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The Financial Services Authority (OJK) has confirmed that it is processing applications for new digital financial asset exchanges in Indonesia. This might put an end to PT Central Finansial X’s (CFX) monopoly and start a new competitive era in the country’s cryptocurrency business.
This news, which was made public during OJK’s September 2025 Monthly Commissioners’ Meeting on October 9, shows that POJK No. 27/2024 is making the regulatory environment more stable. This law requires exchanges to have at least Rp1 trillion in capital and maintain 80% equity. CFX, Indonesia’s first OJK-approved crypto exchange, opened in July 2023. It is currently the only one, overseeing 24 licensed traders (PAKD), one clearing house, and two custodians.
However, OJK’s Hasan Fawzi hints at approvals shortly, with five PAKD applications, one exchange, one clearing house, and one custodian in the works. This might bring new liquidity and innovation to a market that trades $100 billion a year. With support from well-known people like Oscar Darmawan from Indodax and Pang Xue Kai, the former CEO of Tokocrypto, these rivals could provide Indonesia’s 18 million crypto investors more choices. However, strict laws like anti-ML/TF sourcing may slow down the race.
The Current State of Affairs and the Rules That Support It
OJK took over from Bappebti on January 10, 2025, and since then it has made crypto more streamlined by calling it “digital financial assets.” POJK 27/2024 stresses transparency and consumer safety. In July 2023, CFX, a subsidiary of PT Indokripto Koin Semesta Tbk. (COIN), became the only exchange. It traded 1,444 whitelisted assets after OJK required a thorough assessment. CFX makes sure that markets are orderly, as required by Article 27, by requiring a minimum capital of Rp1 trillion and not allowing illegal sources of funding. This helps promote fair trading and compliance with AML and CTF laws.
This framework has made the sector more stable: According to OJK data, crypto volumes reached Rp49.57 trillion in May 2025, a 39.2% increase from the previous month. On July 9, 2025, COIN’s listing on the IDX rose 490% to Rp590/share, giving the group a value of Rp8.68 trillion.
CFX makes over 60% of revenue, which shows how important it is. But worries about monopolies have grown, and groups like the Indonesia Crypto Traders Association (AKSI) say that more diversity is needed to lower risks and encourage new ideas. Hasan Fawzi’s comments on October 9 confirm OJK’s readiness: “We’re looking at five PAKD, one exchange, one clearing, and one custodian applications—approvals pending compliance.” This is in line with Law No. 4/2023 on Financial Sector Development, which gives OJK full control over Bappebti’s obligations.
The Two Front-Runners Who Want CFX’s Throne
Since POJK 27 came out in January, there have been rumors of new players entering the market. InvestorTrust says there are two big bids backed by industry leaders. First, Oscar Darmawan, the founder of Indodax and a crypto veteran since 2014, is said to be in charge of an application with Hamdi Hassarbaini, the CEO of PT Sentra Bitwewe Indonesia. Darmawan’s track record—Indodax has 7 million members and an annual volume of Rp50 trillion—makes this business a liquidity powerhouse. It might even include P2P trading and educational tools to help users who don’t have access to them. Neither has confirmed, but sources say that they are focusing on expanding into Southeast Asia, using Darmawan’s Bappebti-era knowledge.
The second, bolder offer has Pahala Mansury, a former Deputy Minister of State-Owned Enterprises, and Pang Xue Kai, a former CEO of Tokocrypto, leading a group of wealthy investors. These include Kalimantan tycoon Samsudin Andi Arsyad (Haji Isam) and Hapsoro Sukmonohadi (Happy Hapsoro), the husband of House Speaker Puan Maharani. If accepted, Pang may become CEO and combine Tokocrypto’s 5 million users with Mansury’s SOE networks to provide institutional-grade custody and compliance. Haji Isam’s mining businesses and Hapsoro’s political connections might give them a Rp2 trillion war chest to use for tokenized assets and stablecoin integrations. People are guessing about OJK’s quiet, but Fawzi’s “ongoing evaluation” suggests that there will be strict checks, such as equity audits and anti-corruption checks.
These applicants promise diversity: Darmawan’s could focus on making retail more accessible, while Mansury-Pang’s could focus on businesses and potentially whitelist over 500 assets in addition to CFX’s 1,444. CFX’s roster, which is updated every three months, includes major cryptocurrencies like BTC and ETH as of April 2025. However, new exchanges may come up with RWAs or DeFi tokens, but only if OJK gives the go-ahead.
The Double-Edged Sword of Competition
POJK 27/2024 establishes a high standard: Exchanges must have Rp1 trillion in capital, 80% equity, and clear systems, and they can’t accept funds that are linked to ML or TF. This is in line with worldwide norms like MiCA. To comply, applicants must go through six months of migrations, which include periodic whitelists and protections for investors. Fawzi’s team, which oversees 24 PAKDs, puts “orderly, fair markets” at the top of their list, but permissions depend on governance; past Bappebti mistakes (like the 2023 rugs) are looked at closely.
Competitors may increase liquidity in the market—90% of Indonesia’s $100 billion yearly activity comes from offshore exchanges like Binance and Bybit—while also bringing in Rp2–3 trillion in taxes through onshore moves. VinaCapital says that tokenized assets might raise GDP by 1–2%, but there is a risk of fragmentation if approvals take too long. On X, @CryptoIndo said, “CFX monopoly ends?” “Game-changer” for Darmawan and Haji Isam, but “dilution if rushed,” according to @InvestorTrust. It is like Vietnam’s 2025 pilot, which sends $100 billion back home.
CFX, which gets 60% of COIN’s Rp101B in 2024, invites competitors. A spokeswoman said, “Healthy competition strengthens the ecosystem.” But with 18 million holders, new users have to deal with OJK’s quarterly reviews and AML rules.
Conclusion
OJK’s approval of new exchanges, lead by Oscar Darmawan-Hamdi Hassarbaini and Pahala Mansury-Pang Xue Kai’s high-profile bid, will break CFX’s monopoly and bring liquidity and new ideas to Indonesia’s $100B crypto market. With the help of billionaires like Haji Isam, these rivals may onshore volumes, tax billions, and tokenize assets. However, POJK 27’s Rp1T capital and AML walls require perfect execution. As Hasan Fawzi’s evaluations continue, this might make Indonesia the regulated powerhouse of ASEAN. Keep an eye on the approvals in Q1 2026 to see if competition leads to growth or turf conflicts.
