The Financial Services Authority (OJK) has provided an update on the progress of the licensing process for the establishment of a new cryptocurrency exchange in Indonesia. Previously, reports circulated that conglomerate Haji Isam was planning to launch a new crypto exchange in the country.

Hasan Fawzi, Chief Executive of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision at OJK, stated that the license application involves three separate entities. In addition to the exchange itself, there are also a clearing house and a crypto asset depository currently seeking approval from OJK. However, Hasan declined to disclose the names of the applicants involved.

“The process is still ongoing, particularly in terms of fulfilling the necessary requirements. If any documents or aspects are incomplete, we will ask the applicants to provide additional materials. This is part of the procedure that must be followed,” Hasan explained after the FEKDI x IFSE 2025 event in Jakarta on Friday (October 31, 2025).

He emphasized that the licensing process includes a comprehensive evaluation of key factors such as capital adequacy, institutional readiness, and system infrastructure and connectivity. According to Hasan, a crypto exchange must have a system that is well-integrated with the clearing institution, custodian/depository, and digital asset traders.

Furthermore, Hasan noted that there is no fixed deadline for completing the licensing process. OJK will continue to review and evaluate submissions, requesting additional information if any requirements remain unmet.

“There will also be a fit and proper test (PKT) phase, assessing the competence and integrity of the management team, controlling shareholders (PSP), commissioners, and directors. Once all evaluations are passed and requirements fulfilled, we will proceed with the final approval,” Hasan added.

For context, Indonesia currently has only one officially licensed crypto exchange under OJK supervision, namely PT Bursa Komoditi Nusantara (Commodity Future Exchange/CFX), which was formally launched on Friday, July 28, 2023.

Recently, several prominent figures have been reported to be preparing license applications for new crypto exchanges. Among them are Oscar Darmawan, founder of Indodax, and Hamdi Hassarbaini, CEO of PT Sentra Bitwewe Indonesia.

Other notable names include Pahala Mansury, former Deputy Minister of State-Owned Enterprises, and Pang Xue Kai, former CEO of Tokocrypto. Both are reportedly backed by major investors such as Samsudin Andi Arsyad (Haji Isam) and Hapsoro Sukmonohadi (Happy Hapsoro), the husband of the Speaker of the Indonesian House of Representatives, Puan Maharani.