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Indonesia names 29 licensed crypto trading platforms
Indonesia’s Financial Services Authority (OJK) has released a list of 29 officially licensed cryptocurrency asset trading platforms operating in the country.
The move is part of OJK’s efforts to improve consumer protection and regulate digital financial assets.
OJK said only companies on the list are legally authorized to offer cryptocurrency trading and related services in Indonesia.
The regulator also named four licensed market infrastructure providers for digital assets, covering exchange, clearing, and custody services.
OJK advised the public to check the legal status of cryptocurrency providers and to be cautious of unrealistic profit claims.
Platforms on the list include Indodax, Tokocrypto, Pintu, Luno, Upbit, and Pluang, among others.
🔗 Source: Jakarta Globe
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Implications, context, and why it matters.
OJK whitelist unifies oversight, enforcement unclear
- Law No. 4 of 2023 moved crypto oversight from Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti), the commodities futures regulator, to Indonesia’s Financial Services Authority (OJK) 1. Unlicensed operations carry 5 to 10 years in prison and fines of Rp 1 billion to Rp1 trillion 1.
- OJK published a whitelist of 29 entities that names 25 Pedagang Aset Keuangan Digital (PAKD) and 4 Calon Pedagang Aset Keuangan Digital (CPAKD) 1. PAKD are licensed digital financial asset dealers, and CPAKD are prospective dealers. The list adds Bappebti registration numbers for CPAKD, which were previously CPFAK (Calon Pedagang Fisik Aset Kripto) 1.
- The authority will work with law enforcement against unauthorized operators 1. The press release gives no investigation timelines or broader transition protocols beyond listing CPAKD.
- The rule groups crypto under Digital Financial Assets (AKD) while leaving tax and cross-border effects unaddressed 2.
Platforms compete on derivatives as regulatory technology (RegTech) vendors plug gaps
- Exchanges can offer derivatives once they secure OJK approval 2. Traders that operate as PAKD can run derivatives after notifying OJK and setting cooperation agreements 2.
- New duties cover margin segregation for derivatives, which keeps customer collateral separate from company funds, and consumer knowledge tests 2. The press release gives no technical specifications, which opens room for custody, risk, and compliance vendors.
- Providers outside OJK whitelist face Article 304 penalties under Law No. 4 of 2023, driving demand for compliance services to secure licenses or reshape models to fit regulatory perimeter 1.