Corporate Liability of Crypto Asset Trading Operators After the Transfer of Supervision to the Indonesian Financial Services Authority (Journal of Law Administration and Social Science)

Summary

• Between January and November 2024, Indonesia recorded a crypto asset transaction value of Rp556,53 triliun with 22,11 juta registered customers.p.2
• By July 2026, consumer accounts reached 22,93 juta with a monthly crypto transaction value of Rp20,52 triliun.p.2
• A cyber attack on the Indodax platform on 11 September 2024 led to estimated losses of around US$20 juta or Rp300 miliar.p.2
• Under PMK No. 50 of 2025, crypto sales through domestic traders incur an income tax rate of 0,21% of transaction value, compared to 1% for transactions without a designated collector.p.7
• Penalties for consumer protection violations enforced via POJK No. 22 of 2023 allow for administrative fines up to Rp15 miliar.p.13
• Conducting unauthorized crypto asset trading operations under Article 304A of Law No. 4 of 2026 carries a maximum prison term of 10 tahun.p.14

Key insights

1. The transition of crypto trading oversight from Bappebti to the Financial Services Authority on 10 January 2025 represents regulatory continuity rather than a complete structural overhaul.p.1
2. Law No. 4 of 2026 provided statutory status for crypto asset entities while extending potential legal liability to controlling shareholders.p.1
3. Crypto assets are classified as intangible property in deposit-like relationships, but storing them in omnibus wallets registered to traders weakens consumer separation claims during bankruptcy.p.1
4. Article 221D of Law No. 4 of 2026 introduces market integrity prohibitions against deceptive practices and insider trading without establishing its own criminal sanctions.p.1
5. OJK Regulation No. 27 of 2024 lacks explicit administrative fine amounts specifically tied to breaches of asset segregation and custodian wallet security rules.p.12
6. Article 304A of Law No. 4 of 2026 subjects unlicensed crypto service providers to criminal fines up to Category VIII, which corresponds to Rp50 miliar.p.14
7. Institutional litigation by OJK under Regulation No. 38 of 2025 functions as a standalone legal action rather than a traditional class action.p.16