OJK Takes Over Crypto Supervision as the Ministry of Trade Revokes Previous Regulations

On 4 November 2026, the Ministry of Trade (Kemendag) promulgated Minister of Trade Regulation Number 28 of 2026 on the Revocation of Minister of Trade Regulation Number 99 of 2018 on the General Policy on the Implementation of Crypto Asset Futures Trading. Through this regulation, the Ministry of Trade officially revoked the provisions that had previously served as the basis for the general policy governing crypto asset trading under the supervision of the Commodity Futures Trading Regulatory Agency (Bappebti).

This revocation is related to the transfer of regulatory and supervisory authority over digital financial assets, including crypto assets, from Bappebti to the Financial Services Authority (OJK). This transfer forms part of the restructuring of the financial sector pursuant to Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law), as amended by Law Number 4 of 2026.

Prior to the transfer of authority, crypto assets were treated as commodities traded on the physical crypto asset market. Accordingly, their regulation and supervision fell under the authority of Bappebti, the institution responsible for commodity futures trading. This framework was regulated, among other instruments, through Minister of Trade Regulation 99/2018.

However, the P2SK Law changed this allocation of authority. Through Article 312 of the P2SK Law, the Government mandated the transfer of regulatory and supervisory functions over digital financial assets from Bappebti to the financial sector authorities.

Why Was Crypto Supervision Transferred to OJK?

The transfer of authority is not merely a change in the supervisory institution. In the general elucidation of OJK Regulation Number 27 of 2024 on the Implementation of Digital Financial Asset Trading, Including Crypto Assets, OJK explained that digital financial assets, particularly crypto assets, are increasingly being used by the public as investment instruments. On the other hand, the complexity and risks associated with these assets must be taken into consideration to ensure the sound development of the financial services sector and to prioritize consumer protection.

On this basis, the P2SK Law grants OJK the authority to regulate and supervise activities involving digital financial assets and crypto assets. OJK also explained that the transfer of authority must be carried out while maintaining the stability of the existing trading ecosystem, which had previously operated under Bappebti's regulatory framework.

To implement this mandate, OJK issued OJK Regulation 27/2024. This regulation adopts the regulatory and supervisory framework previously implemented by Bappebti and subsequently aligns it with financial services sector standards and international best practices. Its scope covers institutional arrangements, licensing, governance, trading mechanisms, consumer protection, and personal data protection.

OJK Regulation 27/2024 came into force on 10 January 2025. Following the entry into force of this regulation, digital financial asset trading operators, including exchanges, clearing institutions, depository managers, and traders, are required to obtain business licences from OJK. Operators are also required to implement good governance, risk management, market integrity measures, information system security, consumer protection, and measures to prevent money laundering and terrorist financing.

OJK Expands the Scope of Digital Financial Asset Regulation

OJK's regulatory framework was subsequently adjusted through OJK Regulation Number 23 of 2025 on Amendments to OJK Regulation 27/2024. In its general elucidation, OJK noted that market developments had given rise to other products and activities resembling conventional financial instruments, including derivatives based on crypto assets. These developments have prompted the need to strengthen the role of digital financial asset trading operators and expand their scope of activities.

Through OJK Regulation 23/2025, OJK expanded the scope of digital financial assets to include digital financial asset derivatives and established regulations governing the trading mechanisms for such derivatives. The amendments also cover the expansion of operators' roles, trading system controls, reporting, consumer fund placement mechanisms, and transitional provisions for parties that had previously conducted derivative trading activities.

One of the amendments introduces an obligation for parties that do not yet hold an OJK business licence as traders but have engaged in the sale and/or purchase of digital financial asset derivatives pursuant to consumer orders to transfer such activities to licensed traders no later than 9 January 2026. This provision demonstrates that OJK's regulatory framework not only covers crypto asset trading but also adapts to developments in derivative products within the digital financial asset market.

Closing

Accordingly, these changes affect digital financial asset trading operators, including exchanges, clearing institutions, depository managers, and traders, which must comply with OJK regulations. For consumers and investors, this institutional transition places crypto asset trading activities within a financial services regulatory framework encompassing governance, risk management, and consumer protection.