OJK Is Preparing a Digital Asset Roadmap: What Are Its Priorities?

Indonesia’s Financial Services Authority, or OJK, is preparing a Roadmap for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets for the 2026 to 2031 period. The document is intended to guide the IAKD sector after crypto supervision moved to OJK and Indonesia’s financial-sector framework was revised through Law No. 4 of 2026.

OJK has announced three broad agendas: deepening the ecosystem already in place, widening the use and reach of innovation, and safeguarding consumers while mitigating risk. The authority uses the terms deepening, widening, and safeguarding to describe these priorities.

The roadmap’s status must be stated accurately. OJK’s August 27, 2026 release said that the development direction would be incorporated into the 2026 to 2031 IAKD Roadmap. That establishes a policy direction and preparation process. It is not the publication of a final roadmap containing complete targets, indicators, deadlines, and implementation rules.

A roadmap is also different from a regulation. It may describe objectives and the order in which policies will be developed, but a new legal obligation requires an applicable statute, OJK regulation, circular, decision, or another legally effective instrument. Neither consumers nor businesses should assume that every technology mentioned by OJK has automatically been approved.

What Has OJK Announced?

OJK says digital financial innovation is now part of the financial system rather than an activity operating outside it. Its supervisory approach follows the principle of same activity, same risk, same regulation.

The principle means that activities producing comparable risks should face comparable standards for governance, risk management, and consumer protection. A financial product should not receive weaker oversight merely because it uses blockchain, artificial intelligence, or another new technology.

Technologies explicitly identified in OJK’s announcement include:

• Artificial intelligence.

• Asset tokenisation.

• Blockchain.

• Crypto assets.

OJK says innovation should develop together with consumer protection and financial literacy. It also introduced the OJK Fintech Startup Accelerator and released the Digital Financial Assets and Crypto Assets Pocket Book 2.0 as part of its ecosystem-development work.

Stablecoins were not specifically identified in the Digination Day 2026 release. They may become relevant because they intersect with digital assets, reserves, blockchain, and payments. It would nevertheless be inaccurate to call stablecoins a confirmed roadmap priority until a final document or an official OJK statement explicitly includes them.

OJK stated that its IAKD development direction would be incorporated into the 2026 to 2031 roadmap, with attention to artificial intelligence, asset tokenisation, blockchain, crypto assets, consumer protection, and literacy. Source: Indonesia Financial Services Authority, OJK Digination Day 2026, August 27, 2026.

Why Is a New Roadmap Needed?

Indonesia’s digital-asset sector has changed rapidly. Responsibility for supervising crypto-asset trading moved from Bappebti to OJK in January 2025, placing crypto within the broader financial-services supervisory framework.

OJK now addresses several connected but distinct areas:

• Digital financial asset trading.

• Crypto-asset traders.

• Exchanges and clearing institutions.

• Digital-asset custody.

• Digital-asset derivatives.

• Regulatory sandboxes.

• Financial-sector technology providers.

• Asset tokenisation.

• Alternative credit scoring.

• Financial-service aggregation.

• Consumer protection.

• Reporting and supervision.

Each area has a different risk profile. Rules designed for spot crypto trading may not be suitable for property tokenisation, crypto-asset fund management, digital identity, or AI-based financial services.

A roadmap can establish the order in which policies are developed. The regulator must decide which innovations require testing, which models can move toward licensing, what data must be reported, and which risks require coordination with other authorities.

The roadmap can also help avoid fragmented rulemaking. Without an overall sequence, businesses may face overlapping obligations while consumers receive uneven protection across products with similar economic functions.

How Large Is the Ecosystem?

OJK recorded 22.93 million digital financial asset consumer accounts as of July 2026. Crypto-asset transaction value during the month reached Rp20.52 trillion, while derivatives transactions reached Rp3.41 trillion.

OJK described an infrastructure consisting of:

• Two digital financial asset exchanges.

• Two clearing, guarantee, and settlement institutions.

• Two custody operators.

• Twenty-six licensed digital financial asset traders.

• A list of 1,214 assets and 49 derivatives at CFX.

• A list of 871 tradable assets at ICEX.

The number of accounts is not the same as the number of active or unique users. One person may have more than one account, while some accounts may not conduct any transaction during a given month.

Monthly transaction value also does not represent investors’ net assets or the amount of new capital entering the ecosystem. The same asset can change hands repeatedly, generating substantial volume without an equivalent increase in capital.

The figures still demonstrate the scale of the supervisory challenge. Custody failures, system disruption, manipulation, weak disclosures, or inadequate consumer protection could affect millions of accounts.

The scale of Indonesia’s digital financial asset ecosystem as of July 2026. The 22.93 million figure represents consumer accounts, not unique people or active users. Rp20.52 trillion and Rp3.41 trillion are July transaction values rather than customer-asset balances. Source: Indonesia Financial Services Authority, August 27, 2026.

The Three Priorities of the IAKD Roadmap

OJK’s three agendas can be translated into more practical supervisory questions.

A. Deepening the Ecosystem

Deepening means improving the quality and capacity of the infrastructure already in place. The objective is not simply to increase the number of providers or listed assets.

A deeper ecosystem may require:

• Stronger custody standards.

• Segregation of customer assets.

• Reconciliation of funds and digital assets.

• Reliable clearing and settlement.

• Liquidity management.

• Transparent asset-listing governance.

• Consistent transaction reporting.

• Market surveillance.

• Technology resilience.

• Audits and internal controls.

• Skilled personnel.

An ecosystem can contain many traders and tokens while remaining shallow. This can occur when liquidity is concentrated in a few assets, spreads are wide, custody arrangements are unclear, or settlement processes are fragile.

Deepening also requires higher-quality data. Regulators need systems that connect orders, executed trades, blockchain transfers, wallets, customer balances, and derivatives positions.

The purpose is not to collect data for its own sake. OJK needs information that can identify concentration, liquidity stress, unusual transfers, conflicts of interest, and mismatches between customer liabilities and assets held.

B. Widening the Use of Innovation

Widening means applying financial innovation to more activities and making it available to more users. Tokenisation, artificial intelligence, blockchain, digital identity, and new financing models may broaden access to financial services.

Potential use cases include:

• Commodity tokenisation.

• Tokenisation of property or economic benefits.

• Tokenisation of securities within the applicable legal framework.

• Crypto-asset investment management.

• Automated compliance.

• Alternative credit scoring.

• Financial-product aggregation.

• Digital identity.

• Technology-based distribution of investment products.

Widening is not the same as unrestricted expansion. Every product must establish its underlying asset, the token holder’s rights, custody arrangements, valuation method, redemption process, insolvency treatment, and dispute-resolution mechanism.

A large user count does not prove inclusion. Innovation widens access only when costs are affordable, information is understandable, and benefits reach people beyond groups already active in formal finance.

C. Safeguarding Consumers and the System

Safeguarding is necessary because innovation can introduce new forms of failure. Risk may originate in technology, people, product design, the underlying asset, or third-party service providers.

A credible safeguarding agenda should answer:

• How are customer assets segregated?

• Who controls private keys?

• How are reserves and liabilities verified?

• What happens if a platform fails?

• How are unauthorised transactions handled?

• How are conflicts of interest managed?

• What promotional claims are prohibited?

• How may personal data be used?

• How must leverage risk be disclosed?

• How are complaints resolved?

• How are cross-platform fraud cases handled?

• How quickly must cyber incidents be reported?

• Who is responsible when a third-party provider fails?

Consumer protection cannot rely on a disclaimer at the end of a document. Fees, custody, liquidation, redemption, liquidity, and underlying-asset risks need to be presented before a user enters a transaction.

How Does OJK’s Regulatory Sandbox Work?

A regulatory sandbox provides a controlled environment for testing financial innovation. OJK can examine feasibility, reliability, business models, governance, data protection, and risk management before an innovation moves toward registration or licensing.

Under OJK Regulation No. 3 of 2024, testing can run for up to one year from the date approval is granted. Completing the test does not automatically create a full licence.

A simplified process is:

1. A prospective participant consults OJK and submits the proposed innovation.

2. OJK evaluates whether the model meets the sandbox criteria.

3. The participant conducts a limited test involving an approved scope, user group, and period.

4. OJK evaluates performance, risks, governance, and consumer protection.

5. The participant may pass, fail, or receive another specified outcome.

6. A participant that passes must still register or apply for a licence under the relevant rules.

Passing the sandbox does not prove that every similar product is safe. It means that the tested model completed an assessment within a specific scope.

Commercial growth can introduce new risks. A system that works for a limited number of test users may face different operational, liquidity, cybersecurity, and customer-service pressures at a larger scale.

Parties offering the same type of innovation as a successful sandbox participant may be eligible to apply for registration or licensing without repeating the entire test, subject to OJK’s requirements. This can accelerate a category after the regulator has assessed its basic characteristics.

What Does Tokenisation Mean in This Roadmap?

Tokenisation converts rights to an asset or benefit into a digital representation. The underlying subject may be a commodity, security, property, receivable, or another legally recognised right.

Blockchain technology does not automatically give a token legal value. The product structure must answer several questions.

A. What Is the Underlying Asset?

The issuer must identify what supports the token, whether it exists, how its quality is verified, and how it is valued.

A token said to represent gold, property, or a security should provide evidence connecting the digital unit to the stated asset.

B. What Rights Does the Holder Receive?

A token may represent ownership, an economic claim, a right to income, access, or another contractual benefit. The word “tokenisation” alone does not explain those rights.

The holder should know whether the right is enforceable, against whom it can be enforced, and under which law.

C. Who Holds the Asset?

Custody of the underlying asset and custody of the token may involve different parties. A failure at either layer could interrupt redemption or the transfer of ownership rights.

The custodian’s independence, recordkeeping, audit process, and insolvency treatment are therefore material.

D. How Is the Token Redeemed?

Holders need to know whether the token can be redeemed for the asset, settled in cash, or only sold to another user.

Secondary-market liquidity is not the same as a redemption guarantee. A token may trade actively under normal conditions and become difficult to sell during stress.

E. What Happens if the Issuer Fails?

The legal structure should establish the holder’s position relative to other creditors. Without asset segregation, customer claims may become mixed with the issuer’s general obligations.

A credible roadmap must therefore connect technology with property law, custody, insolvency, valuation, disclosure, and investor protection.

How Could Artificial Intelligence Be Regulated?

Artificial intelligence can support credit scoring, fraud detection, customer service, transaction monitoring, product recommendations, and compliance automation.

Its advantage is the ability to process large datasets and identify patterns that conventional systems may miss. Risk arises when decisions cannot be explained, data contain bias, or a model makes recommendations that are unsuitable for the user.

AI oversight should examine:

• Data sources and quality.

• Model bias.

• Explainability.

• Human supervision.

• Personal-data security.

• Third-party datasets.

• Testing and validation.

• Documentation of model changes.

• Error-handling procedures.

• Responsibility when a decision harms a customer.

The principle of same activity, same risk, same regulation means that a credit decision or investment recommendation should not face a lower standard merely because an algorithm produced it.

A firm should also be able to explain when AI is being used and how a customer can challenge an automated decision.

What Could Change for Crypto Users?

The roadmap’s effects will not appear at once. Practical changes occur when OJK publishes regulations, supervisory standards, or implementation programmes.

Users may eventually see changes in:

• Custody requirements.

• Risk disclosures before trading.

• Balance and transaction reporting.

• Listing and asset-review processes.

• Leverage limits.

• Liquidation rules.

• Segregation of funds and assets.

• Account-security controls.

• Complaint procedures.

• Treatment of assets when a platform fails.

• Fee transparency.

• Identity verification.

• Reporting of digital-asset transfers.

Stronger supervision may require additional verification and documentation. That friction does not automatically indicate a poorer service. Some controls reduce fraud, money laundering, account misuse, and uncertainty about asset ownership.

Excessively burdensome regulation creates a separate risk. Compliance costs may reduce competition, increase user fees, and make innovation practical only for large companies.

The roadmap therefore needs proportionality. Obligations should correspond to the scale, complexity, and risk of the activity.

Where Will Inter-Agency Coordination Matter?

Digital products do not always fit inside one regulator’s mandate.

OJK supervises financial services, digital financial assets, and crypto assets. Bank Indonesia is responsible for payment systems and rupiah stability. Other authorities may oversee data protection, communications infrastructure, taxation, commodities, corporate law, or law enforcement.

Coordination becomes important when a product combines:

• A token and a payment function.

• A stable-value asset and fiat settlement.

• Securities and blockchain infrastructure.

• Personal data and automated scoring.

• Cross-border transfers and foreign exchange.

• A commodity claim and digital trading.

A final roadmap should explain how regulatory boundaries are managed. Unclear jurisdiction can delay licensing, duplicate compliance obligations, and create gaps in consumer protection.

What Is Still Unknown?

OJK’s release establishes a general direction, but it does not provide the complete implementation framework.

Information still required includes:

• The final 2026 to 2031 IAKD Roadmap.

• Its complete pillars and programmes.

• Annual targets.

• Performance indicators.

• A timetable for regulations.

• Allocation of responsibilities among OJK, Bank Indonesia, and other authorities.

• Priority sandbox categories.

• Tokenisation standards.

• Stablecoin policy, if included.

• Standards for financial-sector AI.

• Consumer-literacy targets.

• Cybersecurity objectives.

• Procedures for platform failures.

• Regulatory-impact evaluation methods.

Until those documents are released, analysis should distinguish announced policy direction from possible future measures.

Terms such as tokenisation, blockchain, and AI indicate areas of attention. They do not prove that a particular business model, token, or product has received regulatory approval.

How Should the Roadmap’s Success Be Measured?

Success should not be measured solely by the number of firms, accounts, or new products.

More useful indicators include:

• The number of sandbox participants and their outcomes.

• The time required to move from testing to licensing.

• The number of products with sustained real-world usage.

• Active users rather than registered accounts.

• Complaint frequency and value.

• Dispute-resolution times.

• Losses from fraud and cyber incidents.

• Compliance with asset-segregation rules.

• Liquidity of traded assets.

• Market concentration.

• Access outside major cities.

• User costs.

• System incidents and recovery times.

• The quality of product disclosures.

• Measurable financing for productive economic activity.

A long list of tokens is not evidence of success when liquidity is weak or users do not understand the risks. A large account count is also insufficient when activity is concentrated among a small group.

The roadmap should eventually connect each programme with a measurable outcome. Otherwise, it risks becoming a list of ambitions without a method for assessing progress.

Conclusion

OJK is preparing the 2026 to 2031 IAKD Roadmap to guide financial innovation, digital assets, and crypto in Indonesia. Its three announced priorities are deepening, widening, and safeguarding.

Deepening focuses on infrastructure quality and supervision. Widening aims to expand responsible uses of technologies such as tokenisation, artificial intelligence, and blockchain. Safeguarding is intended to prevent growth from weakening customer assets, data protection, and consumer rights.

The direction is relevant to an ecosystem that had 22.93 million consumer accounts and Rp20.52 trillion in monthly crypto transactions as of July 2026. Larger scale creates economic opportunities, but it also increases the consequences of operational failure.

The roadmap should not yet be treated as a final regulation. The complete document, targets, timetable, and implementing rules still need to be published.

Its eventual success will not be determined by how many products launch. The more important test is whether innovation provides measurable benefits while custody, liquidity, cybersecurity, governance, and consumer protection become stronger.

Disclaimer

This article is provided for information and education only. It is not legal, compliance, financial, or investment advice. Based on information available through September 30, 2026, the 2026 to 2031 IAKD Roadmap was still being prepared. Policy direction may change when the final roadmap and implementing regulations are published. Businesses should rely on current official OJK documents and obtain professional advice when determining their legal obligations.