Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets

The Financial Services Authority (OJK) issued Regulation Number 23 of 2025 to transfer regulatory authority for digital financial asset derivatives from Bappebti to the OJK, thereby expanding the OJK's scope to include these financial instruments. The regulation mandates that existing licenses and pending applications for derivatives trading be transferred to the OJK, while unlicensed entities must cease operations and transfer activities to licensed traders by January 9, 2026. Market participants are granted transition periods of up to twelve months to adjust system ownership and consumer fund placement mechanisms, and three months to align exchange and clearing house rules with the new framework.

Indonesia

Otoritas Jasa Keuangan (Financial Services Authority)

Financial Services Authority Regulation Number 23 of 2025 Concerning Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets

Abstract: The formulation of the Financial Services Authority Regulation concerning the Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets is carried out in light of market developments regarding products and/or other activities resembling conventional financial instruments in the form of digital financial asset derivatives. Strengthening the role and expanding the scope for organizers of digital financial asset trading are necessary. The legal basis for this Financial Services Authority Regulation is: Law Number 21 of 2011 as amended by Law Number 4 of 2023; Law Number 4 of 2023; and POJK Number 27 of 2024. This Financial Services Authority Regulation regulates provisions concerning the adjustment of trading mechanisms for Digital Financial Assets and trading mechanisms for Digital Financial Asset derivatives for Organizers of Digital Financial Asset Trading.

Notes: This Financial Services Authority Regulation comes into force on the date of its promulgation. This Financial Services Authority Regulation was promulgated on November 10, 2025, and established on October 31, 2025. Upon the coming into force of this Financial Services Authority Regulation, licenses, product/instrument/activity registration approvals, instruments, and/or other decisions and/or determinations related to Digital Financial Asset derivatives as referred to in Article 3A paragraph (2) that have been issued by Bappebti prior to the coming into force of this Financial Services Authority Regulation are declared to remain in force. Upon the coming into force of this Financial Services Authority Regulation, licenses, approvals, product or instrument registrations, and decisions and/or other determinations related to Digital Financial Asset derivatives as referred to in Article 3A paragraph (2) that are in the process of being resolved at Bappebti based on commodity futures trading sector legislation shall be continued by the Financial Services Authority in accordance with this Financial Services Authority Regulation. Upon the coming into force of this Financial Services Authority Regulation, all licensing processes currently being conducted by the Financial Services Authority are subject to the provisions of this Financial Services Authority Regulation. Upon the coming into force of this Financial Services Authority Regulation, adjustments to ownership, control, and system control obligations for Organizers of Digital Financial Asset Trading as referred to in Article 20, Article 28, Article 36, and Article 40, and Article 45 shall be completed within a maximum of 12 (twelve) months from the date of the coming into force of this Financial Services Authority Regulation and may be extended based on specific considerations of the Financial Services Authority. Upon the coming into force of this Financial Services Authority Regulation, the mechanism for placing Consumer funds as referred to in Article 85 and Article 86 shall be adjusted within a maximum of 12 (twelve) months from the date of the coming into force of this Financial Services Authority Regulation and may be extended based on specific considerations of the Financial Services Authority. Upon the coming into force of this Financial Services Authority Regulation, exchange rules and regulations and clearing, guarantee, and settlement institution rules and regulations related to crypto asset futures trading that have been approved by Bappebti are declared to remain in force. Upon the coming into force of this Financial Services Authority Regulation, adjustments to: a. exchange rules and regulations as referred to in Article 22 paragraph (2); and b. clearing, guarantee, and settlement institution rules and regulations as referred to in Article 30 paragraph (1) and paragraph (2), shall be carried out within a maximum of 3 (three) months from the date of the coming into force of this Financial Services Authority Regulation. Upon the coming into force of this Financial Services Authority Regulation: a. Exchanges that have conducted digital financial asset derivative trading at the time this Financial Services Authority Regulation comes into force are declared to have obtained approval to conduct digital financial asset derivative trading as referred to in Article 26A paragraph (1). b. Clearing, Guarantee, and Settlement Institutions that have conducted and provided systems and/or facilities for the implementation of clearing and guarantee settlement of digital financial asset derivative transactions at the time this Financial Services Authority Regulation comes into force are declared to have submitted notifications for the implementation of clearing and guarantee settlement of digital financial asset derivative transactions as referred to in Article 34A paragraph (1). c. Traders who have affiliation relationships with other parties that have conducted buy and/or sell activities for digital financial asset derivatives on behalf of Consumers at the time this Financial Services Authority Regulation comes into force are declared to have submitted notifications to conduct buy and/or sell activities for digital financial asset derivatives on behalf of Consumers as referred to in Article 51A paragraph (1). Upon the coming into force of this Financial Services Authority Regulation, parties who do not have a business license from the Financial Services Authority as a Trader and have conducted buy and/or sell activities for digital financial asset derivatives must transfer all forms of buy and/or sell activities for digital financial asset derivatives on behalf of Consumers to a Trader no later than January 9, 2026. Upon the coming into force of this Financial Services Authority Regulation, parties as referred to in item 9 may only conduct digital financial asset derivative trading for the purpose of settlement up to January 9, 2026. Upon the coming into force of this Financial Services Authority Regulation, Organizers of Digital Financial Asset Trading shall submit daily reports as regulated in Financial Services Authority Circular Letter Number 20/SEOJK.07/2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets as part of the monthly report.