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JURNAL SCIENTIA, Volume 12 No 2, 2023 ISSN 2302-0059
LEGAL REVIEW OF DIGITAL ASSET DEVELOPMENT IN

INDONESIA
Erdina Louise Oudang
Master of Law Student, Christian Universitas Indonesia
E-mail: erdina.oudang@gmail.com
ABSTRACT
Article Info Digital assets or often referred to as crypto assets is a new global
Received: 01/05/2023 phenomenon where the concept of digitization using blockchain technology
Revised: 12/05/2023 and in the era of the industrial revolution 4.0, this phenomenon has begun
Accepted: 14/05/2023 to be understood by the public and in various countries, has been adopted
and its legality is recognized. This technological development aims to
provide accuracy, transparency and especially with a decentralized system
that gives control to communities in society; while digital assets are tangible
products within the blockchain system, with the aim of being a means of
exchange, means of payment, means of storing data, means of investment,
etc. The focus of the problems studied in this research is to review the law
on the development of digital assets in Indonesia. The research method used
in this research is a qualitative normative legal research method with a
normative approach and the researchers process the data with qualitative
data analysis. In legal practice and policy on digital asset regulation in
Indonesia, crypto assets are a commodity investment tool that can be traded
on the Futures Exchange; technical arrangements are regulated by the
Commodity Futures Trading Regulatory Agency (Bappebti) under the
Ministry of Trade, with CoFTRA Regulation Number 13 of 2022
concerning Amendments to CoFTRA Regulation Number 8 of 2021. The
regulation regulates Guidelines for Organizing Crypto Asset Physical
Market Trading in Futures Exchange. The issuance of this new regulation
aims to strengthen the crypto and blockchain ecosystem in Indonesia, which
continues to grow rapidly in Indonesia until this time the research was
conducted.
Keywords: Digital Assets, Crypto Assets, Blockchain
1. INTRODUCTION
The world is moving quickly and is deeply felt by the pandemic, where global activities continue
to run and connect more efficiently along with the development of digital technology that continues to
innovate to achieve efficiency in an increasingly fast time, greater volume and cheaper costs. Thus,
technology created in other parts of the world will definitely enter Indonesia and will be easily adopted
by the Indonesian people through the internet, regardless of whether the technology is regulated by
Indonesian law or not. Since the whole world experienced the pandemic, humans are looking for other
activities that do not require physical presence and become dependent on digital technology and online
activities. One of the things that drives the phenomenon of digital assets in Indonesia to grow rapidly
is during the pandemic where online service users can carry out daily activities such as working,
shopping and investing. In the era of globalization and digitalization, Indonesia has followed the
growing trends in the world and because Indonesia has a relatively younger population than many other
countries, the adoption of digital trends is very fast and growing rapidly. Thus, digital assets, which
were previously only developed abroad, have entered and become part of social phenomena in the lives
of Indonesian people, along with internet access that is increasingly easy to obtain and sophisticated
such as 5G networks, supported by the price of electronic devices such as computers and mobile phones
that are increasingly affordable with a variety of choices.
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Digital assets or often referred to as crypto assets, which are also widely known, one of which is
Bitcoin. While the disruption of new technology that brings digital assets is known as blockchain
technology, a new technology such as the internet that does not recognize cross-borders, cultures and
regulations as a state of law. If reported from the website of the Ministry of Communication and
Information, according to teaching staff at BPPTIK of the Ministry of Communication and Information,
Mr. Eddo Fajar Nugroho, MT. That blockchain technology is a series of blocks containing information
where there is a timestamp on each digital document so that the document cannot be eliminated or
falsified, it will be very difficult to change the data that has been entered into the blockchain system ,
plus the specialty is data that can be accessed by anyone. Thus, the disruption of blockchain technology
that is growing throughout the world has also brought the phenomenon of digital assets to be adopted
together with blockchain technology , these two phenomena cannot be separated. There are four (4)
features that distinguish blockchain from other technologies, which are:
1. Consensus
2. Security
3. Provenance (Source)
4. Trust
Looking at these features, this technology brings the trust of a group of blockchain users for
transactions to occur on the blockchain, so the system changes from a centralized system to a
decentralized one.
Bitcoin itself is one type of digital asset. The world knows Bitcoin because Bitcoin first appeared
in 2009, after many developed countries experienced a monetary crisis known as the mortgage-backed
securities and financial crisis of 2008, at which time the financial crisis that spread throughout the world
occurred due to the extension of second-mortgage excessive amounts to weak borrowers, who then
repackage these debts into financial products and resell them on financial markets to investors attracted
by high risk ratings and high interest rates. Some banking institutions that were not expected to become
bankrupt because they could not meet their debts. Bitcoin is a project in cyberspace introduced by an
anonymous entity by the name of Satoshi Nakamoto. The interesting thing about this development is a
concept of finance in cyberspace that is decentralized, everyone is no exception can participate, can get
new Bitcoins by mining electronically, and together validate each other's mining work in the electronic
system so that there is transparency in every process. A decade later, these digital asset projects in
cyberspace continue to grow, with Bitcoin becoming the largest digital asset project with ever reaching
a market capitalization valuation of around 1000 billion US Dollars in August 2021. Thus, Bitcoin is
referred to as a stable coin along with several other digital assets such as Ethereum, USD Tether, USD
Coin.
Since digital assets such as crypto assets are prohibited as legal tender in Indonesia, some other
countries see digital assets as commodities, and from an economic point of view, the Indonesian
government sees great investment potential by regulating digital assets as commodity futures that can
be regulated and supervised by Bappebti under the Ministry of Trade. Based on this, regulation and
supervision of digital assets and blockchain technology underlying digital assets or more commonly
referred to as crypto assets, are regulated in Bappebti regulations issued by the Head of Bappebti.
2. METHODS
The research method used is a type of normative legal research, namely legal research conducted
by examining secondary data, consisting of library materials, which include laws and regulations, books
and journals. This normative legal research is used in order to review and examine more deeply the
country's efforts in following technological developments and regulating digital assets in Indonesia.
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3. RESULTS AND DISCUSSION

The activities of market participants are regulated in Bappebti Regulation Number 13 of 2022
concerning Amendments to Bappebti Regulation Number 8 of 2021 concerning Guidelines for
Implementing Crypto Asset Physical Market Trading on Futures Exchanges.
This global phenomenon has been adopted in developed countries such as Japan and America
before 2018 and became the attention of the Indonesian government in 2018 starting with a coordination
meeting and in accordance with the Coordinating Minister for Economic Affairs Letter Number S-302
/ M.EKON/09/2018 dated September 24, 2018 concerning Follow-up to the Implementation of the
Crypto Asset Regulation Report as a Commodity Traded on the Futures Exchange.
The legal basis for consideration and regulation for crypto asset trading in Indonesia is based on
the legal basis for commodity futures trading:
1. Law No.10 of 2011 concerning Amendments to Law No.32 of 1997 concerning Commodity
Futures Trading, Article 1 No.2 states that commodities are all goods, services, rights and other
interests and any derivatives of commodities that can be traded and are the subject of futures
contracts, sharia derivative contracts, and/or other derivative contracts.
2. The determination of Commodities as the Subject of Futures Contracts is regulated by the
Regulation of the Head of Bappebti, stipulated in article 3 of the Commodity Futures Trading
Law that commodities that can be the subject of Futures Contracts, Sharia Derivative Contracts,
and/or other Derivative Contracts, are regulated by the Head of Bappebti Regulation.
3. Furthermore, Article 15 of the PBK Law authorizes Bappebti to carry out physical transactions
of commodities and determine the procedures.
Looking at the description of the legal basis above that existed before the phenomenon of crypto
assets was adopted en masse by the people of Indonesia, the legal basis for commodity futures that
applies to crypto assets. In 2018, where the phenomenon of crypto assets such as Bitcoin has become
global, the Coordinating Minister for Economic Affairs Letter Number S-302 / M / EKON / 09/2018
dated September 24, 2018 concerning the Implementation of the Regulation of Crypto Assets as
Commodities Traded on Futures Exchanges, followed by the Regulation of the Minister of Trade
Number 99 of 2018 concerning General Policy for the Implementation of Crypto Asset Futures Trading.
Crypto assets will still be banned as a means of payment, but seeing what has happened on a global
scale, where it has become an investment tool and thus can be included as a commodity that can be
traded on futures exchanges. As for the economy, it can be seen that there is a large investment potential
which if not regulated, will have a negative impact if investment goes out (capital outflow) because
consumers will look for markets that legalize crypto transactions, people who adopt this technology
start by buying crypto assets as an investment, not as a means of payment for daily activities.
Based on the above, Bappebti issued a set of regulations to regulate crypto asset trading in order
to be a guide for market participants, traders who want to facilitate and provide online platforms and in
the blockchain system for consumers in Indonesia. The regulations governing these traders are:
a. Bappebti Regulation Number 2 of 2019 concerning the Implementation of Physical Markets on
the Futures Exchange.
b. Bappebti Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation
of the Crypto Asset Physical Market on the Futures Exchange.
c. Bappebti Regulation Number 6 of 2019 concerning the Implementation of the AML-CFT
Program Related to the Implementation of the Physical Market of Commodities on the Futures
Exchange.
d. Bappebti Regulation Number 9 of 2019 concerning Amendments to the Regulation of the
Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Technical
Provisions for the Implementation of the Crypto Asset Physical Market on the Futures Exchange.
e. Bappebti Regulation Number 2 of 2020 concerning the Regulation of the Commodity Futures
Trading Supervisory Agency Number 5 of 2019 concerning Technical Provisions for the
Implementation of the Crypto Asset Physical Market on the Futures Exchange.
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f. Bappebti Regulation Number 8 of 2021 concerning Guidelines for Implementing Crypto Asset
Physical Market Trading on Futures Exchanges.
g. Regulation of the Commodity Futures Trading Supervisory Agency Number 13 of 2022
concerning Amendments to Bappebti Regulation Number 8 of 2021 concerning Guidelines for
Implementing Crypto Asset Physical Market Trading on Futures Exchanges.
Bappebti's efforts in following the rapid growth of the crypto industry can be seen from the
regulations that are updated every year, because this phenomenon is adopted quickly by the Indonesian
people, where in February 2021 the number of crypto asset investors in Indonesia was only around 4.5
million investors, while in February 2022 it had reached 12.4 million investors. The crypto assets of
these investors are accommodated by physical crypto asset traders in Indonesia who are also referred
to as crypto exchangers. One of the main requirements to be able to participate and facilitate crypto
asset trading in Indonesia is to register and get a registration number from Bappebti. According to
Bappebti regulation Number 5 of 2019, one of the main requirements for digital asset trading market
players or crypto assets that existed before there was a regulation Bappebti can register and must meet
the minimum capital of Rp.100 billion, and maintain a final capital balance of Rp.80 billion, which
makes market players complain, but this is very important because the commitment and ability to
safeguard investor assets is the main one, and this amount is assessed from the daily transaction volume
of crypto assets which can reach Rp.600 – Rp.700 billion This regulation was updated where in 2022
Bappebti stipulates the amount of capital to be paid up is Rp.100 billion and the equity that must be
maintained is Rp.50 billion.
The mapping of the digital asset industry in Indonesia is regulated where there are major
exchanges that will regulate crypto asset transactions and small exchanges that interact directly with
everyday consumers are referred to as Crypto Asset Physical Traders (PFAK), and for now until this
crypto asset trading mechanism is achieved, market participants get registration as Prospective Crypto
Asset Physical Traders (CPFAK). Investors or customers, can open an online account on the CPFAK
platform by going through the identity registration process and Know Your Customer (KYC) and Due
Diligence (DD) system by each platform and through the online application, customers can make
transfers from bank account to customer account on the exchange platform (CPFAK) it. After the
funds arrive, customers can make transactions by selling Rupiah and buying digital assets on the
platform.
Market participants who already have registration from Bappebti as CPFAK have the obligation
to maintain digital assets or crypto assets in their respective containers, are required to store these digital
assets in online and offline containers, in order to maintain security and this is referred to as cold storage
and hot storage, where storage is required with a ratio of 70% to be stored offline (cold storage ) and a
maximum of 30% online (hot storage). Until now, an effective way to keep security from hacking has
been to store digital assets in separate containers, cold storage systems are systems where keys are
generated on an offline system (not connected to the internet) and stored offline on paper or digital
media such as USB memory sticks.
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Figure 1. Crypto Asset Trading Mechanism

Source: Bappebti Brochure, Crypto Asset, 2020 Publishing
https://bappebti.go.id/resources/docs/brosur_leaflet_2001_01_09_o26ulbsq.pdf
When viewed from the mechanism above, at this time the development of digital assets in
Indonesia is growing rapidly with the role of Bappebti which follows along with market needs that must
be regulated for investor security and at the same time provides legal certainty through Bappebti
regulations so that market players can register and provide services and products to the people of
Indonesia. Regarding other stakeholders in accordance with this futures trading mechanism, such as
depository managers, futures exchanges and futures clearing houses, although it is already in regulation,
in practice it still does not exist until this research is conducted.
Supervision and regulation of Bappebti on the development of the digital asset and blockchain
ecosystem in Indonesia.
At the beginning of the digital asset industry regulated in Indonesia in 2019, only a dozen market
players registered to get registration from Bappebti. As of April 2023, Bappebti has granted registration
permits to 28 Prospective Crypto Asset Physical Traders (CPFAK), where digital asset customers or
investors can choose to make one or several of the 28 companies to become crypto asset trading
platforms. Apart from regulating market players such as Prospective Crypto Asset Physical Traders
(CPFAK), other forms of supervision and regulation of Bappebti on the development of the digital asset
and blockchain ecosystem in Indonesia are through:
a. Setting Up Crypto Asset List in Indonesia

Bappebti also issued a separate regulation governing crypto assets that can be traded in Indonesia
because the number of digital assets / crypto assets on the world market is very large, CoinMarketCap
reported that there are around 22,932 types of crypto assets, with a total market capitalization of USD
$1.1 trillion, a very large number if you remember that Bitcoin was only launched in 2009. Considering
that crypto assets are a new technology and there is no mechanism that can guarantee overall investment
security, crypto assets that may be traded in Indonesia are part of the regulation of Bappebti through
Bappebti Regulation Number 11 of 2022 concerning the Determination of the List of Crypto Assets
Traded in the Physical Market of Crypto Assets, as well as revoking Bappebti Regulation Number 7 of
2020 , where it is determined that there are 383 types of legal crypto assets in Indonesia, and 10 of
them are crypto assets created by local crypto activists, the work of the nation's children.
In the previous year, in Bappebti Regulation Number 8 of 2021, stipulating 229 types of crypto
assets that can be traded in Indonesia, it was also mentioned the requirements for crypto assets that can
be traded in the Crypto Asset Physical Market, which must first be registered with Bappebti through
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exchanges that have obtained registration (CPFAK) and an assessment is carried out based on the
regulations and assessment methods of the Analytical Hierarchy Process (AHP) with predetermined
criteria. As for crypto assets that have not been registered with Bappebti, they cannot be traded.
b. Cooperation with Cross Government Agencies

Another effort made is by reporting transactions through financial statements and transactions.
In the regulations issued by Bappebti, one of the main obligations of crypto asset traders is to conduct
transaction reports and submit electronically daily transaction reports and monthly transactions to the
Head of Bappebti and supplemented with periodic reports such as company financial statements,
quarterly and annual company activity reports. Thus, Bappebti can monitor the performance of market
participants and can report to the Ministry of Trade and to maintain security and suspicious transactions,
Bappebti can cooperate with PPATK and also the police in law enforcement. Some examples of crimes
where digital assets such as Bitcoin are used for drug transactions, investment fraud, terrorist extortion
and money laundering proceeds of corruption.
Bappebti and the Center for Financial Transaction Reporting and Analysis (PPATK) are
collaborating in taking steps to supervise transactions of crypto assets and other digital assets called
Non-Fungible Tokens (NFT), where this plan was conveyed in the Joint Working Meeting of
Commission III of the House of Representatives on January 31, 2022, thus this joint audit plan can
make the crypto asset industry healthier and more transparent and especially in accordance with
Bappebti Regulation Number 6 of 2019 where it has been regulated implementation of Anti-Money
Laundering and Countering the Financing of Terrorism (AML-CFT) program, if there are suspicious
transactions for market participants through reports provided to Bappebti and PPATK.
c. Supervision Through Synergy with Stakeholders in the Crypto Industry

The rapid development and adoption of blockchain technology cannot be contained because the
community of crypto asset activists formed in cyberspace consists of people across countries, who
gather together in a digital forum based on the same motivations and interests, exchange ideas and
information about crypto assets and any latest developments in blockchain technology that can increase
value , the value of the digital asset (crypto asset) owned by that consumer. If associated with the
development of other digital assets based on blockchain technology, the existence of another form of
digital asset that had also become a phenomenon in Indonesia called Non-Fungible Token (NFT). NFT
is a digital asset in the form of artwork or collectible works and can only be stored, verified and traded
on the blockchain, where the difference with crypto assets, NFT is more like a digital certificate and
has a unique code so that it can only be traded, not like crypto assets that have a value that can be traded
and exchanged for other crypto assets. One example of the NFT phenomenon in Indonesia is Ghozali
Everyday where Ghozali sold his artwork on a blockchain platform called OpenSea and made a profit
of Rp.1 billion. This form of digital asset has not been detailed in Bappebti's regulations, but indirectly
this NFT can be monitored for development because NFT buying and selling transactions on the
OpenSea platform use crypto assets. Thus, it can be anticipated that there will be other phenomena
related to various types of digital assets and crypto assets that will develop in Indonesia, the growth of
digital asset activist communities is very fast so that Bappebti must be able to follow and understand
trends in this new industry.
Realizing the existing developments, Bappebti regularly holds meetings and socialization with
stakeholders so that the digital asset industry can grow healthily and the interests of investors or
consumers or customers in Indonesia can continue to be protected. Bappebti holds synergy and
collaboration with active associations which are: Indonesian Blockchain Association (ABI), Indonesian
Crypto Asset Traders Association (ASPAKRINDO), Indonesia Crypto Consumers Association (ICCA).
In Bappebti regulation Number 13 of 2022, article 16 regulates exchangers to organize literacy and
education activities for the public in socializing digital assets, both in the form of seminars, promotions,
workshops, workshop training and the like, where the material has been given to Bappebti. In February
2023, Bappebti together with the Indonesian Crypto Asset Trading Association (ASPAKRINDO) held
a Crypto Literacy Month program that has successfully provided material education about digital assets
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and digital financial literacy and investment to more than 83 thousand people. During this Crypto
Literacy Month (BLK), market players held various online and offline programs in various cities in
Indonesia such as in Jakarta, Medan, Semarang, Surabaya and Makassar and through zoom seminars,
social media and websites. It is hoped that with this first BLK, education will continue to take place
for the public to be more familiar with the various types of digital assets along with the regulations,
benefits and risks that exist in crypto asset investment. One of the initiatives in introducing that digital
assets such as NFTs can provide social and cultural meaning, a Batik NFT auction was held made by
children of cancer fighters at the Palbatu Batik House Community and the auction proceeds were given
to them. Programs like this are expected to bring enlightenment to the public and communities of digital
asset activists to be more critical in the use of digital assets and combine with social and cultural aspects,
not just as an investment tool.
4. CONCLUSION
Along with the rapid changes and developments, it can be seen that Bappebti regulations continue
to be updated every year in an effort to continue to protect consumers, namely crypto investors and
digital asset customers and provide space for prospective physical crypto asset traders in Indonesia to
grow and compete healthily. The Indonesian government has been very swift to anticipate and try to
regulate digital assets and blockchain by defining digital assets as commodities that can be regulated
and supervised by Bappebti. Because this is a global technological disruption, of course, concrete steps
and cooperation at the global level are needed in continuing to anticipate new breakthroughs in digital
technology, especially in blockchain technology, because its application has been seen to be very vital
and will bring significant changes in various industries, especially the financial industry. In January
2023, Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector
has been passed, which aims to support, realize and provide reforms to development and strengthening
efforts in the financial sector which also includes digital assets, where OJK and digital assets will
regulate digital assets in the form of crypto in the form of Central Bank Digital Currency (CBDC) will
be regulated by BI. It is hoped that there will continue to be continuity between existing regulations so
that there will be no legal vacuum in regulating new digital technologies that will rapidly enter and be
adopted by the people of Indonesia.
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LEGAL REVIEW OF DIGITAL ASSET DEVELOPMENT IN

3. RESULTS AND DISCUSSION

Figure 1. Crypto Asset Trading Mechanism

a. Setting Up Crypto Asset List in Indonesia

b. Cooperation with Cross Government Agencies

c. Supervision Through Synergy with Stakeholders in the Crypto Industry

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