Indonesia Crypto Overhaul and Europe’s MiCA Deadline: Who Gets Cut from Major Markets
Indonesia parliament just passed the revised crypto law, formally cementing OJK’s authority over crypto as a regulated financial asset just as Europe’s MiCA transitional window closes on July 1. Two of the world’s most consequential crypto jurisdictions are hardening their frameworks in the same month, from opposite sides of the globe.
The structural logic is identical: reclassify crypto from a peripheral asset into a supervised financial instrument, require licensing, and push non-compliant platforms out. The era of operating across major markets on thin regulatory registrations is closing simultaneously in Jakarta and Brussels.
The P2SK Law revision, passed by the Indonesia Parliament expands OJK’s mandate across banking, capital markets, fintech, and digital financial assets, consolidating supervisory authority that was previously fragmented between OJK, Bappebti, and Bank Indonesia. For crypto specifically, this completes a reclassification that tokens are no longer traded commodities sitting inside Bappebti’s commodity-futures perimeter.
OJK can now impose bank-style prudential requirements on exchanges, capital adequacy, custody segregation, governance standards, and conduct rules. The law also amends Indonesia’s Capital Markets Act to expand the definition of securities to include investment contracts in digital form that confer economic benefits, opening the door for certain tokens and DeFi instruments to fall under full securities regulation. That is a direct structural parallel to MiCA’s treatment of asset-referenced tokens.
Indonesia parliament just passed the revised crypto law, formally cementing OJK’s authority over crypto as a regulated financial asset just as Europe’s MiCA transitional window closes on July 1. Two of the world’s most consequential crypto jurisdictions are hardening their frameworks in the same month, from opposite sides of the globe.
The structural logic is identical: reclassify crypto from a peripheral asset into a supervised financial instrument, require licensing, and push non-compliant platforms out. The era of operating across major markets on thin regulatory registrations is closing simultaneously in Jakarta and Brussels.
The P2SK Law revision, passed by the Indonesia Parliament expands OJK’s mandate across banking, capital markets, fintech, and digital financial assets, consolidating supervisory authority that was previously fragmented between OJK, Bappebti, and Bank Indonesia. For crypto specifically, this completes a reclassification that tokens are no longer traded commodities sitting inside Bappebti’s commodity-futures perimeter.
OJK can now impose bank-style prudential requirements on exchanges, capital adequacy, custody segregation, governance standards, and conduct rules. The law also amends Indonesia’s Capital Markets Act to expand the definition of securities to include investment contracts in digital form that confer economic benefits, opening the door for certain tokens and DeFi instruments to fall under full securities regulation. That is a direct structural parallel to MiCA’s treatment of asset-referenced tokens.