The Indonesian Monetary Authority announced 29 encryption whitelists, and the industry has officially entered the license and licensing stage.
Indonesia OJK announced a whitelist of 29 encryption platforms, and foreign capital rushed into the market through mergers and acquisitions
(Previous summary: Chainalysis report: North Korean hackers stole US$2 billion in crypto assets in 2025, and Bybit became the biggest victim)
(Background supplement: Security company: North Korean hackers have penetrated 15~20% Cryptocurrency companies)
Contents of this article
The Indonesian Financial Services Authority (OJK) took action on December 19 with a whitelist of only 29 platforms, ending the years of "get on the bus first and then talk about it" encryption boom era. For Silicon Valley, Wall Street and regional investors, this list is like a red line and an admission ticket: those listed are granted legal business qualifications, while those not listed are classified into a gray area, and capital flows and marketing channels are instantly blocked.
Compliance red lines draw 29 gold medals
The release of this list coincides with the first action after Indonesiaâs regulatory authority was fully transferred from the Commodity Futures Trading Regulatory Authority (Bappebti) to OJK in January 2025. Indodax, Tokocrypto acquired by Binance, the Korean Upbit division, as well as local startups Ajaib, Pintu, Nanovest, etc. are all listed. OJK made it clear that the public should "stay away from platforms that are not on the list." In an Indonesian market with more than 17 million crypto traders, bonuses have since been locked in the hands of 29 licensed players.
Mergers and acquisitions have become the fastest way for foreign capital to enter the market
High-threshold licenses have triggered a bidding wave of "buying faster than applying". US stock brokerage Robinhood has successively acquired licensed brokerage Buana Capital and crypto trader PT Pedagang Aset Kripto (Coinvest), hoping to open up securities and digital asset transactions within a single application. Hong Kong OSL Group acquired Koinsayang in September to quickly obtain spot goods and derivative brand licenses. For these foreign investors, M&A is not just about buying transaction volume, but also a potential channel to seize Indonesiaâs 19 million investors.
Regulation simultaneously relaxes product innovation
OJK Regulation No. 23/2025 not only requires compliance, but also promotes financial deepening. For the first time, regulations establish a framework for "encrypted derivatives", stipulating margin isolation and knowledge testing to reduce leverage risks. At the same time, new products such as staking also receive positive list treatment. Nanovest obtained Ethereum (ETH) staking service qualifications on December 18. Official statement:
"We are the first platform to obtain the OJK license to provide staking services, which breaks the traditional 32 ETH The high threshold allows more investors to participate in the Ethereum network and receive rewards. â
These standards bring the Indonesian market in line with the standards of international financial centers such as London, Singapore, and Hong Kong, and also provide institutional investors with a more predictable system.
The axis of competition in the next stage
The whitelist symbolizes the demarcation of boundaries, but the competition has just begun. For foreign investors such as Robinhood and OSL, Indonesia is a leverage point that can extend their global business territory to Southeast Asia; for local platforms, it is a life-and-death battle whether they can maintain market share under the pressure of capital, technology and brand. As derivatives and pledge services are gradually released, the market's attention will shift from "who can stay" to "who can make it bigger", and OJK's supervision scale will also determine the fine balance between innovation and risk.
At the end of 2025, Jakarta has moved from the crypto frontier to the strategic core. The plates of global capital are moving, and the 29 licenses have become the fulcrum of the struggle between foreign capital and local platforms. In the next round, investors will keep an eye on the three indicators of trading volume, product depth and risk control. Who of the licensed players will come out on top will soon be announced in this country of a thousand islands.
