Bappebti Crypto Oversight and Licensing: What Changed in Indonesia After January 2025

Indonesia was one of the fastest-growing crypto markets in Southeast Asia - until everything changed on January 10, 2025. If you’re wondering why your favorite Indonesian crypto exchange suddenly updated its terms, or why new crypto apps now ask for OJK registration instead of Bappebti approval, the answer is simple: crypto regulation in Indonesia is no longer about commodities. It’s about finance.

What Was Bappebti’s Role in Crypto?

Before January 2025, Bappebti - short for Badan Pengawas Perdagangan Berjangka Komoditi - was Indonesia’s only official regulator for cryptocurrency. It treated Bitcoin, Ethereum, Solana, and hundreds of other digital assets not as money or securities, but as commodities, like soybeans or crude oil. That meant trading happened on licensed commodity exchanges, not banks or brokerages.

Under Bappebti Regulation No. 8/2021, only crypto assets that were officially registered and approved could be traded. By mid-2023, that list had grown to over 500 cryptocurrencies. The agency didn’t just sit back - it built infrastructure. In July 2023, Bappebti launched Indonesia’s first official crypto exchange, clearing house, and custody service to bring order to a chaotic market. At the time, over 17 million Indonesians held crypto, and trading volumes hit IDR 300 trillion ($19 billion USD).

But there was a problem. Bappebti was designed to regulate futures and physical commodities, not digital assets that function like investments, payment tools, and decentralized financial products. Investors were protected from fraud, yes - but not from market manipulation, misleading tokenomics, or unregulated lending platforms. And when crypto prices crashed, there was no clear path for compensation or legal recourse.

The Big Shift: Why Bappebti Lost Control

The change didn’t happen overnight. It started with Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law), passed by Indonesia’s parliament in 2020. The law didn’t mention crypto directly - but it gave the Financial Services Authority (OJK) the power to oversee all financial innovation, including digital assets.

By December 31, 2024, President Joko Widodo signed Government Regulation No. 49/2024, officially moving crypto oversight from Bappebti to OJK. The handover ceremony on January 10, 2025, was low-key but historic. Top officials from Bappebti, OJK, and Bank Indonesia stood together, signed documents, and transferred authority. Bappebti’s role ended. OJK’s began.

This wasn’t just a bureaucratic reshuffle. It was a philosophical shift. Crypto was no longer treated as a commodity you could buy and sell like gold. It became a digital financial asset - the same category as stocks, bonds, and mutual funds.

What Does OJK Regulation No. 27/2024 Actually Do?

OJK Regulation No. 27/2024, issued on December 10, 2024, is the new rulebook. It doesn’t ban crypto. It doesn’t shut down exchanges. Instead, it brings them into the same regulatory universe as banks and securities firms.

Here’s what changed:

• Classification: Crypto is now a ‘digital financial asset,’ not a commodity.
• Licensing: All crypto trading platforms must now hold an OJK license - not just Bappebti registration.
• Investor Protection: Platforms must now prove they have risk management systems, clear disclosures, and customer dispute mechanisms - just like a brokerage.
• Infrastructure: Custody services, clearing houses, and trading platforms must be audited by OJK-approved firms.
• Transparency: Crypto issuers must disclose token utility, team backgrounds, and financial health - no more anonymous whitepapers.

Existing Bappebti-registered platforms were given a grace period to reapply under OJK rules. Most major exchanges - like Pintu, Tokocrypto, and Indodax - did. Their licenses didn’t disappear; they just got upgraded.

Who’s in Charge Now?

OJK is the main regulator. But it’s not alone.

Bank Indonesia (BI) still controls the payment side of crypto. If you’re using crypto to send money, pay for goods, or settle transactions, BI has the final say. That means OJK watches how crypto is traded and offered, while BI watches how it’s used as money.

This dual oversight isn’t confusion - it’s precision. Crypto doesn’t fit neatly into one box. It’s money, it’s an asset, it’s a technology. So Indonesia split the job between two agencies that already knew how to regulate those things.

What This Means for You

If you’re an investor in Indonesia:

• Only trade on platforms that display an OJK license number. If you see ‘Bappebti’ on a site, it’s outdated - or fake.
• Check if the platform discloses its risk warnings, fee structure, and team members. OJK requires this. Bappebti didn’t.
• Understand that your funds are now protected under financial services law, not commodity law. That means better recourse if something goes wrong.

If you’re a business:

• Don’t assume your old Bappebti registration still works. You need a new OJK license to operate legally.
• Compliance is harder, but so is the barrier to entry. This clears out fly-by-night operators.
• International crypto firms now have a clearer path to enter Indonesia - because OJK’s rules are closer to global standards like MiCA in the EU.

What’s Next?

The transition isn’t over. OJK is still drafting rules for DeFi, NFTs, stablecoins, and institutional crypto trading. The first wave of licensing is done. The second wave - focused on innovation - is just starting.

Experts believe this move will attract institutional investors. Hedge funds, asset managers, and even pension funds won’t touch crypto unless it’s regulated like stocks. Indonesia’s market, which hit IDR 650 trillion in trading volume in 2024, is now poised to grow even bigger - but more responsibly.

The days of unregulated crypto trading in Indonesia are over. The era of regulated digital finance has begun.

How to Verify a Crypto Platform’s Legitimacy in Indonesia (2026)

Don’t trust a website’s claims. Go straight to the source:

1. Visit the official OJK website: www.ojk.go.id
2. Click on ‘Digital Financial Assets’ or ‘Licensing’ under the Financial Technology section.
3. Search for the platform’s name. If it’s listed, it’s licensed.
4. Check if the platform displays its OJK license number visibly on its app or website.
5. Look for clear risk disclosures, customer service contacts, and terms of service - OJK requires these.

If you can’t find it on OJK’s site, it’s not legal. Period.

Common Mistakes After the Transition

Many users and even some businesses still operate under old assumptions:

• Mistake: Using a platform that says ‘Bappebti-registered’ - that’s no longer valid.
• Mistake: Assuming all crypto assets are legal just because they’re on a platform - OJK may approve the exchange but not every token.
• Mistake: Thinking you can trade crypto as a payment method without checking BI rules - it’s not allowed for daily purchases unless explicitly approved.
• Mistake: Believing you can start a crypto business without a license - unlicensed operations are now criminal offenses under financial services law.

Why This Matters Beyond Indonesia

Indonesia isn’t just changing its rules - it’s setting a regional example. Countries like Thailand, Vietnam, and the Philippines are watching closely. If OJK’s model works - balancing innovation with strict oversight - it could become the blueprint for Southeast Asia.

It also sends a message to global crypto firms: if you want to serve a market of 270 million people, you play by local rules. No more offshore loopholes. No more regulatory arbitrage.

This isn’t about shutting down crypto. It’s about bringing it into the light.