Indonesia’s Financial Services Authority (OJK) has officially released a whitelist containing 29 licensed crypto platforms, indicating which exchanges are allowed to operate legally in the country.
The whitelist aims to provide users with an official reference to verify whether a trading provider is authorized before making transactions. The OJK has encouraged the public to avoid transactions with operators not listed.
South Korea’s largest exchange, Upbit, is included among licensed exchanges.
Source: OJK
Global Crypto Firms Targeting Indonesia
The updated licensing comes as global firms seek entry into Indonesia’s expanding crypto market. For instance, Robinhood has recently secured deals to acquire two local firms—Buana Capital and PT Pedagang Aset Kripto—marking its entrance into a market with over 19 million capital market investors and around 17 million crypto traders.
Additionally, the Hong Kong-based OSL Group completed its acquisition of the licensed Indonesian platform Koinsayang in September, allowing it to offer services for spot and derivatives trading.
Stricter Regulations on Digital Assets
The whitelist is a result of OJK Regulation No. 23/2025, which imposes stricter regulations on digital financial assets. It prohibits exchanges from transacting assets that are not registered with a licensed exchange and introduces a framework for per-exchange approval of digital asset derivatives.
Exchanges must also utilize margin mechanisms through segregated accounts, and traders need to pass a knowledge assessment before they can trade in derivatives. The regulations aim to align with international standards and enhance investor protection.
One of the World’s Fastest-Growing Crypto Markets
As Indonesia enforces its licensing protocols, the country is solidifying its reputation as a leading crypto market. Industry reports highlight Indonesia’s emergence as one of Southeast Asia’s most rapidly evolving crypto ecosystems, with millions of investors in both capital markets and digital assets.
The 2025 Global Crypto Adoption Index by Chainalysis ranks Indonesia within the top 10 worldwide for crypto adoption, evidencing its dynamic role in the global digital asset landscape.
