Indonesia Now Has Two Crypto Exchanges, What Does It Mean for Users?

Indonesia now has two licensed digital financial asset exchanges after the Financial Services Authority, or OJK, granted an operating licence to PT Fortuna Integritas Mandiri, known as ICEX, on January 5, 2026. ICEX joins CFX in Indonesia’s regulated crypto trading structure.

This does not mean Indonesian users have only two applications through which they can buy and sell crypto. Under the country’s regulatory framework, an exchange and a digital financial asset trader perform different functions. Users open accounts and place trades through traders, while exchanges provide infrastructure, regulate members, monitor trading, and manage the list of assets that can be offered.

According to the OJK’s August 2026 financial sector report, CFX listed 1,214 digital financial assets and 49 digital asset derivatives as of July 2026. ICEX listed 871 digital financial assets. Each exchange manages its own Digital Financial Asset List, known in Indonesia as the DAKD.

For users, the effect may appear in asset availability, listing and delisting procedures, transaction settlement routes, and liquidity at the trader level. Having two exchanges, however, does not automatically make every asset available on every platform, lower transaction costs, or remove the risks of crypto trading.

A Crypto Exchange Is Not Necessarily the App Used by Consumers

The word “exchange” is commonly used to describe any application that allows users to buy and sell crypto. Indonesian regulation gives the term a more specific meaning.

Under OJK Regulation Number 27 of 2024, consumers use products and services provided by digital financial asset traders. A trader is a business that trades digital financial assets for its own account or facilitates transactions for consumers.

The exchange operates at the infrastructure layer. It establishes trading rules, accepts members, monitors transactions, evaluates assets, and manages the list of assets that traders within its ecosystem may offer.

Indonesia’s regulated crypto structure involves several types of institutions:

• The exchange establishes trading rules and manages the DAKD.

• Digital financial asset traders provide services directly to consumers.

• Clearing institutions handle transaction guarantees and settlement.

• Digital asset depositories provide custody services.

• Payment service providers support Indonesian rupiah fund transfers.

Users normally do not select the infrastructure exchange directly when opening an account. The relevant exchange depends on the trader’s membership and the systems it uses.

The presence of two exchanges therefore does not limit consumers to two service providers. The number of applications and traders available to users depends on the list of entities licensed by the OJK.

How Indonesia Moved to a Two-Exchange System

Regulatory responsibility for crypto assets in Indonesia transferred from Bappebti to the OJK in January 2025. Following the transfer, existing operators were brought into the digital financial asset framework supervised by the OJK.

CFX was the first exchange operating within that structure. On January 5, 2026, the OJK granted PT Fortuna Integritas Mandiri a licence to operate as a digital financial asset exchange, including for crypto assets.

The licence was disclosed through the OJK’s official ICEX licensing announcement. The decision was issued under KEP-2/D.07/2026 and took effect on the date of issuance.

The approval was based on OJK Regulation Number 27 of 2024, as amended by Regulation Number 23 of 2025. The amended rules strengthened the role of service providers, expanded the scope of digital financial assets, and introduced provisions for activities resembling conventional financial instruments, including digital asset derivatives.

Under the two-exchange model, each operator can maintain its own members, rules, systems, and approved asset list, provided that it complies with OJK requirements.

The OJK granted PT Fortuna Integritas Mandiri a digital financial asset exchange licence on January 5, 2026. Source: Indonesia Financial Services Authority. Accessed September 9, 2026.

Each Exchange Can Maintain a Different Asset List

One of the clearest consequences of the two-exchange structure is the existence of two Digital Financial Asset Lists. CFX and ICEX can evaluate and approve different assets under their respective rules.

OJK Regulation Number 23 of 2025 states that digital financial asset operators may not facilitate trading in assets outside the list established by the relevant exchange. A trader that is a member of an exchange must therefore follow that exchange’s DAKD.

According to the OJK’s frequently asked questions on Regulation Number 27 of 2024, traders may propose that an asset be added to or removed from the list. The exchange then evaluates the proposal using criteria set out in its approved rules.

An exchange must publish its list through official channels and review it at least once every three months, or sooner when necessary.

As of July 2026, CFX listed 1,214 digital financial assets, while ICEX listed 871. The difference was 343 assets. Relative to ICEX’s total, the CFX list was approximately 39.4% larger.

That difference does not prove that one exchange is safer or better. The number of listed assets does not reveal project quality, transaction volume, liquidity depth, ownership concentration, smart contract risk, or the strength of consumer protection.

The two lists are also likely to include many of the same assets. The figures of 1,214 and 871 should not be added together and described as 2,085 unique assets without first measuring the overlap.

Asset Lists Can Change Quickly

OJK data shows that the DAKD is dynamic. In the May 2026 report, CFX listed 1,265 digital financial assets and 40 derivatives, while ICEX listed 788 assets.

By July 2026, the number of assets on CFX had fallen to 1,214, a decline of 51 assets or approximately 4%. Over the same period, ICEX’s list increased from 788 to 871 assets, an addition of 83 assets or approximately 10.5%.

These changes may result from new listings, delistings, classification adjustments, periodic reviews, or regulatory updates. The OJK’s aggregate report does not explain the reason for every individual change.

A decline in the number of assets does not automatically indicate lower exchange quality. An increase also does not necessarily mean that liquidity or quality has improved. A proper assessment would require information on which assets changed and why.

Indonesia’s licensed crypto service providers and Digital Financial Asset Lists based on July 2026 data. Source: Indonesia Financial Services Authority, August 2026 report. Accessed September 9, 2026.

What Does This Mean for Asset Availability?

Different DAKDs may result in different asset availability across traders. A token included on one exchange’s list may not appear on the other exchange’s list.

Traders are also not required to offer every asset included in the relevant DAKD. The exchange determines which assets are eligible, while each trader may decide what to offer based on liquidity, user demand, custody readiness, network support, and internal risk assessments.

Inclusion on a DAKD is therefore one requirement for availability. It is not a guarantee that the asset will automatically appear in every consumer-facing application.

Users need to check two layers:

• Whether the asset is included in the DAKD of the trader’s exchange.

• Whether the trader supports trading, deposits, and withdrawals for that asset.

The status of each function may differ. An asset can remain available for trading while deposits or withdrawals are suspended because of wallet maintenance, a network upgrade, contract migration, or another technical issue.

DAKD Inclusion Does Not Guarantee Higher Prices

The DAKD evaluation process can provide a screening layer before an asset is offered through a regulated structure. Its inclusion does not guarantee price performance or the survival of the underlying project.

Risks can emerge after listing, including:

• Smart contract vulnerabilities.

• Tokenomics changes.

• Concentrated ownership.

• Declining developer activity.

• Volume manipulation.

• Bridge failures.

• Governance problems.

• Legal disputes.

• Loss of liquidity.

• Termination of network support.

An exchange may reassess an asset and make a new decision based on current information. Users remain responsible for researching the project, token supply, ownership distribution, utility, security audits, and liquidity.

A DAKD entry means that the asset was eligible for trading within the relevant structure at the time of evaluation. It is not a forecast of investment returns.

What Happens When an Asset Is Removed?

If an asset no longer meets the relevant criteria, an exchange may remove it from its list. Traders then need to follow delisting procedures under exchange rules and applicable regulations.

The impact on users may include:

• A halt to new positions.

• Restrictions on certain order types.

• Cancellation of unfilled orders.

• A deadline for closing positions.

• Suspension of deposits.

• A withdrawal deadline.

• Conversion or settlement under the trader’s terms.

• Lower liquidity before the delisting date.

Each delisting can follow a different timetable and process. Users need to read the official announcement, verify the supported withdrawal network, and ensure that the destination address is correct.

Waiting until the final deadline can increase operational risk. Withdrawal activity may rise while liquidity and technical support decline.

If assets are moved to a self-custody wallet, responsibility for private-key management shifts to the user. Selecting an incompatible network or incorrect address may result in an irreversible loss.

Will Two Exchanges Make Trading Cheaper?

The presence of two exchanges can increase competition at the infrastructure level. It does not automatically reduce the costs paid by consumers.

The total cost of a transaction may include:

• Trading fees.

• Bid-ask spreads.

• Exchange and clearing costs.

• Custody costs.

• Taxes.

• Deposit or payment costs.

• Withdrawal fees.

• Blockchain network fees.

• Funding charges for derivatives.

Traders can apply different fee structures even when they are members of the same exchange. Execution prices also depend on the order book, liquidity sources, trade size, volatility, and order type.

Competition between two exchanges may encourage better technology, faster asset reviews, new services, and greater operational efficiency. Consumers only benefit if those improvements produce lower costs, better execution, more reliable settlement, or useful product choice.

Without comparable data on fees and execution quality, the number of exchanges alone is not enough to conclude that crypto trading has become cheaper.

Could Liquidity Become Fragmented?

The same asset can be available through several traders using different liquidity sources. If those traders connect to different infrastructure exchanges, local order flow may also be distributed across separate routes.

This can produce differences in prices, spreads, and order-book depth. The effect is likely to be more visible in lower-volume tokens than in Bitcoin, Ethereum, and other major assets with deeper global liquidity.

An asset’s global liquidity is not automatically divided simply because Indonesia has two licensed exchanges. The differences may instead appear in local transaction routes, rupiah pairs, liquidity providers, costs, and the prices shown to users.

Small price differences can occur under normal conditions. During periods of higher volatility, the gap may widen if one order book is thinner or one service experiences disruption.

Users can compare global reference prices through the MEXC markets page, then review rupiah pricing, costs, spreads, and order-book depth on the service they use. A global reference price does not replace checking whether an Indonesian service provider is properly licensed.

How Does a Two-Exchange Structure Affect Supervision?

Each exchange supervises trading conducted through its members. Having two exchanges can expand infrastructure capacity and create more than one route for industry development.

A multi-exchange structure also increases the need for coordination. The OJK must ensure that reporting, consumer protection, transaction monitoring, system security, custody, and incident response are applied consistently.

Different internal rules may support innovation, but they can also confuse users if information is not presented clearly. An asset may have a different status on each DAKD, while listing or delisting procedures may occur on different dates.

Cross-exchange monitoring is also needed to identify activity moving from one route to another. Without coordinated data, manipulation and other unusual transaction patterns may be harder to assess across the full regulated ecosystem.

The OJK issued Board of Commissioners Regulation Number 3 of 2026 to govern reporting, DAKD evaluations, risk-management self-assessments, annual reports, and incident reports. The quality of supervision will depend on how these requirements are implemented, not simply on the number of exchanges.

Two Exchanges Do Not Remove Platform Risk

An OJK licence indicates that an operator has completed the licensing process for its category. It does not guarantee an asset’s price, investment returns, or full recovery when a user makes a transaction error.

Risks can still arise from:

• Price volatility.

• Insufficient liquidity.

• System outages.

• Custody failures.

• Phishing.

• Account takeovers.

• Incorrect network selection.

• Changes to the DAKD.

• Project failures.

• Scams impersonating licensed companies.

The OJK reported that Indonesia’s Illegal Financial Activities Task Force stopped 228 unlicensed digital financial asset traders between January and May 2026. Unauthorised offers therefore remain a problem even as the regulated structure expands.

A familiar name, logo, or website design does not prove that a service is legitimate. Company status should be checked through the OJK’s official digital financial asset provider whitelist.

Users should also verify that website addresses and applications match the details in official records. Fraudsters may use search advertisements, social media accounts, messaging groups, and cloned websites to redirect victims.

What Users Should Check

Before using a crypto trading service, users should verify:

• Whether the trader appears on the OJK list.

• Which exchange the trader is connected to.

• Whether the asset is included in the relevant DAKD.

• The trading, deposit, and withdrawal status.

• Supported blockchain networks.

• Trading and withdrawal fees.

• The spread between buy and sell prices.

• Order-book depth.

• The institution responsible for custody.

• Official complaint channels.

• The trader’s service disruption record.

• The procedure followed when an asset is delisted.

A longer asset list is not the only measure of service quality. Account security, custody clarity, execution quality, system reliability, and the ability to withdraw assets may be more important to users.

What Should Be Monitored Next?

ICEX has changed Indonesia’s crypto structure from a single-exchange model to a multi-exchange system. The practical impact can only be assessed through membership growth, changes to the DAKDs, infrastructure costs, settlement quality, and the handling of disruptions.

The next useful data points include:

• The number of traders connected to each exchange.

• Transaction value and volume through each route.

• The number of unique assets after accounting for DAKD overlap.

• Differences in listing and delisting criteria.

• Liquidity available through member traders.

• Settlement speed and reliability.

• The number of consumer complaints.

• System outages and recovery times.

• The effectiveness of OJK’s cross-exchange supervision.

The OJK had not published all of these figures in its aggregate August 2026 report. Asset counts and the number of licensed entities describe the size of the structure, but not yet the quality of its outcomes.

For users, the most important change is not the symbolic number of exchanges. The real impact lies in which assets are available, who holds customer funds and crypto, how transactions are settled, and what happens when an asset or service provider encounters a problem.

Disclaimer

This article is provided for informational and educational purposes and does not constitute investment advice. Licences, exchange memberships, Digital Financial Asset Lists, and the number of regulated entities may change. OJK licensing does not guarantee asset performance or eliminate the risk of loss. Review the latest official lists and announcements before using a digital financial asset service.