Six months after regulatory oversight of crypto assets in Indonesia transitioned from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK), the sector is undergoing marked changes.

PT Indokripto Koin Semesta (COIN), a local crypto exchange group, listed on the Indonesia Stock Exchange (IDX) on 9 July 2025, a first for the country.

As reported by DealStreetAsia, this marks a notable milestone, though analysts argue that real adoption will hinge on how far OJK is prepared to integrate crypto into the formal financial system.

“COIN’s IPO is a significant symbol, but not transformational in itself. It’s a company IPO like any other, only operating in crypto,”

said Desmond Wira, a crypto analyst.

He added,

“What’s more important is how the OJK charts its regulatory strategy, whether it allows crypto-backed ETFs, connects crypto with conventional finance, or enables some form of institutional guarantee.”

Priced at 100 rupiah per share, the IPO raised 220 billion rupiah.

Most of the proceeds will fund working capital and expansion for Central Finansial X (CFX), COIN’s crypto and commodity futures trading platform.

COIN also owns Kustodian Koin Indonesia (ICC), a digital asset custodian. Both entities are now regulated by the OJK.

COIN’s stock hit the upper auto reject limit for six consecutive trading days, climbing to 590 rupiah by 18 July, a 490% increase.

The firm’s market capitalisation surged from 1.4 trillion to 8.68 trillion rupiah in that time.

The group reported 101 billion rupiah in revenue in 2024, more than double from the previous year, and a net profit of 43.7 billion rupiah, recovering from a loss in 2023.

CFX contributed around 60% of the revenue.

COIN benefits from regulatory requirements mandating that all legal crypto trading and custody be conducted through licensed domestic platforms, securing a steady base of custody and transaction-related income.

The listing comes as OJK reclassifies crypto assets as digital financial instruments, no longer commodities, subjecting them to oversight in line with capital markets and banking.

“This isn’t just a nameplate change,”

said Calvin Kizana, CEO of Tokocrypto.

“OJK brings a higher level of scrutiny, and that’s good. It signals that crypto is no longer fringe. It’s being integrated into the broader financial system.”

According to OJK data, crypto transaction value in Indonesia reached 49.57 trillion rupiah in May 2025, up 39.2% from April.

Registered investors totalled 14.78 million, a 4.4% month-on-month increase.

Market capitalisation, however, declined slightly to 31.49 trillion rupiah.

Kizana noted a behavioural shift among users post-OJK.

“There’s less speculative frenzy and more long-term thinking. Users are asking about utility, real-world applications, and stable returns.”

Tokocrypto, backed by Binance, has resisted IPO plans since speculation began in 2021.

Kizana said the firm is focused on building a sustainable and profitable business before pursuing strategic exits.

Tokocrypto’s transaction volume rose from $4 billion in 2023 to $12 billion in 2024.

Though specific profit figures were not disclosed, it posted its first annual profit in 2024.

Its daily trading volume averages $30 million, second only to Indodax, which records $70 million.

As of mid-2025, Tokocrypto has 4.5 million registered users.

The majority (56.7%) are aged 18–30, followed by 31–45 (33.9%) and 46–55 (9.4%). The platform’s user base is 74% male and 26% female.

Rather than aggressive expansion, Tokocrypto has focused on education and outreach, hosting 135 events in 2024 that reached over 200,000 participants, mainly in tier-two and tier-three cities.

The company is also exploring real-world asset tokenisation, stablecoins, and AI-powered compliance tools.

“Users today aren’t just looking for quick profit. They want real use cases, safer products, and platforms they can trust,”

said Kizana, who became CEO in January 2025.

Still, challenges remain. DeFi, algorithmic stablecoins, and NFTs face regulatory caution.

Taxes and transaction fees have raised concerns over market competitiveness.

“If regulation becomes overly rigid or burdensome, there’s a real risk of talent flight and investor outflow,”

said Kizana.

“We need rules that balance protection with innovation.”

Other local exchanges include Ajaib Kripto, Reku, Pintu, Pluang, Triv, and Nanovest.

Featured image credit: Edited by Fintech News Indonesia, based on image by 3dhun and chestorm66 via Freepik