Expansion of Crypto Assets and Derivative Products under OJK Regulation No. 23 of 2025

Introduction

The Financial Services Authority Regulation Number 23 of 2025 on the Amendment to OJK Regulation Number 27 of 2024 on the Organization of Digital Financial Asset Trading Including Crypto Assets (“POJK 23/2025”) took effect on 10 November 2025. This regulation was issued to strengthen the supervisory framework and expand the scope of operators of digital financial asset trading, particularly in response to the emergence of products with characteristics similar to conventional financial instruments, such as digital financial asset derivatives. The issuance of POJK 23/2025 represents OJK’s response to the rapidly evolving market dynamics and the need to ensure legal certainty, security, and orderliness in the trading of such new products. In addition, this regulation adjusts several provisions in POJK 27/2024 to ensure that the digital financial asset trading ecosystem becomes more adaptive, prudent, and capable of supporting increasingly complex market innovation.

 

Comparison with the Previous Regulation

Below is a comparison table between POJK 23/2025 and POJK 27/2024:

Key Provisions

Article 3A: Classification of Digital Financial Assets

Digital Financial Assets are divided into two main categories: Crypto Assets and other Digital Financial Assets. “Other Digital Financial Assets” include Digital Financial Asset derivative products. This provides the legal basis for trading futures contracts or other derivative products (futures/options) in Indonesia’s digital asset market.

Articles 9 & 10: Establishment of the Digital Financial Asset List

The Exchange has the authority to determine the List of Digital Financial Assets that may be traded, covering both the list of Crypto Assets and the list of other Digital Financial Assets. In establishing this list, the Exchange must analyze each asset before including it, applying prudential principles and consumer protection. The Exchange is also required to have guidelines for determining the asset list as part of its rules, and must publish the list no later than one day after its determination through the Exchange’s official media.

Article 26A: Licensing and Requirements for Derivative Trading by Exchanges

Exchanges seeking to conduct derivative trading must first apply for approval from OJK. The application must be accompanied by the following documents:

1. A description of the trading mechanism, risk management, and IT infrastructure;
2. Rules and procedures related to derivatives;
3. An organizational structure overseeing derivative activities;
4. Evidence of readiness of the derivative trading system; and
5. Standard operating procedures and the code of conduct for derivative trading.

Articles 34A & 37: Roles of the Clearing Institution and Custodian

A Clearing Institution supporting derivative transactions must notify OJK in writing no later than 3 business days before trading begins, providing a description of the system, risk management, and evidence of system readiness. Meanwhile, the Custodian must have a secure and reliable online storage system with disaster recovery capabilities (DRC) located in Indonesia or use an international-standard cloud server if no physical DRC is available.

Articles 45, 50 & 51A: Requirements and Activities of Traders (Exchangers)

Traders (Exchangers) applying for a business license must have a minimum paid-in capital of IDR 100 billion and maintain a minimum equity of IDR 50 billion. In addition to spot trading, Traders may now conduct purchase and/or sale of Digital Financial Asset derivatives based on Consumer instructions. These activities must be conducted on Exchanges approved by OJK and must be preceded by a cooperation agreement between the Trader and the Exchange. Before commencing such activities, the Trader must submit a written notification to OJK no later than 7 business days before trading begins, accompanied by a description of marketing mechanisms, risk management, and IT infrastructure.

Article 87A: Derivative Margin Management

To mitigate risks in derivative trading, the Clearing Institution and the Custodian must have a mechanism for placing Margin into a special account. If the Margin is in the form of Digital Financial Assets, it must be placed in a special Wallet at the Custodian. If the Margin is in a non-digital form (e.g., cash), it must be placed in a designated special storage facility.

Article 129A: Regulatory Sandbox

OJK has the authority to conduct innovation trials through a regulatory sandbox mechanism for Digital Financial Asset derivative trading activities. This enables OJK to assess the feasibility and safety of new business models or derivative products on a limited basis before they are widely implemented in the market.

 

Sanction Provisions

A. Types of Administrative Sanctions

If Operators (Exchanges, Clearing Institutions, Custodians, or Traders) violate the provisions of POJK 23/2025, OJK may impose the following sanctions:

1. Written warning;
2. Administrative fines;
3. Temporary suspension of part or all business activities (including cooperation activities);
4. Dismissal and/or replacement of management (Directors/Commissioners);
5. Inclusion of Key Persons in the list of disqualified individuals in the financial sector; and/or
6. Revocation of business license.

These sanctions are imposed when Operators violate various operational obligations, including:

a. Governance & Institutional Violations (Article 54):

• Failure to meet capital and equity requirements (Articles 19, 28, 32A, 36, 39A, 45, 50).
• Violation of provisions concerning Exchange, Clearing Institution, or Custodian duties and authorities.
• Failure to have or comply with standard operating procedures (SOP) and codes of conduct.
• Violations related to share ownership and concurrent positions.

b. Trading Mechanism & Consumer Protection Violations (Article 101):

• Failure to apply the travel rule for asset transfers.
• Failure to settle Consumer assets when they are delisted or when trading is suspended.
• Failure to segregate Consumer funds from company operational funds.
• Involvement in market manipulation or abuse.
• Failure to properly conduct Consumer identity verification (KYC/KYT).

B. Special Fine for Exchanges

There is a specific administrative fine imposed on Digital Financial Asset Exchanges regarding the publication of the asset list. If the Exchange fails to publish the Digital Financial Asset List no later than 1 (one) day after its determination on its official media, the Exchange will be subject to an administrative fine of IDR 200,000 per day, up to a maximum of IDR 2,000,000. Payment of this fine does not eliminate the Exchange’s obligation to publish the list.

 

Transitional Provisions

Under Article 130, licenses and approvals related to Crypto Assets or derivatives previously issued by Bappebti remain valid. Licensing processes underway at Bappebti will be completed by OJK in accordance with POJK 23/2025.

Article II provides that parties without a Trader license but who have conducted derivative trading must transfer all such activities to a licensed Trader no later than 9 January 2026. After that date, unlicensed parties may only conduct derivative trading for settlement (position liquidation). Regarding infrastructure adjustments, Operators are granted a maximum of 12 (twelve) months from the effective date of POJK 23/2025 to adjust system ownership and control, as well as mechanisms for placing Consumer funds.

 

Closing

POJK 23/2025 provides the legal basis for crypto asset derivative products. For Exchanges and Crypto Asset Traders, this regulation offers opportunities for derivative product expansion but imposes stricter compliance obligations, particularly regarding capital, PSE registration, and margin segregation. Exchanges and Crypto Asset Traders may immediately prepare technological infrastructure for derivative and margin products, and ensure that approval applications or notifications to OJK are submitted on time before the transitional deadlines to avoid sanctions or suspension of business activities.