The Indonesian Financial Services Authority (OJK) has published a whitelist of 29 licensed crypto platforms, officially specifying which exchanges are legally allowed to operate in the country.
This list includes the names of entities and their apps and platforms and is intended to serve as an official reference for users to check whether a provider is properly licensed before transacting.
OJK asks citizens to only transact business with entities on the list and to treat unlisted platforms as unlicensed operators.
Upbit, the largest exchange in South Korea, is also among the authorized exchanges. Source: OJK
Global cryptocurrency players paying attention to Indonesia
As global players look to gain a foothold in Indonesia, it is becoming clearer who can legally offer cryptocurrency services.
Earlier this month, Robinhood signed an agreement with Indonesian brokerage firm Buana Capital to acquire licensed digital asset trader PT Pedagan Asset Crypto, giving Robinhood access to a market of more than 19 million capital market investors and approximately 17 million crypto traders.
Related: Indonesia’s digital rupiah CBDC to acquire stablecoin membership backed by government bonds
Hong Kong-based OSL Group completed its acquisition of licensed local exchange Coinsayan in September, gaining regulatory approval to offer spot trading and derivatives trading.
Related: Survey reveals 6 out of 10 wealthy Asians plan to expand their crypto purchases
Strengthening supervision of digital assets
This whitelist complies with OJK Regulation No. 23/2025, which strengthens the supervision of digital financial assets, including cryptocurrencies and related derivatives. The Regulation prohibits exchanges from facilitating trading in assets that are not registered or approved by a licensed digital asset exchange and introduces a framework for digital asset derivatives that requires prior OJK approval at the exchange level.
Platforms must implement margin mechanisms via segregated funds or digital assets, and consumers must pass a knowledge test before accessing derivatives. The regulator said these measures are aimed at strengthening investor protection in line with international supervisory standards.
Related: Ripple’s big win in Singapore: What’s possible with the expanded license?
In a rapidly growing market around the world
Indonesia is tightening its grip on licenses as the country solidifies its position as a major cryptocurrency market. Robinhood and industry data providers describe Indonesia as one of the fastest growing crypto economies in Southeast Asia, with tens of millions of investors across capital markets and digital assets.
Chainalysis’ 2025 Global Cryptocurrency Adoption Index ranks Indonesia among the world’s top 10 crypto adopters, noting the country as one of the world’s most dynamic markets and highlighting Indonesia’s growing presence in global digital asset activity.
