Indonesian Crypto Exchange Licensing Requirements 2025: Capital, Compliance, and Key Changes
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Regulatory Requirements
Before January 2025, if you wanted to run a crypto exchange in Indonesia, you dealt with BAPPEBTI. Now, that’s all changed. The Otoritas Jasa Keuangan (OJK) took over as the sole regulator, and with it came a brand-new rulebook: the Digital Financial Assets (DFA) Framework under POJK 27/2024. This isn’t just a tweak. It’s a full overhaul. If you’re trying to operate a crypto platform in Indonesia, you need to understand exactly what’s required - or you risk losing your license, facing fines, or worse.
Who Regulates Crypto in Indonesia Now?
The shift from BAPPEBTI to OJK wasn’t just a name change. It was a structural upgrade. OJK, Indonesia’s Financial Services Authority, now controls every part of the crypto licensing process. That includes capital rules, asset listings, compliance checks, and enforcement. OJK doesn’t just oversee banks and insurance companies anymore - it now holds direct authority over digital asset trading platforms. This means crypto exchanges are treated like formal financial institutions, not tech startups.Companies that held a BAPPEBTI license before January 10, 2025, got a temporary pass. But that grace period ends in July 2025. After that, no exceptions. If you haven’t reapplied under OJK’s new rules, you’re operating illegally. There’s no gray area.
How Much Money Do You Need to Start?
Money isn’t just helpful - it’s mandatory. To get licensed, you need two hard numbers:- 100 billion Indonesian rupiah (about $6 million USD) in paid-up capital
- 50 billion Indonesian rupiah (about $3 million USD) in minimum equity
These aren’t suggestions. They’re non-negotiable. This is one of the highest capital requirements in Southeast Asia. It’s designed to keep out small operators and speculative platforms. Only companies with deep pockets and solid financial backing can enter. For startups, this often means partnering with investors, private equity, or larger fintech firms just to meet the threshold.
These funds aren’t just sitting in a bank account. OJK requires proof that the capital is fully paid, verified, and locked in as equity. You can’t use loans or future funding promises. Real cash, real ownership.
The Licensing Process: 5 Steps to Get Approved
Getting licensed isn’t a form you fill out in a day. It’s a months-long process with five strict stages:- Register your company in Indonesia. You must form a PT PMA - a foreign-owned limited liability company. This is the only legal structure allowed for crypto platforms with international ownership.
- Collect every document OJK asks for: articles of incorporation, shareholder details, governance structure, operational plans, and proof of capital. All documents must be notarized and translated into Indonesian by certified translators.
- Submit your application through OJK’s official portal. Missing even one form or signature can trigger a full rejection.
- Pass the inspection. OJK sends teams to audit your offices, IT systems, and security protocols. They’ll test your KYC software, check your data encryption, and review your AML procedures.
- Receive your license. Only after all checks pass will you get your official DFA Trading Provider license.
The whole process can take 4 to 6 months. There’s no fast track. If your beneficial owners have any past financial violations or ties to sanctioned entities, your application will be denied - no second chances.
What Assets Can You Trade?
Here’s where things got a lot more complex. The DFA Exchange - a new body under OJK - now decides which cryptocurrencies can be traded on Indonesian platforms. BAPPEBTI used to handle this. Now, they don’t even have a say.In April 2025, the DFA Exchange released its first official list: 1,444 digital assets. That’s more than 70% higher than BAPPEBTI’s last list of 851. Bitcoin, Ethereum, Solana, and other major coins are included. But so are dozens of smaller tokens - as long as they meet technical and liquidity standards.
But here’s the catch: even if a token is on the list, OJK can remove it at any time. If a coin shows signs of manipulation, fraud, or low trading volume, OJK can order all licensed platforms to stop trading it immediately. Exchanges can suggest new assets, but they can’t list anything without OJK’s approval.
Compliance Isn’t Optional - It’s Constant
Once you’re licensed, the work doesn’t stop. You’re under constant watch. Under SEOJK No. 20/2024, you must:- Verify every customer’s identity with government-issued ID and live facial recognition
- Monitor all transactions in real time for signs of money laundering
- Report suspicious activity to PPATK - Indonesia’s Financial Intelligence Unit - within 24 hours
- Keep transaction records for at least 10 years
- Use encrypted, audited systems that meet international cybersecurity standards
OJK has direct access to your platform’s data feeds. They can see every trade, every withdrawal, every login attempt. If they spot irregular patterns - like sudden large transfers to offshore wallets - they can freeze accounts or shut down your service without warning.
Violations aren’t just fines. They’re criminal. Repeated breaches can lead to license revocation, asset seizures, and even jail time for company directors.
Taxes Changed - and It’s a Big Deal
On August 1, 2025, Indonesia changed how crypto is taxed. Before, traders paid 10% VAT on every transaction - a huge burden that discouraged trading. Now, under MOF Regulation No. 50/2025:- VAT is gone - completely eliminated
- A flat 0.21% income tax applies to all crypto trades
This isn’t just a tax cut. It’s a policy shift. Indonesia no longer treats crypto like a commodity. It’s now recognized as a digital financial instrument - just like stocks or bonds. This makes trading simpler, cheaper, and more predictable for users. It also makes tax reporting easier for exchanges, since they only need to withhold and remit the 0.21% fee per transaction.
Who’s Already Licensed?
As of March 2025, OJK has issued just one DFA Exchange license - the central marketplace that approves asset listings. But there are over 20 licensed trading platforms still operating under the old BAPPEBTI system, including:- Indodax
- Tokocrypto
- Pintu
- Reku
These platforms are racing to reapply before the July 2025 deadline. Many are already upgrading their systems, hiring compliance officers, and bringing in legal teams. Those that delay will be forced offline.
What’s Next for Indonesia’s Crypto Market?
Indonesia is betting big on crypto - but on its own terms. The goal isn’t to become a wild west of decentralized finance. It’s to become the most regulated, secure, and transparent crypto market in Southeast Asia.OJK’s regulatory sandbox is already testing new products like tokenized bonds and stablecoin settlements. The quarterly reviews of tradable assets mean the list will keep growing - but only for assets that pass strict security and liquidity tests.
For users, this means more safety. For businesses, it means higher costs and more red tape. But it also means legitimacy. Investors are starting to trust Indonesian platforms because they know the rules are enforced. That’s the real win.
What Happens If You Don’t Comply?
The penalties are severe:- Immediate suspension of trading services
- Fines up to 10 billion rupiah ($600,000 USD)
- Forced delisting of all crypto assets
- Revocation of your business license
- Criminal prosecution of company executives
There’s no warning. No second chance. OJK doesn’t negotiate. If you’re not licensed under the DFA framework after July 2025, you’re not just breaking the rules - you’re breaking the law.
Can foreign companies run a crypto exchange in Indonesia?
Yes, but only through a PT PMA - a foreign-owned limited liability company registered in Indonesia. You must have local representation, comply with all capital requirements, and submit all documents in Indonesian. No offshore entities are allowed to operate directly.
Do I need to have a physical office in Indonesia?
Yes. OJK requires a registered office address in Indonesia. This isn’t just a mailbox - it must be a functional office with staff who can receive inspections and handle compliance matters in person.
What happens to my users’ funds if my license is revoked?
OJK mandates that all licensed platforms hold customer assets in segregated, cold-storage wallets. If your license is revoked, OJK will oversee the orderly transfer of assets to another licensed platform or return them to users directly. Your users’ funds are protected by law - but only if you followed the rules.
Can I list a new cryptocurrency without OJK’s approval?
No. Only assets on the official DFA Exchange list can be traded. Even if a token is popular globally, you cannot list it without OJK’s approval. Submitting a request doesn’t guarantee listing - OJK evaluates each asset for security, liquidity, and risk.
Is there a limit to how many crypto assets an exchange can list?
No, there’s no cap. But you can only list assets that appear on the DFA Exchange’s official list. As of April 2025, that list has over 1,400 assets, and it grows quarterly. Exchanges are free to choose which ones to offer, as long as they’re on the approved list.
How often does OJK inspect licensed exchanges?
Inspections happen at least once a year, but OJK can conduct surprise audits at any time. Real-time monitoring systems allow regulators to flag suspicious activity instantly. Exchanges with repeated compliance issues face more frequent inspections and possible penalties.
Final Thoughts
Indonesia’s crypto rules are strict. They’re expensive. They’re complex. But they’re also clear - and that’s the point. If you’re serious about operating here, you need to treat this like a bank, not a startup. The money, the systems, the compliance - they’re not optional. They’re the price of entry.For users, this means safer platforms and more reliable service. For businesses, it means higher barriers - but also real legitimacy. In a market full of shady operators, Indonesia is setting a new standard. The question isn’t whether you can afford to comply. It’s whether you can afford not to.
