Indonesia Approves 29 Licensed Crypto Exchanges in Regulatory Crackdown

The OJK’s announcement on December 21 marks a pivotal shift in Indonesia’s approach to crypto regulation. By publishing a government-approved list, the regulator has effectively narrowed the field of legal operators, moving from a more permissive environment to a strictly defined one. The whitelist serves as the authoritative guide for which platforms are operating legally under the country’s digital asset framework. Ismail Riyadi, head of financial inclusion and communications at the OJK, explicitly stated that platforms not appearing on this list are unlicensed, unsupervised, and fall outside the regulator’s protective oversight.

The roster includes many of Indonesia’s most prominent and recognizable trading platforms, signaling that established players have successfully navigated the licensing process. Major names such as Indodax, Pintu, Pluang, Reku, Tokocrypto, Upbit Indonesia, Stockbit Crypto, and Ajaib Kripto are all present. The list also incorporates smaller or newer exchanges like Triv, Nanovest, CoinX, and Cyra Exchange, demonstrating that the licensing regime is accessible to a range of market participants, not just the largest incumbents.

Importantly, regulators have framed this development not as an endorsement of cryptocurrency speculation, but as a critical consumer protection measure. The OJK’s primary stated goal is to give the public a clear and reliable reference point. In a market previously characterized by some degree of uncertainty, investors now have an official source to verify the legitimacy of a trading platform before depositing funds. This clarity is intended to shield users from unregulated, potentially risky offshore or informal services that previously operated in regulatory grey areas.

The move also significantly empowers enforcement agencies. By explicitly identifying authorized operators, the OJK has made it straightforward to delineate legal from illegal activity. Platforms continuing to serve Indonesian users without being on the whitelist can now be unequivocally treated as operating illegally. Ismail Riyadi urged all stakeholders—investors, the licensed platforms themselves, and the broader public—to support the development of what he termed a “healthy and high-integrity” digital asset ecosystem. This, he emphasized, requires transacting only through licensed entities and reporting suspicious activity.

This regulatory tightening is a direct response to Indonesia’s meteoric rise in crypto adoption. According to the Chainalysis 2025 Global Crypto Adoption Index, Indonesia ranks 7th worldwide, underscoring its population’s growing engagement with digital assets. More strikingly, data from 2024 showed that within the Central & Southern Asia and Oceania region, Indonesia experienced the highest year-over-year growth at approximately 200%. This explosive expansion likely accelerated the regulator’s push to establish clear guardrails around the industry.

The publication of the whitelist effectively redraws the boundaries of Indonesia’s crypto market. Industry participants anticipate that this newfound regulatory clarity will reduce operational uncertainties and could foster greater institutional confidence over time. For consumers, the immediate impact is a more straightforward choice: use a platform on the OJK’s list and benefit from regulatory supervision, or accept the significant risks of using an unlicensed service. As Indonesia continues to solidify its position as a major crypto market, this list represents a foundational step in building a structured, monitored, and safer environment for digital asset trading.