in disguise

   CoinDesk Policy

2. 25 May 2026Decision
   Indonesia blocks Polymarket amid crackdown on online betting

   The Block

3. 10 Nov 2025Law · official
   OJK introduces crypto derivatives framework (POJK 23/2025)

   OJK amended POJK 27/2024 to formally regulate trading of digital-asset derivatives, requiring exchange approval and customer knowledge tests, aligning Indonesia's rules with global market practice. Established 31 Oct 2025, promulgated 10 Nov 2025.

   OJK

4. 1 Aug 2025Law · official
   New crypto tax regime takes effect (PMK 50/2025)

   The Finance Ministry's PMK 50/2025 took effect, removing buyer-side VAT and treating crypto as a financial instrument; sellers face a final income tax (0.21% on domestic exchanges, higher for foreign platforms), reflecting the shift to OJK oversight.

   Directorate General of Taxes (DJP)

5. 10 Jan 2025Law
   Crypto and digital financial asset supervision transferred from Bappebti to OJK

   Under Government Regulation 49/2024 and OJK Regulation 27/2024 (implementing the P2SK Law), authority over crypto and other digital financial assets moved from the commodity-futures agency Bappebti to the Financial Services Authority (OJK), reclassifying crypto from a commodity to a regulated financial asset and bringing crypto-asset traders under OJK licensing.

   SSEK Law Firm

6. 10 Jan 2025Law · official
   Crypto supervision transfers from Bappebti to OJK and Bank Indonesia

   Under the P2SK Law and Government Regulation 49/2024, regulatory authority over crypto and digital financial assets moved from the commodity regulator Bappebti to the Financial Services Authority (OJK), reclassifying crypto from a commodity to a financial instrument.

   OJK

7. 10 Dec 2024Guidance · official
   OJK issues foundational digital-asset trading rule (POJK 27/2024)

   OJK enacted Regulation 27/2024 governing the conduct of digital financial asset and crypto trading, covering licensing, governance, AML, market integrity and consumer protection, as the framework for the post-transition era effective 10 January 2025.

   OJK

8. 17 Jul 2023Decision
   State-backed national crypto exchange (CFX), clearing house and depository launch

   Bappebti inaugurated the Commodity Future Exchange (CFX/PT Bursa Komoditi Nusantara) plus a clearing house and depository, separating trading from custody to strengthen oversight of Indonesia's ~17.5 million crypto traders.

   ANTARA

9. 12 Jan 2023Law · official
   Financial Sector Development & Strengthening Law (P2SK, Law No. 4/2023) enacted

   The omnibus P2SK Law was promulgated, mandating that supervision of crypto and digital financial assets be moved to OJK within two years, the legal basis for reclassifying crypto as a financial instrument.

   BPK (Official Legal Database)

10. 1 May 2022Law
    Crypto VAT and income tax introduced (PMK 68/2022)

    Finance Ministry Regulation 68/2022 took effect, imposing VAT and a 0.1% final income tax on crypto transactions through registered exchanges, Indonesia's first dedicated crypto tax regime.

    MUC Consulting

11. 8 Feb 2019Guidance
    Bappebti rules crypto a tradable commodity on futures exchanges (Reg. 5/2019)

    Bappebti Regulation No. 5/2019 set technical rules allowing crypto assets to be legally traded as commodities on regulated futures exchanges, subject to AML/CFT, consumer-protection, local-server and 5-year data-retention requirements.

    Elliptic

12. 20 Sept 2018Law
    Trade Ministry classifies crypto as a tradable commodity (Reg. 99/2018)

    Ministry of Trade Regulation No. 99/2018 established the general policy permitting crypto-asset trading as a commodity, providing legal certainty while keeping crypto barred as a means of payment.

    Cointelegraph

13. 13 Jan 2018Guidance · official
    Bank Indonesia warns public against trading virtual currency

    Bank Indonesia issued a press release warning all parties not to sell, buy or trade virtual currencies such as Bitcoin, reaffirming they are not legal payment instruments and citing speculation, AML/CFT and consumer-protection risks.

    Bank Indonesia

14. 1 Feb 2014Guidance
    Bank Indonesia declares Bitcoin not a legal payment instrument

    Bank Indonesia first stated that Bitcoin and other virtual currencies are not recognized as valid means of payment, anchoring the rupiah-only payment rule later codified in PBI 17/2015 and PBI 18/2016.

    ANTARA

Sources

1. 1.ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pages/Bappebti-Transfers-Regulatio
2. 2.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-23-Tahun-2025-Perubahan
3. 3.iru.ojk.go.id/iru/WebSite/ArticleList/View/977_OJK_Regulation_Number_23_2025_concer
4. 4.ojk.go.id/en/fungsi-utama/itsk/perizinan-itsk-aset-keuangan-digital-aset-kripto
5. 5.ojk.go.id/en/fungsi-utama/itsk/regulatory-sandbox/default.aspx
6. 6.dentons.hprplawyers.com/en/insights/articles/2025/april/25/pojk-27-of-2024-a-deep-dive-into-i
7. 7.hbtlaw.com/insights/2025-05/ojk-assumes-regulatory-oversight-digital-financial-a
8. 8.kpmg.com/us/en/taxnewsflash/news/2025/11/tnf-indonesia-updated-tax-rates-for-c
9. 9.ssek.com/blog/crypto-taxation-in-indonesia-key-insights-into-mof-regulation-no
10. 10.abnrlaw.com/news/indonesia-greenlights-crypto-derivatives-a-look-at-the-new-ojk-f
11. 11.freemanlaw.com/cryptocurrency/indonesia/
12. 12.indonesiabusinesspost.com/5058/markets-and-finance/crypto-industry-asks-regulators-to-recognize
13. 13.idnfinancials.com/news/58561/bank-indonesia-develops-stablecoin-based-on-digital-rupiah
14. 14.crypto.news/bank-indonesia-plans-to-launch-a-national-stablecoin/