Regulation Watch · Business Licensing · Indonesia, for mineral and strategic-commodity exchanges, their infrastructure and participants, including Indonesian companies and PT PMA users or investors operating in the regulated ecosystem.
OJK Takes Over Mineral and Strategic Commodity Exchanges
POJK 15/2026 and POJK 16/2026 move mineral and strategic-commodity exchange supervision from Bappebti to OJK on 1 January 2027, replace core infrastructure licences, and impose new capital, governance, trading, custody, reporting, and enforcement rules.
- Published
- Both regulations were established and promulgated on 17 September 2026. POJK 15/2026 was published in State Gazette 2026 No. 26 with Supplement No. 208, and POJK 16/2026 in State Gazette 2026 No. 27 with Supplement No. 209.
- Effective
- POJK 15/2026 took effect on 17 September 2026. The transfer of supervisory authority and the operational framework in POJK 16/2026 take effect on 1 January 2027.
- Added to Watch
- 24 September 2026
Who is affected
Existing and prospective BMKS exchanges, clearing institutions, electronic custodians, trade intermediaries, exchange and clearing members, mineral or strategic-commodity producers and users, warehouse operators, conformity-assessment bodies, supporting professionals, shareholders, directors, PT PMA investors, technology providers, lenders, and compliance teams.
Practical impact
OJK becomes the regulator and supervisor of Bursa Mineral dan Komoditas Strategis (BMKS) on 1 January 2027. Existing Bappebti-related permits generally remain valid, but that grandfathering expressly excludes the exchange, clearing institution, electronic custodian and conformity-assessment body. Under the new framework, an exchange needs an OJK licence and at least IDR 1 trillion in paid-up capital; the clearing institution and electronic custodian each need an OJK licence and at least IDR 500 billion. Trade intermediaries need OJK licences, warehouse operators and conformity-assessment bodies need exchange approval, and supporting professionals must register with OJK. Participants can trade directly or through a licensed intermediary, subject to OJK and exchange rules.
OJK issued POJK 15/2026 and POJK 16/2026 on 17 September 2026 to implement the amended Financial Sector Development and Strengthening Law. POJK 15/2026 took effect immediately and sets the transition from Bappebti, while POJK 16/2026 provides the operating framework that begins on 1 January 2027. The regime covers organised trading in designated strategic minerals and commodities, including derivatives, digital financial instruments, funding, price formation, quality controls, clearing, settlement and electronic evidence of ownership.
The licensing transition is the immediate issue for incumbent operators. Permits connected with BMKS that were issued under the commodity-futures regime through 31 December 2026 generally remain valid, but the rule expressly excludes the exchange, clearing institution, electronic custodian and conformity-assessment body from that grandfathering. Pending Bappebti applications transfer to OJK for completion under OJK rules. Core operators should therefore obtain written transition directions and prepare replacement licensing or approval files before the new regime starts.
The institutional thresholds are substantial. An exchange must be an Indonesian limited-liability company licensed by OJK with at least IDR 1 trillion in paid-up capital. The clearing institution and electronic custodian each require OJK licences and at least IDR 500 billion. Their applications include corporate and tax documents, an audited opening balance sheet, three-year financial projections and operating plans, proposed management, system arrangements and draft rules. Directors cannot hold concurrent positions at another company or institution, and later management changes require OJK approval.
Other participants follow role-specific routes. A trade intermediary must obtain an OJK business licence and exchange-member status if it transacts directly. Warehouse operators and conformity-assessment bodies require exchange approval, while supporting professions must register with OJK. A user may trade directly or through an intermediary, but exchange and clearing members must comply with OJK rules and the approved rules of the exchange and clearing institution.
The framework also requires connected electronic systems, market surveillance, risk management, secure clearing and settlement, electronic custody, warehouse and quality verification, consumer protection, complaint handling, reporting, AML, anti-fraud, data-protection and governance controls. Digital instruments must be backed by verifiable underlying assets, and new products, services and trading mechanisms require OJK approval.
Enforcement can reach the institution and the responsible party. Available measures include written warnings, fines, business restrictions or suspension, licence or approval revocation, registration cancellation and other administrative action, with several measures available without a prior warning. OJK may publish sanctions, and administrative action does not exclude civil liability, exchange-level discipline or criminal sanctions under other applicable law.
Required action
- Classify the entity's role in the BMKS ecosystem as exchange, clearing institution, electronic custodian, trade intermediary, direct user, other exchange member, warehouse operator, conformity-assessment body, supporting professional, technology provider, or investor, because each route has different licensing or approval requirements.
- Existing exchange, clearing, electronic-custody and conformity-assessment operators should obtain written transition instructions and prepare the new OJK licence or exchange-approval file before 1 January 2027; do not assume a Bappebti-era permit is grandfathered for those four functions.
- Prospective exchange, clearing and electronic-custody operators should verify paid-up capital of at least IDR 1 trillion, IDR 500 billion and IDR 500 billion respectively, and prepare the required constitutional documents, tax number, audited opening balance sheet, three-year financial projections, three-year business plan, management candidates, systems, and draft operating rules.
- Trade intermediaries should confirm the OJK licensing route and, if accessing the exchange directly, obtain exchange-member status. Direct users and other participants should align onboarding, account, trading, clearing, custody, settlement and disclosure arrangements with the approved exchange rules.
- Review directors and commissioners for fit-and-proper and governance readiness. Directors of the exchange, clearing institution and electronic custodian cannot hold concurrent positions at another company or institution, and management changes require OJK approval.
- Prepare connected and resilient trading, clearing, settlement, electronic-custody, warehouse and conformity systems; establish compliance, internal audit, market-surveillance, risk, consumer-protection, complaint, data, anti-fraud and AML controls; and map periodic and incident-reporting responsibilities.
- If a licence, approval or registration application remains pending at Bappebti on 1 January 2027, preserve the complete file and coordinate its continuation with OJK under the new rules.