Indonesia has taken another step toward formalizing its crypto market, publishing an official list of platforms authorized to offer digital asset trading services in the country.
The Otoritas Jasa Keuangan (OJK) confirmed that 29 crypto and digital asset platforms currently meet its licensing requirements, giving investors a clear reference point for which services are legally permitted to operate. Regulators advised the public to avoid platforms not included on the list, warning that unlisted providers should be treated as operating without authorization.
Key takeaways:
Indonesia has officially recognized 29 licensed crypto trading platforms.
The whitelist is intended to help users verify whether an exchange is legally authorized.
OJK is urging investors to avoid unlicensed or unlisted providers.
The move follows recently tightened digital asset regulations.
Global Exchanges Move In as Rules Tighten
The release of the whitelist comes at a moment when international crypto firms are accelerating their push into Indonesia. Among the licensed platforms is Upbit, South Korea’s largest exchange by volume, underscoring the market’s appeal to major global players.
U.S.-based Robinhood has also moved aggressively. Earlier this month, the firm signed agreements to acquire local brokerage Buana Capital and licensed crypto trader PT Pedagang Aset Kripto, securing regulatory access to a market with tens of millions of retail investors across capital markets and digital assets.
Meanwhile, Hong Kong’s OSL Group completed its acquisition of Indonesian exchange Koinsayang in September, positioning itself to offer spot and derivatives products under local approval.
New Rules Reinforce Investor Protection
The whitelist follows the introduction of OJK Regulation No. 23/2025, which significantly tightens oversight of crypto and other digital financial assets. Under the new framework, exchanges are prohibited from listing or facilitating trades in unapproved assets, and any digital asset derivatives must receive explicit regulatory clearance before launch.
The rules also impose stricter safeguards on derivatives trading. Platforms are required to use segregated funds or digital assets for margin, and users must pass a knowledge assessment before gaining access to higher-risk products. OJK said the measures are intended to align Indonesia’s crypto supervision with global standards while reducing risks to retail investors.
Indonesia’s Role in Global Crypto Adoption
Indonesia’s stricter licensing regime reflects the scale of its crypto market rather than a retreat from it. Industry data consistently ranks the country among the world’s most active digital asset economies.
According to Chainalysis, Indonesia sits within the global top 10 for crypto adoption in its 2025 index, highlighting rapid growth in both usage and transaction activity. With millions of local traders and rising interest from international firms, Indonesia is increasingly viewed as a key battleground for crypto expansion in Southeast Asia.
By clarifying who can legally operate while tightening oversight, regulators appear to be sending a clear message: Indonesia remains open to crypto innovation – but only within a regulated and transparent framework.
