Indonesia's Crypto Users Surge to 15.85 Million as OJK Prepares Unique ID System to Strengthen Oversight
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JAKARTA, Investortrust.id — The Financial Services Authority (OJK) is moving to tighten oversight of Indonesia’s digital asset sector with the proposed rollout of a Single Investor Identification (SID) system, as crypto adoption continues to climb. By June 2025, the number of registered domestic crypto users had risen to 15.85 million—a 5.18% increase from 15.07 million the previous month.
The SID initiative, modeled after the system used in the equity market by the Indonesian Central Securities Depository (KSEI), assigns each investor a unique code to centralize identity and transaction records. The goal is to prevent duplicate accounts, enhance market supervision, and ensure full compliance with Know Your Customer (KYC) and anti-money laundering (AML) requirements.
“This SID will serve as a vital instrument to safeguard data integrity, improve oversight, and mitigate risks such as money laundering and terrorism financing,” said Hasan Fawzi, OJK’s Chief Executive for Digital Financial Innovation and Crypto Asset Supervision, during the July Board of Commissioners press briefing.
OJK is currently studying three strategic models for SID implementation. The first option would see the authority develop the system independently, ensuring consistent standards and interoperability. The second involves co-developing the system with crypto exchanges and self-regulatory organizations (SROs) to increase industry participation. The third draws on a risk-based regulatory model similar to other financial sectors.
“These options are being reviewed through comprehensive regulatory impact assessments and discussions with stakeholders. Our chosen approach will ultimately ensure greater transparency and stronger consumer protection across the digital asset ecosystem,” Hasan explained.
OJK also confirmed that total crypto transaction volume reached Rp224.11 trillion ($13.75 billion) in the first half of 2025, despite a drop in monthly activity. June transactions amounted to Rp32.31 trillion ($1.98 billion), down from Rp49.57 trillion ($3.04 billion) in May.
The announcement came just days after a regulatory milestone: on Tuesday, July 30, OJK completed the official transfer of digital asset and crypto oversight responsibilities from the Commodity Futures Trading Regulatory Agency (Bappebti), including the formal handover of documents and data related to digital derivatives products.
“This solidifies OJK’s mandate to regulate and supervise all digital financial activities, including crypto derivatives, in line with the Financial Sector Development and Strengthening Law (UU P2SK) and Government Regulation No. 49 of 2024,” Hasan added.
Support for the SID concept has also emerged from within the industry. PT Central Financial X (CFX) Indonesia, a licensed crypto exchange, is actively advocating for a unified identification system to eliminate data duplication and strengthen ecosystem transparency.
“Currently, one person might have two or three accounts across different platforms,” said CFX CEO Subani in a January podcast interview. “Our goal is a single ID to minimize duplication and better enforce KYC.”
Subani noted that while crypto platforms conduct ID verification during onboarding—including cross-checks with Indonesia’s civil registry—fragmented systems can lead to inconsistencies and higher risk exposure.
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