February 15, 2026 | 07:52 pm
TEMPO.CO, Jakarta - The Draft Law on the Development and Strengthening of the Financial Sector (P2SK Bill) has sparked protests from players in the crypto asset industry. The Indonesian Blockchain Association (ABI) believes that certain provisions in the regulation could weaken the domestic crypto industry, as it does not adopt the principle of decentralized markets.
In response, Finance Minister Purbaya Yudhi Sadewa said the substantive provisions outlined in the P2SK Bill aim to strengthen crypto regulation. "This will make it more regulated. The crypto market is somewhat wild," he said when met at The Dharmawangsa, Jakarta, on Thursday, February 12, 2026.
Tightening up the crypto governance is necessary to organize trading activities of crypto assets, which are often plagued by various issues, from account breaches to unclear ACE.
Purbaya said the PS2K Bill considers two interests at once: maintaining business climate and protecting investors.
The minister said the regulatory approach might be different if industry players behave. But as the reality on the ground paints a different picture, lawmakers must ensure adequate protection for investors.
On the other hand, Purbaya emphasized that strengthening regulations should not necessarily lead to full centralization. The government, he said, still needs to find a middle ground to allow decentralization to remain within a clear regulatory framework.
Earlier, ABI through its representative, Hamdi Hassyarbaini, underscored several draft articles in the 2025 P2SK Bill that is feared to broaden the authority of crypto asset exchanges. Some of these include Article 215A paragraph 4, which requires all activities related to digital financial assets, including those carried out by crypto asset digital wallets, to be conducted through and/or reported to the exchange.
In addition, Article 215C paragraph 9 states that the exchange must have, control, and/or dominate the system for trading digital financial assets, including crypto assets and their derivatives. ABI also pointed out Article 312A point c, which requires exchanges to conduct trading and match the buying and selling of digital financial assets within two years after the law is enacted.
According to ABI, these provisions have the potential to change the operating model of Digital Financial Asset Traders (PAKD), which have so far settled transactions on their respective platforms, while reporting and fund storage are handled by custodians and clearing institutions. Centralization on one exchange is seen to be able to create overlapping functions, reduce the role of PAKD to mere brokers, and create excessive market concentration.
Read: Crypto Transactions in Indonesia Dropped to Rp482 Trillion in 2025
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