OJK to Tokenise Real-World Assets, Introduce 'Halal' Crypto in Indonesia

OJK is developing a business model based on tokenisation of Real World Assets (RWA) to be implemented in Indonesia. If this scheme proceeds, the public could trade crypto assets that have an underlying real-world asset in Indonesia’s market. The product is said to be in line with the Fatwa of the Indonesian Ulema Council (MUI), potentially encouraging financial inclusion in Islamic finance in Indonesia. Djoko Kurnijanto, Head of the Department of Regulation and Licensing for Financial Technology Innovation, Digital Financial Assets, and Crypto Assets at the Financial Services Authority (OJK), said the authorities want to combine high crypto adoption with the development of tokenisation of Real World Assets (RWA). “When this approval is granted, the hope is that issuers of Real World Asset tokens will also be bought by people present here. That means what is purchased is not a coin whose provenance or underlying asset we do not know,” Djoko said during an Educational Class (Educlass) at the Jogja Financial Festival in Yogyakarta, on Friday, 22 May 2026. In a discussion titled New Wealth Era: Market, Algorithm, and Money held at Jogja Expo Centre (JEC), Bantul, Yogyakarta, Djoko explained that Real World Asset tokenisation involves the issuance of tokens that have real underlying assets. The underlying assets could include gold, projects, property, securities, or intellectual property that are tokenised. He gave an example of a company owning a gold mine in Indonesia that could not only sell gold conventionally but could also tokenise the asset. The token could then be sold in the primary market to raise funds before being traded on the secondary market. “That is what would ultimately bring benefits to Indonesian businesses. They could obtain additional liquidity. If they have gold but cannot do anything with it, they can now tokenize, and with tokenisation they obtain inflows,” Djoko explained. Djoko added that asset tokenisation is also connected to shariah aspects. He referred to a fatwa by the Indonesian Ulema Council (MUI) stating that crypto assets should not be used as a means of payment in Indonesia, because the legitimate means of payment is the rupiah. In addition, crypto assets traded without a clear underlying asset are deemed not permissible. However, tokens with underlying real assets through a tokenisation scheme are considered tradable and open up opportunities for shariah-based instruments. In the same event, Adi Budiarso, Head of the Supervisory Authority for Financial Sector Innovation, Digital Financial Assets and Crypto Assets (IAKD) at OJK, revealed that the number of Indonesians transacting crypto assets has surpassed 21 million accounts, with the majority from younger age groups. The strong enthusiasm among the public indicates Indonesia’s digital economy is evolving rapidly. “If we look at assets that can be traded from 2023 to 2026, they are not decreasing but increasing. From 501 now to around 1,464 assets,” he noted. He added that the high level of crypto trading is also starting to contribute to state revenue. Tax revenue from crypto transactions has reportedly reached over Rp1.7 trillion.