OJK Indonesia: Stablecoin Operator Framework
TL;DR Indonesia transferred digital asset oversight from Bappebti (the commodities regulator) to the Otoritas Jasa Keuangan (OJK) in January 2025 under OJK Regulation 27/2024. Stablecoins are legal as tradeable digital financial assets but cannot be used as a payment instrument — only Bank Indonesia's rupiah is legal tender. Indonesia is one of Asia's largest crypto markets with over 20M registered users and significant USDT and USDC volume on OJK licensed exchanges. The regulatory framework The handover from Bappebti to OJK in January 2025 was a structural shift, not just a rebrand. Under the old commodities regime, crypto was treated as a tradeable commodity with relatively light prudential oversight. Under OJK, digital financial assets are treated as a financial services product, with deeper requirements around governance, risk management, and consumer protection. OJK Regulation 27/2024 defines: Digital Financial Asset Operator — exchanges, custody providers, clearinghouses Digital Financial Asset Issuer — including stablecoin issuers Capital, governance, AML/CFT, and consumer protection obligations OJK also coordinates with Bank Indonesia on the payment instrument question and with PPATK (the Financial Intelligence Unit) on AML reporting. Who is licensed today As of 2026, OJK licensed Digital Financial Asset Operators include: Indodax — largest exchange by volume Tokocrypto — Binance affiliated Pintu — mobile first retail Reku — formerly Rekeningku Triv Upbit Indonesia There are roughly 20 25 licensed operators in total. The full list is published at ojk.go.id. For stablecoin issuers To issue a stablecoin in Indonesia, an applicant must register as a Digital Financial Asset Issuer with OJK and meet: 1. Capital : minimum paid up capital that scales with proposed circulation cap (typically IDR 100B – 1T) 2. Reserves : 1:1 reserves held in OJK supervised banks; segregated from operating funds 3. AML/CFT : full PPATK aligned programme including customer due diligence, sanctions screening, and STR filing 4. Local incorporation : must be an Indonesian PT (limited liability company) 5. Indonesian board : majority of directors must be Indonesian residents 6. Audit : quarterly reserve attestations from an OJK recognised accounting firm 7. Reporting : monthly prudential and operational reports to OJK IDR pegged tokens (IDRT, XIDR) currently operate under the prior Bappebti regime grandfathered into OJK supervision; new IDR stablecoin issuance under OJK 27/2024 is in pilot phase as of mid 2026. For businesses Businesses can hold stablecoins but cannot accept them as payment for goods or services . Bank Indonesia has consistently treated any payment token use case as a violation of the rupiah's status as sole legal tender. Cross border use is permitted only for tradeable asset purposes (buy / sell / custody) on licensed exchanges. Tax: as of 2026, Indonesia applies a 0.1% income tax and 0.11% VAT on every digital asset transaction, collected by the OJK licensed exchange at the point of trade. For developers and integrators Integrate only with OJK licensed Digital Financial Asset Operators for fiat on/off ramps Geo fence payment token use cases (the merchant payments product line is not permitted) Treat Indonesian residents as a regulated user category with mandatory KYC under PPATK rules The IDR pegged stablecoin landscape IDRT (Rupiah Token) and XIDR are the two main IDR pegged stablecoins. Both have reserves held in Indonesian banks and are tradeable on OJK licensed exchanges. Volumes remain modest relative to USDT — the bulk of Indonesian on exchange stablecoin volume is denominated in USD. What to watch in 2026 Full OJK 27/2024 implementing regulations — secondary guidance expected H2 2026 First fully OJK licensed IDR stablecoin — pilot phase issuers entering general availability Bank Indonesia Project Garuda — Indonesia's potential rupiah CBDC, which OJK has indicated would complement rather than displace private stablecoins Where to learn more OJK Regulation 27/2024: ojk.go.id See also: our Indonesia stablecoins page for live prices.