27 Jan 2026
Indonesia Greenlights Crypto Derivatives: A Look at the New OJK Framework

One year after Indonesia transferred oversight of crypto assets from the Commodity Futures Trading Supervisory Agency (“Bappebti”) to the Financial Services Authority (Otoritas Jasa Keuangan, “OJK”) (see our coverage on this here), the regulator has recently taken another consequential step. 

In December 2025, the OJK amended OJK Regulation No. 27 of 2024 on the Implementation of the Trading of Digital Financial Assets, Including Crypto Assets (“OJK Reg. 27”), through the issuance of OJK Regulation No. 23 of 2025 (“OJK Reg. 23”). The amendment aims to align the regulation with international industry best practices and formally introduces a regulatory framework for crypto derivatives trading. 

In light of the above, OJK Reg. 23 introduces several key changes to the existing crypto regulatory framework, as follows:

1. Expansion of the scope of ‘digital financial assets’

Under the previous regime, digital financial assets were narrowly defined as financial assets stored or represented in digital form, including crypto assets, with no mention of derivatives. OJK Reg. 23 broadens this scope, clarifying that digital financial assets now include not only crypto assets, but also other digital financial assets and the derivatives built on them.

OJK Reg. 23 also revises the eligibility criteria of a digital financial asset. Whereas OJK Reg. 27 required digital financial assets to be issued, stored, transferred, and/or traded using distributed ledger technology (DLT), the new regulation adopts a more flexible approach, under which a digital financial asset:

• is no longer required to use DLT, other comparable technologies may be used,

• can be an asset that merely references or derives its value from another digital financial asset, such as crypto assets (for example, derivatives, structured products, or other reference-based instruments).

2. Pre-notification requirement for traders

   OJK Reg. 23 abolishes the requirement for crypto traders to submit a written notification to the OJK for spot crypto asset trading. However, a pre-trading notification remains mandatory for the trading of crypto derivatives. In addition, crypto traders must enter into a cooperation agreement with the bourse (bursa) in order to carry out the buying and selling of derivatives on behalf of customers on the bourse.

3. Margin placement

   To facilitate margin requirements for derivatives trading, OJK Reg. 23 requires clearing institutions and depository managers to place margins in dedicated accounts. When margins take the form of digital financial assets, trading organizers must store them in specialized wallets overseen by depository managers. For margins in non-digital financial assets, they must be held in designated custody accounts. 

4. Digital financial assets whitelist
   
   Under the prior regime, only crypto assets were subject to a whitelist maintained by the bourses. OJK Reg. 23 extends the ambit of this whitelist regime. Bourses are now required to establish and maintain a whitelist for all digital financial assets that may be traded, including derivatives. Consequently, no digital financial asset, derivative or otherwise, may be traded unless it is included on the bourse’s whitelist. Licensed traders are, however, permitted to propose additions or removals to this list for the bourse’s consideration.

   Nevertheless, licensed traders are allowed to propose the addition and/or removal of digital financial assets to the whitelist for the bourse’s further analysis and potential inclusion in the list.

5. Bourse-specific requirement

   OJK Reg. 23 provides that any bourse intending to conduct derivatives trading activities must first submit an application for approval to OJK. The bourse is also required to provide a reliable trading system for the execution and reporting of derivatives trading activities, and to ensure reliable and real-time access to its trading and reporting systems for the conduct of derivatives trading.

6. Customer acceptance

   OJK Reg. 23 introduces new requirements for the customer acceptance process for derivatives trading. Before accepting customers, traders must assess whether consumers have understood all risks associated with derivative products through product knowledge simulation tests administered to prospective consumers. Additionally, traders are required to obtain a statement from the prospective consumers confirming that they understand all risks associated with the derivative products, which may be provided in the form of written consent, video recordings, or other forms that can be independently verified.

7. Customer fund custody

   OJK Reg. 23 also revises the custody structure to strengthen safeguards around customer funds. 

   Under the prior framework, customer funds used for transaction execution were placed in segregated accounts held in the name of traders. Traders were then required to place 100% of customer funds with the clearing institution. 

   OJK Reg. 23 mandates a more secure model where customer funds are no longer held or managed by traders. 

   Prior to trading, funds used for transaction execution must be placed in segregated accounts held in the name of the clearing institution, rather than the trader, and must be managed transparently. These segregated accounts may only be used by the clearing institution with OJK’s approval. Accordingly, customer fund withdrawals are no longer processed by traders. Instead, withdrawals are carried out directly by the clearing institution through the trader’s trading system, by transferring funds from the clearing institution’s segregated account to the customer’s registered bank account, as recorded in the customer account opening application.

8. Sandbox discretion

   Finally, OJK Reg. 23 grants the regulator discretion to subject certain derivatives trading activities to a regulatory sandbox. Under this framework, OJK may, based on specific considerations, allow selected forms of derivatives trading to be tested in a controlled environment. The provision appears aimed at accommodating innovative trading structures that have not previously fallen within the scope of the existing regulatory framework.

ABNR Commentary

The issuance of OJK Reg. 23 represents a further consolidation of OJK’s supervisory role over digital financial assets, one year after the transfer of oversight from Bappebti. 
 

Previously, crypto derivatives were the domain of futures brokerage companies licensed and supervised by Bappebti. By integrating these activities into its unified framework for digital assets, the OJK is effectively streamlining a previously bifurcated regulatory landscape.

This reflects OJK’s responsiveness to the rapidly evolving crypto industry, particularly the swift growth of new products such as crypto derivatives. Data from PT Central Finansial X (CFX) shows that crypto derivatives transactions surged by 118% to IDR 52.71 trillion over Q3 2025, up from IDR 24.17 trillion in the previous quarter, while spot crypto transactions grew by only 16% quarter-on-quarter.[1] By bringing derivatives trading under explicit regulatory oversight, the amendment brings under regulatory scrutiny a segment of the market that had, until then, expanded rapidly without a dedicated supervisory regime.

At the same time, OJK Reg. 23 significantly strengthens customer protection. Key measures include tighter customer acceptance requirements for derivatives trading, enhanced segregation and custody of customer funds under clearing institutions, clearer margin placement rules, and reaffirmed electronic system registration obligations. These changes may reduce operational and misuse risks, while ensuring that consumers are adequately informed of the heightened risks associated with derivative products.

Overall, OJK Reg. 23 seeks to strike a balance between innovation and regulatory discipline. By expanding the scope of regulated digital financial assets and providing regulatory sandbox discretion, OJK provides room for market development while maintaining strong oversight and safeguarding market integrity and consumer interests.

 TL;DR: 

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