18 Nov 2025
At long last: Indonesia is set to issue a landmark crypto offering regime

Introduction: From Commodity Trading to Regulated Offerings

For years, Indonesia’s approach to crypto assets was defined by what it didn’t regulate. Since 2019, the Commodity Futures Trading Regulatory Agency (Bappebti) allowed crypto trading as a commodity but kept a deliberate distance from regulating coin offerings themselves. The focus was on trading infrastructure. That era is ending. 

With the issuance of Regulation No. 49 of 2024, the Indonesian Government has transferred the regulatory and supervisory duties for digital financial assets, including crypto assets and financial derivatives, from Bappebti to the Financial Services Authority (Otoritas Jasa Keuangan, or “OJK”). Effective 10 January 2025, OJK will oversee not just the trading (read our take here), but now also the offering of digital assets. This marks a fundamental shift: Indonesia is joining the global movement to regulate crypto and stablecoin offerings, aligning itself with best practices seen across many jurisdictions.

The OJK’s draft regulation on the Offering of Digital Financial Assets (“Draft Regulation”) is the centrepiece of this transformation. It sets out a comprehensive framework for how digital assets can be offered, who can offer them, and what standards must be met to protect Indonesian consumers and the integrity of the financial system. “Offering” in this context refers to the regulated activity of selling digital assets. Relevant information is outlined here.
 

Key Features of the Draft Regulation

1. Scope and Definitions

The Draft Regulation applies to a broad range of digital financial assets, including:

• Tokenised assets: Digital representations of real-world  (such as commodities, receivables, or income rights) converted into tokens via tokenisation. Derivatives and crypto assets themselves are expressly excluded from this category.

• Crypto assets: Both “backed” (supported by underlying assets or fiat currency) and “unbacked” (not supported by any underlying asset) crypto assets.

Offerings may be organised by various parties, including issuers, merchants, exchanges, clearing and settlement institutions, custody institutions, and asset managers. Each has distinct roles and responsibilities under the regulation.

2. In-scope and out-of-scope criteria

To be offered in the Indonesian market, digital assets must:

• Use distributed ledger technology (DLT) or equivalent technologies for issuance, storage, transfer, and/or offering.

• Not be an existing electronic financial asset already recorded electronically by financial institutions.

• Not originate from or be used for unlawful activities.

• Meet any additional eligibility criteria set by OJK.

Certain instruments are explicitly excluded from the regulation, such as:

• Securities regulated under Indonesia’s capital markets law.

• Central bank-issued assets (e.g., central bank digital currencies (CBDCs)).

• Non-transferable assets, “closed-loop” tokens, NFTs, airdropped/free tokens, mining/staking rewards, and other OJK-determined exclusions.

3. Public Offering Triggers and Thresholds

A public offering is triggered if:

• The offering is conducted within Indonesia via mass media, or

• The offering is made to more than 100 parties.

For tokenised assets and backed crypto assets:

• Offerings of at least IDR 1 billion require the issuer to obtain a business licence from OJK and secure OJK approval for the specific offering.

• Offerings below IDR 1 billion require only notification to OJK. If cumulative offerings within a year reach IDR 1 billion, the same full licensing requirement applies.

For unbacked crypto assets, a distinct approval process is enforced: offerings of at least IDR 1 billion (single or cumulative) must comply fully with the Draft Regulation and must obtain approval from the authorised exchange (Bourse or Bursa),[1] which must conduct a substantive review and ensuring adherence to the regulatory criteria established by the OJK.

4. Offering Mechanisms

Offerings of tokenised assets, backed crypto assets, and, where applicable, unbacked crypto assets can be conducted through two distinct mechanisms: either as a single event or on a continuous (ongoing) basis.

The summary table below demonstrates a high-level comparison between both offerings. It is intended as a general overview only.

5. Issuers and market participants obligations/requirements

Issuers and other organisers, including traders, exchanges, clearing and settlement institutions, and custodians, are bound to meet mandatory standards, including:

• Corporate Structure: All market participants (including, issuers) must be locally incorporated as a limited liability company or Perusahaan Terbatas or “PT”). The Draft Regulation specifies that issuers must maintain a majority Indonesian board and key personnel domiciled locally. As the regulation requires local incorporation and Indonesian directors for issuers, this means foreign issuers may participate only through local entities or partnerships that meet these requirements.

• Due Diligence: Traders must conduct due diligence before offerings.

• Cooperation Agreement: Cooperation agreements between issuers and traders, effective only upon approval by OJK or the relevant exchange/bourse. 

• Reporting obligations: Market participants are subject to several reporting obligations, these include offering activity reports, which must detail the results of offerings, the distribution of assets to consumers, and the distribution of proceeds to issuers. They must also provide periodic reports, consisting of monthly and annual submissions, and incidental reports, which must be filed within five business days following any relevant incident. 

6. Transitional Provisions

Issuers already conducting offerings before the regulation takes effect must apply for approval within three months of enactment. 

If approval is not obtained, the issuer must cease business and settle all outstanding obligations to consumers within one month. The coverage is determined by the public offering triggers as per the Draft Regulation; where those activities satisfy the public offering regime, the transition obligations therefore would apply.

What’s Next? Conclusion and ABNR’s Commentary

Indonesia’s Draft Regulation on the Offering of Digital Financial Assets is a watershed moment for the country’s digital asset markets. With this regime, OJK is signalling its intent to foster responsible innovation, protect consumers, and align Indonesia with global standards, reflecting the international trend towards regulating crypto offerings. The key practical consequence for market participants is that any public offering made onshore or through Indonesian mass media, including those by foreign issuers, falls within the regulatory scope and must comply with local requirements.

OJK is currently reviewing the public input on the Draft Regulation from the relevant stakeholders, market participants, and the broader community to help shape the final rules. The final regime may differ in material respects from the draft. Stakeholders are encouraged to engage proactively with OJK to ensure that practical market realities are reflected in the final rules.

For market participants, the message is clear: the era of unregulated crypto offerings is over. Success in Indonesia’s digital asset market will require not just technical innovation, but also legal and operational excellence. 

ABNR assists clients across the digital asset spectrum, from global issuers or exchanges to licensed local platforms. We are ready to help you navigate this potential new regime or any digital asset-related project. If you have questions about how the Draft Regulation may affect your business, or wish to discuss approaches to compliance and market entry, we would be pleased to assist.

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By partners Chandrawati Dewi (cdewi@abnrlaw.com), Monic Devina (mdevina@abnrlaw.com), and senior associate Meitiara Bakrie (dbakrie@abnrlaw.com)

This ABNR News and its contents are intended solely to provide a general overview, for informational purposes, of selected recent developments in Indonesian law. They do not constitute legal advice and should not be relied upon as such. Accordingly, ABNR accepts no liability of any kind in respect of any statement, opinion, view, error, or omission that may be contained in this legal update. In all circumstances, you are strongly advised to consult a licensed Indonesian legal practitioner before taking any action that could adversely affect your rights and obligations under Indonesian law.