Crypto as Commodity Regulations in Indonesia: What Changed in 2025

Before January 2025, if you wanted to trade cryptocurrency in Indonesia, you did it under the same rules as buying soybeans or crude oil. The Commodity Futures Trading Regulatory Agency, or BAPPEBTI, handled it all. But that changed. On January 10, 2025, Indonesia stopped treating crypto as a commodity and started treating it like a financial asset. This wasn’t just a paperwork shift-it rewrote the entire rulebook for everyone trading, investing, or running a crypto exchange in the country.

Why Indonesia Changed the Rules

The old system had problems. BAPPEBTI was built to oversee physical commodities, not digital assets that move in milliseconds across borders. Crypto exchanges listed over 850 different tokens, many with no real use, no team, and no transparency. Investors lost money. Scams grew. And because crypto couldn’t be used as payment, the government saw it as a speculative asset-not a tool for the economy.

Law No. 4 of 2023, called the PPSK Law, gave the Financial Services Authority (OJK) the power to take over. OJK already regulated banks, insurance, and stock markets. It had the tools to monitor money flows, enforce anti-money laundering rules, and protect consumers. The move wasn’t about banning crypto. It was about bringing it inside the system.

Who Controls Crypto Now?

OJK is in charge. That means crypto trading platforms must now get a license from OJK, not BAPPEBTI. If you’re running a crypto exchange in Indonesia, you need to prove you have at least IDR 100 billion (about $6.5 million USD) in paid-up capital. You also need to keep at least IDR 50 billion in equity at all times. And here’s the catch: that money can’t come from illegal sources. OJK checks where the capital came from-no more anonymous funding.

All platforms had to meet these requirements by July 2025. Many smaller exchanges couldn’t afford it. Some shut down. Others merged. Only the ones with real backing survived.

What Tokens Can You Still Trade?

Under the old system, exchanges could list almost anything. Now, OJK requires every digital asset on a platform to be reviewed and approved. By February 2025, exchanges had to submit their lists. By April 2025, only the approved ones stayed live. If a token didn’t meet OJK’s criteria-like having a clear use case, a public team, or transparent code-it got delisted.

This cut the number of tradable assets by more than half. Bitcoin and Ethereum? Still there. Thousands of obscure meme coins? Gone. The goal isn’t to pick winners. It’s to stop fraud before it happens.

How Crypto Is Taxed Now

The tax rules changed too. Before August 2025, crypto trades were taxed like commodity sales. You paid Value Added Tax (VAT) every time you bought or sold. That made trading expensive and messy.

Minister of Finance Regulation No. 50 of 2025 (PMK 50) scrapped that. As of August 1, 2025, crypto trades are no longer subject to VAT. Instead, only income tax applies when you sell for a profit. The tax rate depends on your total annual income, just like salary or business profits.

This was a huge win for traders. No more double taxation. No more confusing VAT calculations. The government now treats crypto like stocks or bonds-not like a bag of rice.

What You Can’t Do With Crypto

Even with all these changes, one rule hasn’t budged: you still can’t use crypto to pay for coffee, rent, or groceries. Bank Indonesia (BI) still bans it as a payment method. That hasn’t changed since 2018.

Some people hoped stablecoins-digital tokens pegged to the rupiah or dollar-would get special treatment. They didn’t. The government still sees them as risky for monetary stability. Until there’s a clear legal framework for digital payments, cash and bank transfers remain the only legal options.

What Happens If You Break the Rules?

OJK doesn’t play around. If a crypto platform lies about its capital, hides user data, or lets illegal money flow through its system, the penalties are severe. Licenses can be revoked. Fines can reach billions of rupiah. Executives can face criminal charges. Even personal assets can be seized if they’re linked to money laundering.

Platforms must report suspicious transactions to PPATK, Indonesia’s financial intelligence unit. OJK can track trades in real time. If you’re trying to hide large transfers or use fake IDs, you’re likely to get caught.

What This Means for Investors

For regular users, the changes are mostly good. Platforms are more secure. Assets are vetted. Tax rules are simpler. If you’re holding Bitcoin or Ethereum on a licensed exchange, your money is less likely to vanish overnight.

But there’s a trade-off. The high capital requirements mean fewer startups can enter the market. That reduces competition-and innovation. You’ll see fewer new apps, fewer features, and slower adoption of new tech like DeFi or tokenized assets.

Still, Indonesia is now one of the few countries in Southeast Asia with a clear, centralized crypto regulatory system. That gives investors more confidence than the wild west of 2023.

What’s Next?

The big question now is: will crypto ever be legal for payments? Industry groups are pushing hard for it, especially for stablecoins. They argue that digital rupiah-backed tokens could help unbanked communities and reduce remittance costs.

For now, the government says no. But with digital currency trials already underway by Bank Indonesia, the door isn’t completely closed. The next big shift might not be about trading-it could be about spending.

Until then, the rules are clear: trade only on licensed platforms. Keep your records. Pay your taxes. And never use crypto to buy anything. It’s still illegal.