8 Key Developments That Shaped Indonesia’s Crypto Industry in 2025
For years, Indonesia’s crypto market grew rapidly under relatively light oversight. In 2025, that began to change. Regulation tightened, standards rose, and policy direction became clearer, testing whether the market could adapt without losing momentum. It did.
Here is what happened in Indonesia’s crypto industry in 2025.
Regulatory Oversight Shifted to OJK
On January 10, 2025, Indonesia officially transferred regulatory and supervisory authority over crypto assets from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK). The move was mandated by Government Regulation No. 49 of 2024 and implemented through OJK Regulation No. 27 of 2024 under the Financial Sector Development and Strengthening Law (Law No. 4 of 2023).
Under the new regime, crypto assets were reclassified as digital financial assets rather than commodities, placing them under the same supervisory framework that governs banks, securities firms, and capital markets.
This shift closed a long-standing gap in Indonesia’s regulatory architecture. By embedding crypto within the formal financial system, Indonesia signaled to global markets that digital assets would now be governed with stronger legal certainty, prudential oversight, and investor protection. Licensing, governance standards, and supervisory requirements applied to crypto businesses now align with broader financial-sector regulation.
Read more: How to Strategically Enter Indonesia’s Crypto Market via OJK Sandbox
Higher Standards for Crypto Exchanges
With OJK in charge, crypto exchanges and related entities faced significantly higher regulatory requirements.
Under OJK Regulation No. 27 of 2024, licensed operators must meet enhanced capital thresholds, implement stronger investor protection measures, adopt robust governance and risk management frameworks, segregate customer assets, and comply with periodic reporting obligations.
These requirements raised the operational bar and reduced room for lightly capitalized or weakly governed platforms. Indonesia shifted away from rapid platform proliferation toward a model favoring fewer, better-capitalized, and more accountable operators.
For international exchanges and institutional participants, the market became harder to enter but easier to evaluate. Regulatory expectations were clearer and more consistent with global financial standards.
Retail Investor Growth Continued
Despite tighter oversight and higher compliance standards, retail investor engagement remained strong throughout 2025.
According to OJK data, Indonesia’s crypto investor base continued expanding into the fourth quarter. As of October 2025, the country recorded approximately 19.08 million registered crypto investors, up from 18.61 million in September.
The continued growth under stricter regulation suggests crypto adoption in Indonesia has moved beyond speculative enthusiasm. For global observers, it indicates that digital asset participation has become embedded in routine retail investing behavior, particularly among younger, digitally native users.
Transaction Volumes Remained Stable
Through September 2025, Indonesia’s total crypto transaction value reached approximately Rp 446.55 trillion, equivalent to around USD 26.55 billion. Monthly trading activity remained consistent across spot and derivative products.
Liquidity is often the first metric to deteriorate during regulatory tightening. In Indonesia’s case, transaction volumes remained resilient, indicating sustained participation, functional price discovery, and market depth.
For institutional and international participants, stable liquidity under tighter supervision is a critical signal of long-term viability.
Changes to Crypto Tax Policy
In August 2025, Indonesia revised its crypto tax framework as part of broader fiscal reform.
The changes included:
- Removal of value-added tax (VAT) on crypto purchases, eliminating the 0.11% VAT previously applied to crypto transactions and reducing friction for users trading on domestic platforms.
- Higher final income tax on crypto sales, with the rate for transactions conducted on licensed domestic platforms increased from 0.1% to 0.21% per transaction.
- Increased taxation on offshore transactions, with crypto trades conducted via overseas platforms subject to a higher tax rate of 0.3%, making offshore activity significantly more expensive than domestic trading.
By reducing friction on domestic platforms while penalizing offshore trading, authorities encouraged activity within licensed and supervised environments.
Blockchain Policy Beyond Trading
In 2025, Indonesia formally recognized blockchain technology as part of its national digital infrastructure through Government Regulation (PP) No. 28 of 2025. The regulation integrates blockchain development into the country’s risk-based business licensing framework, classifying non-financial blockchain activities such as smart contracts, Web3 applications, and NFTs as low- to medium-risk businesses with simplified licensing requirements.
At the same time, crypto trading and other finance-related activities remain subject to strict regulatory supervision by authorities including the Financial Services Authority (OJK). This dual-track policy approach clearly separates blockchain’s long-term infrastructural and technological role from speculative financial activity.
By doing so, Indonesia reinforces blockchain’s position within its broader digital transformation agenda, while ensuring that market-facing crypto activity operates under robust financial oversight.
Progress on the Digital Rupiah and State-Backed Stablecoin
Alongside private market regulation, Bank Indonesia continued development of its central bank digital currency, the digital rupiah, under Project Garuda.
In 2025, Bank Indonesia also disclosed plans to explore a government-backed stablecoin model, backed by Indonesian government bonds and designed to operate alongside the digital rupiah. The concept aims to leverage blockchain efficiency while maintaining monetary sovereignty and systemic stability.
Rather than viewing private crypto as a threat, Indonesia is building a layered digital finance system where sovereign digital money, state-backed instruments, and regulated private crypto markets coexist.
Read more: Bank Indonesia Plans to Release Stablecoin Backed by Government Bonds
Increased Interest From Global Firms
By the second half of 2025, regulatory clarity and market scale translated into tangible international interest.
Robinhood announced plans to enter Indonesia through the acquisition of PT Buana Capital Sekuritas and licensed crypto trader PT Pedagang Aset Kripto, with the deal expected to close in 2026 pending regulatory approval. The move was explicitly linked to Indonesia’s large investor base and improving regulatory predictability.
Global exchange Bybit pursued a different entry strategy, announcing a strategic partnership with local exchange NOBI to launch Bybit Indonesia. Rather than seeking a standalone license, Bybit opted for local collaboration to navigate higher regulatory and capital thresholds under OJK supervision.
Read more: 3 Crypto Giants Step Up Indonesia Expansion
For global audiences, Indonesia’s crypto story in 2025 is best understood as a process of normalization. Regulation tightened without collapsing participation, compliance standards rose without draining liquidity, and tax policy was used to shape behavior rather than suppress activity. Indonesia entered 2025 as one of the world’s fastest-growing crypto markets and exited the year as a more structurally credible, institutionally investable jurisdiction in Southeast Asia.
As the market matures, market entry alone is no longer enough. Achieving genuine product–market fit now depends on regulatory alignment, localization, and execution. To support this, Indonesia Crypto Network (ICN) offers a Market Assessment Test to help brands evaluate readiness, identify regulatory and operational gaps, and benchmark positioning against both local and global competitors providing the clarity needed to compete effectively in Indonesia’s evolving crypto landscape.
