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Main article: Indonesia
2023: Opening of a national crypto exchange
In mid-July 2023, the Indonesian Commodity Futures Trade Supervision Agency (CFTRA) announced the launch of the national cryptocurrency exchange Bappebti as part of the financial sector reform. Read more here.
2022: Ban on cryptocurrencies
In mid-January 2022, Indonesian financial institutions were banned from carrying out or promoting the sale of cryptocurrencies. The corresponding decree was issued by the Office of Financial Services of Indonesia (OJK).
 | OJK has strictly prohibited financial institutions from using, selling and/or facilitating the trading of cryptocurrency assets. Please beware of allegations of fraud under the Ponzi scheme in cryptocurrency investments, the regulator said in a statement. |  |
The OJK recalled that the value of crypto assets is subject to frequent fluctuations, and people who invest in digital assets should be fully aware of the risks associated with this.
Trading in cryptocurrency assets in Indonesia is growing, with total transactions reaching 859 trillion rupees ($59.83 billion) in 2021, up from 60 trillion rupees in 2020. Trading in cryptocurrencies in Indonesia is not prohibited on commodity exchanges, this activity is not regulated by OJK, but by the Ministry of Trade and the Commodity Futures Trading Regulatory Agency.
As of the end of January 2022, the ministry is facilitating a separate digital asset exchange called the Digital Futures Exchange, which officials said will launch in the first quarter. However, cryptocurrencies cannot be legally used for payments in the country.
The trend associated with the restriction of access to cryptocurrency assets is observed in other countries of Southeast Asia. For example, in January 2022, the Monetary Authority of Singapore introduced a ban on advertising cryptocurrency companies in public places, social networks and the media. Firms have the right to promote their services exclusively on their own sites and mobile applications. Similar Indonesian concerns were expressed by the central bank of Thailand.[1]
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