Bappebti Crypto Licensing & Oversight: From Commodity to Financial Regulation

Indonesia’s Bappebti is the Commodity Futures Trading Supervisory Body that regulated crypto assets as commodities from the early days of the market until January102025. During that period the agency issued licenses, maintained a whitelist of tradable tokens, and built the country’s first crypto exchange, clearing house and storage manager. On that date the oversight baton was handed over to the Financial Services Authority (OJK), shifting crypto assets into a full‑blown financial‑services regime. If you’re wondering how the licensing landscape changed, which rules still apply, and what you need to do to stay compliant, this guide walks you through every step.

Key Takeaways

• Under Bappebti crypto licensing, crypto assets were treated as commodities and required registration with Bappebti before they could be listed on a physical market.
• The transition on 10January2025 moved crypto oversight to OJK, reclassifying assets as “digital financial assets” and applying financial‑services regulations.
• Existing Bappebti licenses were preserved during the handover, but new activities now need approval under OJK Regulation No.27/2024.
• Bank Indonesia (BI) retained responsibility for payment‑system aspects, creating a dual‑regulatory model.
• Service providers must update their compliance programs, investor‑protection policies, and reporting mechanisms to meet OJK’s stricter standards.

Background: How Indonesia’s Crypto Rules Evolved

In 2021 the government issued Bappebti Regulation No.8/2021 which set the guidelines for physical market trading of crypto assets on commodity exchanges. A 2022 amendment (Regulation No.13/2022) refined token‑approval procedures and introduced stricter AML/KYC requirements. By mid‑2023 Bappebti had approved 501 cryptocurrencies, including Bitcoin, Ethereum and Solana, allowing them to be traded on licensed exchanges.

The market grew rapidly: by the end of 2023 more than 17million Indonesians had bought crypto, and transaction volume topped IDR300trillion. 2024 saw that figure more than double to IDR650trillion, prompting the government to reconsider the regulatory architecture.

The Legal Pivot: Law No.4 of 2023 and the Transfer to OJK

Law No.4 of2023 on Financial Sector Development and Strengthening (the P2SK Law) laid the groundwork for moving crypto oversight from a commodity‑focused agency to the Financial Services Authority (OJK). The law mandated a hand‑over period that ended on 10January2025.

Simultaneously, the government issued Government Regulation No.49/2024 which re‑classified crypto assets as digital financial assets. The regulation came into force on 31December2024, just days before the hand‑over ceremony.

Bappebti’s Licensing Framework (Pre‑2025)

Under Bappebti’s regime, a crypto service provider had to complete three core steps:

1. Submit a token‑approval request that proved the asset met technical and security standards.
2. Obtain a “Physical Market Trading License” that allowed the token to be listed on a Bappebti‑approved exchange.
3. Maintain ongoing compliance reports covering AML/KYC, market surveillance, and capital‑adequacy requirements.

The agency kept a public registry of approved assets, which investors could consult to verify legitimacy. Failure to register resulted in a ban from all Bappebti‑licensed exchanges and potential fines.

What Changed on 10January2025?

The signing of the Minutes of Handover (BAST) at the Ministry of Trade marked the official shift. Bappebti’s existing licenses were transferred to OJK under a “grandfather‑clause” that allowed them to operate until they were either renewed or replaced under the new framework.

Key changes introduced by OJK:

• OJK Regulation No.27/2024 governs the implementation of trading, offering, and settlement of digital financial assets.
• Crypto assets are now classified as “digital financial assets” rather than commodities, bringing them under the same supervisory lens as securities and banking products.
• New licensing categories: Digital Financial Asset Trader, Crypto Asset Storage Manager, and Digital Asset Exchange.
• Bank Indonesia (BI) continues to oversee payment‑system functions, creating a dual‑regulatory model.

OJK’s Licensing Process: A Step‑by‑Step Guide

Service providers looking to launch or continue operations after the hand‑over must follow OJK’s updated process:

1. Determine the licensing category. Most exchanges will apply for a “Digital Financial Asset Trader” license, while custodians apply for “Crypto Asset Storage Manager”.
2. Prepare a comprehensive compliance dossier. This includes AML/KYC policies, risk‑management frameworks, cybersecurity assessments, and proof of capital adequacy (minimum IDR1billion for traders).
3. Submit the application through OJK’s online portal. The platform validates the dossier, assigns a case ID, and issues a receipt for a 30‑day review period.
4. Undergo on‑site inspection. OJK inspectors verify IT infrastructure, AML controls, and internal audit procedures.
5. Receive the license. Upon approval, OJK issues a digital certificate valid for five years, subject to annual supervisory reviews.

During the transition, OJK honored all Bappebti‑issued licenses, but providers are encouraged to re‑apply under the new categories to avoid future compliance gaps.

Practical Implications for Existing Crypto Service Providers

If you already hold a Bappebti licence, here’s what you need to do:

• Audit your current token list. Verify that each token is also recognized under OJK’s digital‑asset registry (as of mid‑2025, OJK has approved 620 tokens).
• Update AML/KYC procedures. OJK requires transaction monitoring thresholds that are tighter than Bappebti’s - IDR100million per transaction must trigger a review.
• Integrate BI reporting. For any activity that involves fiat‑to‑crypto conversion, you must submit daily settlement reports to Bank Indonesia.
• Re‑brand licensing documents. Replace “Bappebti” logos with OJK’s seal on all public disclosures and user agreements.

Failure to align with OJK’s framework can result in license revocation, fines up to IDR5billion, and exclusion from the national market.

Comparison: Bappebti vs OJK Oversight

Looking Ahead: What the OJK Framework Means for the Future

The new regime opens the door to more sophisticated crypto products-DeFi platforms, tokenised securities, and institutional custodial services can now seek approval under a framework that mirrors traditional finance. OJK has signaled that it will issue sandbox licences for pilot projects, allowing innovators to test novel assets while staying under regulatory supervision.

For international exchanges eyeing the Indonesian market, the OJK approach offers clearer pathways: a single financial‑services regulator, harmonised reporting standards, and alignment with global FATF recommendations. However, the dual‑regulation with BI means that any service handling fiat payments must also satisfy payment‑system rules, adding another compliance layer.

In short, the shift from Bappebti to OJK is not just a name change-it reflects Indonesia’s ambition to treat crypto as a mainstream financial instrument, subject to the same rigor as stocks, bonds, and banking services.

Frequently Asked Questions

Do I need a new licence if I already have a Bappebti licence?

Existing Bappebti licences remain valid during a five‑year transition window, but OJK requires you to re‑apply under its Digital Financial Asset Trader or Storage Manager categories to stay compliant after that period.

Which agency oversees crypto payments in Indonesia?

Bank Indonesia handles the payment‑system side, especially fiat‑to‑crypto conversions, while OJK supervises trading, offering, and custodial activities.

How many tokens are currently approved under OJK?

As of mid‑2025 OJK’s registry lists roughly 620 digital financial assets, up from the 501 tokens approved by Bappebti.

What are the capital‑adequacy requirements for a crypto exchange?

OJK mandates a minimum paid‑up capital of IDR1billion for Digital Financial Asset Traders, compared with IDR500million under Bappebti.

Will Bappebti still have any role after 2025?

Bappebti continues to supervise commodity futures unrelated to crypto, but all crypto‑specific oversight now lies with OJK and, for payments, with Bank Indonesia.