OJK Whitelists 29 Licensed Crypto Platforms in Indonesia, Tightens Derivatives Rules
Indonesia’s Financial Services Authority (OJK) has published a whitelist of 29 licensed crypto platforms authorised to operate in the country, confirming regulatory approval for major domestic and regional exchanges. The move follows OJK Regulation No. 23/2025, which tightens crypto and digital-asset derivatives controls: only registered assets may be listed, derivatives offerings require prior approval, segregated margin mechanisms must be used, and consumer knowledge tests are mandated for derivatives access. OJK urges retail investors to use only whitelisted platforms and treats unlisted services as unauthorised, strengthening enforcement powers against non-compliant operators. The whitelist aims to improve investor protection, market transparency and custody/KYC standards, and will likely draw user inflows and liquidity to approved venues while raising barriers for unregistered exchanges. The announcement comes amid increased international interest in Indonesia — including Robinhood’s local acquisitions and OSL Group’s buyout of Koinsayang — highlighting the country’s sizeable retail base and attractiveness for global entrants. Traders should monitor volume migration to whitelisted venues, potential delistings on non-compliant platforms, changes in liquidity and spreads on approved exchanges, and further regulatory updates from OJK or Bank Indonesia.
Neutral
The whitelist and stricter rules improve regulatory clarity, reduce counterparty risk, and are likely to shift trading volume and liquidity toward approved platforms — factors that support orderly markets but do not directly change the fundamental value of any specific cryptocurrency. Short-term effects include potential liquidity concentration on whitelisted exchanges, temporary volatility for tokens primarily traded on delisted or unlicensed venues, and widened spreads during migration. Long-term effects are likely neutral-to-positive: better custody, KYC and enforcement reduce systemic counterparty risk and may attract institutional or retail flows into regulated venues, supporting market stability. However, because the policy is regulatory (not monetary) and applies to platform access rather than token economics, it does not inherently create bullish price pressure across listed cryptocurrencies; impacts will be token- and venue-specific depending on where liquidity moves and whether any tokens are removed from major local listings.