OJK Indonesia: Stablecoin Operator Framework

Indonesia's OJK now regulates stablecoins under Regulation 27/2024 after the January 2025 handover from Bappebti. Licensing, capital, tax, and what issuers…

An editorial illustration of Indonesia's islands connected to a supervised stablecoin hub
An editorial illustration of Indonesia's islands connected to a supervised stablecoin hub

TL;DR

Indonesia transferred digital asset oversight from Bappebti (the commodities regulator) to the Otoritas Jasa Keuangan (OJK) in January 2025 under OJK Regulation 27/2024. Stablecoins are legal as tradeable digital financial assets but cannot be used as a payment instrument — only Bank Indonesia's rupiah is legal tender. Indonesia is one of Asia's largest crypto markets with over 20M registered users and significant USDT and USDC volume on OJK-licensed exchanges.

The regulatory framework

The handover from Bappebti to OJK in January 2025 was a structural shift, not just a rebrand. Under the old commodities regime, crypto was treated as a tradeable commodity with relatively light prudential oversight. Under OJK, digital financial assets are treated as a financial-services product, with deeper requirements around governance, risk management, and consumer protection.

OJK Regulation 27/2024 defines:

  • Digital Financial Asset Operator — exchanges, custody providers, clearinghouses
  • Digital Financial Asset Issuer — including stablecoin issuers
  • Capital, governance, AML/CFT, and consumer-protection obligations

OJK also coordinates with Bank Indonesia on the payment-instrument question and with PPATK (the Financial Intelligence Unit) on AML reporting.

Who is licensed today

As of 2026, OJK-licensed Digital Financial Asset Operators include:

  • Indodax — largest exchange by volume
  • Tokocrypto — Binance-affiliated
  • Pintu — mobile-first retail
  • Reku — formerly Rekeningku
  • Triv
  • Upbit Indonesia

There are roughly 20-25 licensed operators in total. The full list is published at ojk.go.id.

For stablecoin issuers

To issue a stablecoin in Indonesia, an applicant must register as a Digital Financial Asset Issuer with OJK and meet:

  1. Capital: minimum paid-up capital that scales with proposed circulation cap (typically IDR 100B – 1T)
  2. Reserves: 1:1 reserves held in OJK-supervised banks; segregated from operating funds
  3. AML/CFT: full PPATK-aligned programme including customer due diligence, sanctions screening, and STR filing
  4. Local incorporation: must be an Indonesian PT (limited liability company)
  5. Indonesian board: majority of directors must be Indonesian residents
  6. Audit: quarterly reserve attestations from an OJK-recognised accounting firm
  7. Reporting: monthly prudential and operational reports to OJK

IDR-pegged tokens (IDRT, XIDR) currently operate under the prior Bappebti regime grandfathered into OJK supervision; new IDR stablecoin issuance under OJK 27/2024 is in pilot phase as of mid-2026.

For businesses

Businesses can hold stablecoins but cannot accept them as payment for goods or services. Bank Indonesia has consistently treated any payment-token use case as a violation of the rupiah's status as sole legal tender. Cross-border use is permitted only for tradeable-asset purposes (buy / sell / custody) on licensed exchanges.

Tax: as of 2026, Indonesia applies a 0.1% income tax and 0.11% VAT on every digital asset transaction, collected by the OJK-licensed exchange at the point of trade.

For developers and integrators

  • Integrate only with OJK-licensed Digital Financial Asset Operators for fiat on/off-ramps
  • Geo-fence payment-token use cases (the merchant-payments product line is not permitted)
  • Treat Indonesian residents as a regulated user category with mandatory KYC under PPATK rules

The IDR-pegged stablecoin landscape

IDRT (Rupiah Token) and XIDR are the two main IDR-pegged stablecoins. Both have reserves held in Indonesian banks and are tradeable on OJK-licensed exchanges. Volumes remain modest relative to USDT — the bulk of Indonesian on-exchange stablecoin volume is denominated in USD.

What to watch in 2026

  • Full OJK 27/2024 implementing regulations — secondary guidance expected H2 2026
  • First fully OJK-licensed IDR stablecoin — pilot phase issuers entering general availability
  • Bank Indonesia Project Garuda — Indonesia's potential rupiah CBDC, which OJK has indicated would complement rather than displace private stablecoins

Where to learn more