Indonesia's OJK Unveils 29 Licensed Crypto Platforms to Curb Fraud

Indonesia's Financial Services Authority (OJK) has officially published a list of 29 licensed cryptocurrency platforms operating in the country. The regulator's move comes amid growing concerns over fraudulent platforms and the need to protect retail investors. The list includes local and international exchanges, such as Upbit and Indodax, which are now officially recognized by OJK as legal operators.

The publication of the whitelist serves as a tool for investors to verify whether a

platform is properly licensed before engaging in any transactions. OJK has warned the public to avoid unlisted exchanges, as they are considered unlicensed and could pose significant financial risks. The regulator emphasized the importance of cross-checking platform names, applications, and website addresses to avoid falling victim to scams.

Users are advised to treat any platform not included in the list as an illegal operator. OJK has highlighted that the legal and financial consequences for using unlicensed services could be severe, including fines and imprisonment. The move also strengthens the regulator's ability to enforce compliance and target illicit or non-compliant operations.

Regulatory Clarity and Market Impact

The release of the official list follows OJK Regulation No. 23/2025, which introduces stricter oversight of digital financial assets, including crypto and related derivatives. The new framework bars exchanges from facilitating trades in unregistered assets and mandates prior OJK approval for derivative offerings. These measures are aligned with international supervisory standards and aim to enhance investor protection.

Platforms must now implement margin mechanisms via segregated funds or digital assets, and investors must pass a knowledge test before accessing derivatives. The OJK said these requirements are designed to promote informed participation and reduce systemic risk. The regulatory changes also reinforce investor education as a key pillar of enforcement.

The list of 29 licensed entities includes both Pedagang Aset Keuangan Digital (PAKD) and Calon Pedagang Aset Keuangan Digital (CPAKD) platforms. CPAKD entities are prospective dealers and still under the transition phase, but they have been assigned registration numbers for greater transparency. OJK stressed that the list will be updated as the market evolves, ensuring compliance remains an ongoing obligation.

Growing Foreign and Domestic Interest

The regulatory clarity has drawn interest from global players seeking to enter Indonesia's rapidly expanding crypto market. Robinhood, for example, has acquired local brokerage Buana Capital and licensed digital asset trader PT Pedagang Aset Kripto, signaling its intent to serve Indonesia's 17 million crypto traders. Similarly, Hong Kong-based OSL Group has acquired Koinsayang, a licensed local exchange, to offer spot and derivatives trading services.

These developments reflect a broader trend of international firms capitalizing on Indonesia's regulatory transition. The country has become a key player in Southeast Asia's crypto ecosystem, with its market size and adoption rates attracting strategic investments. OJK's oversight now aligns with broader financial regulation, aiming to ensure consistency and stability in digital asset trading.

In addition to exchanges, OJK also listed four licensed market infrastructure providers, including clearing, exchange, and custody services. These institutions play a critical role in supporting the digital asset ecosystem and ensuring secure and transparent operations.

Risks and Enforcement Measures

OJK has warned the public against platforms offering unrealistic profit claims, as these are often signs of fraud. The regulator has urged investors to remain cautious and exercise due diligence when selecting a provider. OJK has also intensified enforcement actions against unlicensed operations, with penalties ranging from Rp1 billion to Rp1 trillion in fines and prison sentences of five to ten years.

The regulator has encouraged investors to report any suspicious activities or platforms that do not match the official list. OJK emphasized that public vigilance is essential in maintaining a healthy and high-integrity digital financial asset market.

The publication of the list marks a key stage in Indonesia's crypto transition, as OJK seeks to centralize oversight and strengthen supervision. The regulator has stressed the importance of financial stability and investor protection, particularly as the digital asset market continues to expand.

Looking Ahead

The OJK's latest move is expected to set a regional benchmark for crypto regulation, given Indonesia's position as one of the largest crypto markets in Southeast Asia. The regulator has indicated that the whitelist will be updated regularly to adapt to market changes, ensuring that compliance remains a dynamic process.

Industry experts have noted that the OJK's approach reflects a broader global trend of regulatory convergence, particularly in balancing innovation with risk management. As Indonesia's digital asset market continues to evolve, the regulatory framework will play a critical role in shaping its trajectory.