Indonesia's parliament has passed the revised crypto law, formally cementing OJK's authority over crypto as a regulated financial asset just as Europe's MiCA transitional window closes on July 1, 2026. According to reports, the P2SK Law revision expands OJK's mandate across banking, capital markets, fintech, and digital financial assets, consolidating supervisory authority that was previously fragmented between OJK, Bappebti, and Bank Indonesia. For crypto specifically, this completes a reclassification that tokens are no longer traded commodities sitting inside Bappebti's commodity-futures perimeter.
Under the new framework, OJK can now impose bank-style prudential requirements on exchanges, including capital adequacy, custody segregation, governance standards, and conduct rules. As reported, the law also amends Indonesia's Capital Markets Act to expand the definition of securities to include investment contracts in digital form that confer economic benefits, opening the door for certain tokens and DeFi instruments to fall under full securities regulation. The immediate compliance pressure point governing governance and risk management for fintech innovation platforms takes effect on July 1, 2026.
Tokocrypto CEO Calvin Kizana welcomed the revision but flagged the implementation gap that matters most to operators. According to reports, he stated that the company is waiting for the final draft to be distributed to industry players so they can see in detail what changes will affect the ecosystem. The Indonesian Blockchain Association has raised concerns that draft provisions requiring all digital asset activity to flow through a single exchange could reduce existing platforms to brokers, concentrating market power in ways the original framework never intended.
Europe's MiCA deadline represents a more immediate enforcement challenge, as just about 230 of the approximately 3,000 firms that previously operated under national transitional arrangements have cleared the ESMA MiCA register. As reported, Binance withdrew its Greek license application days before the deadline, leaving it absent from the ESMA register, while Coinbase Luxembourg opened its MiCA hub on June 24, securing a single EU passport from the Luxembourg CSSF. The regulation has also affected stablecoins, with several EU exchanges delisting Tether ahead of the deadline because USDT does not meet MiCA's e-money token requirements, while Circle's USDC retained listings.
