Indonesia lists 29 licensed crypto platforms as global players eye market

Indonesia has drawn a clearer legal boundary around its fast-growing crypto market.

The Financial Services Authority (OJK) has released an official whitelist of licensed digital asset platforms, setting out which exchanges are legally allowed to operate in the country.

The move gives investors a single reference point to check whether a crypto provider is authorised and signals a more structured phase of oversight for digital assets.

It also arrives as global firms step up efforts to enter Southeast Asia’s largest economy, where crypto participation has expanded rapidly alongside traditional capital markets.

The whitelist names 29 approved entities and their associated applications or platforms.

According to Otoritas Jasa Keuangan, the list is intended to help the public distinguish between licensed operators and those that are not authorised.

Users have been urged to trade only with platforms included on the list and to treat any unlisted services as unlicensed operators.

Whitelist reshapes crypto access

By publishing a formal register, the regulator has effectively tightened the gateway into Indonesia’s crypto ecosystem.

Until now, retail users often relied on fragmented information to verify whether an exchange was compliant.

The whitelist consolidates this process, offering a regulator-backed reference that places responsibility on platforms to maintain their licensed status.

The announcement also gives enforcement greater clarity.

Platforms operating outside the list are now explicitly positioned as unauthorised, strengthening the regulator’s hand in tackling illicit or non-compliant activity across digital asset markets.

Global firms move into Indonesia

The regulatory clarity comes as international crypto and trading firms seek exposure to Indonesia’s expanding investor base.

Earlier this month, Robinhood signed agreements to acquire Indonesian brokerage Buana Capital and licensed digital asset trader PT Pedagang Aset Kripto.

The transactions provide the company with a direct route into a market that counts more than 19 million capital-market investors and around 17 million crypto traders.

In September, Hong Kong-based OSL Group completed its acquisition of local exchange Koinsayang.

The deal secured regulatory approval for OSL to offer both spot and derivatives trading services in Indonesia, reinforcing the country’s appeal to established regional players.

Rules tighten around digital assets

The whitelist follows OJK Regulation No. 23/2025, which introduces stricter controls over digital financial assets, including crypto and related derivatives.

Under the regulation, exchanges are barred from facilitating trades in assets that are not registered or approved by a licensed digital asset exchange.

The framework also formalises the treatment of digital asset derivatives. Exchanges must obtain prior approval from the regulator before offering such products.

In addition, platforms are required to implement margin mechanisms using segregated funds or digital assets, while consumers must pass a knowledge test before accessing derivatives trading.

The regulator has said these measures are designed to align Indonesia’s market with international supervisory standards and enhance investor protection.