15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BI licence, including banking and payment rails.
Forex license in Indonesia: BI licence for FX derivatives since 2025.
A forex license in Indonesia is a Bank Indonesia (BI) licence for FX derivatives. BI took them over from the Commodity Futures Trading Regulatory Agency (Bappebti) on 10 January 2025 and regulates them under PADG 26/2025, its regulation in force since 1 December 2025; index and stock CFDs went to the Financial Services Authority (OJK). Capital and fees are confirmed with BI before quoting. We file from Jakarta.
Updated · Reviewed by the Prifinance team
Forex license in Indonesia: one CFD shelf, three regulators since January 2025.
Indonesia moved leveraged FX out of the commodity-futures regime on 10 January 2025. Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK) ordered the transfer, and under Government Regulation No. 49 of 2024 derivatives on PUVA (money market and foreign exchange) underlyings passed from Bappebti to BI that day. BI's rulebook is Board of Governors Member Regulation No. 26 of 2025 (PADG 26/2025), published on 28 November 2025 and in force since 1 December 2025, with some provisions phased in. It licenses a PUVA derivative dealer (Pedagang), which trades for its own account or group and may run the SPA, a bilateral trading system outside the exchange, and a PUVA derivative broker (Pialang), which trades for clients as an SPA participant. FX futures and CFDs are in scope. Forwards, domestic NDFs, swaps and options are not. Stock-index and foreign single-stock derivatives went to the OJK (Otoritas Jasa Keuangan) under OJK Regulation No. 1 of 2025 (POJK 1/2025).
The model sits closer to an exchange than to an offshore dealing desk. An SPA participant reports every trade to a PUVA derivatives exchange and registers it with a clearing house; only the contracts, currency pairs and conversion rates BI lists may be offered, fixed-rate accounts run between Rp14,000 and Rp16,000 per USD, brokers may not give clients credit to settle trades, and client money sits in one segregated rupiah account. One CFD shelf can need three licences. On this split, a broker selling FX, index and gold CFDs deals with BI, the OJK and Bappebti, and the OJK's FAQ calls it multi-licensing. Bappebti-licensed firms in index and single-stock derivatives must apply for a full OJK business licence by 10 January 2027 or be treated as unlicensed (POJK 1/2025 Art. 45). For new BI applicants, the capital, ownership and margin criteria sit in the licensing and margin chapters of PADG 26/2025, and we take those figures from BI per case.
BI has supervised FX derivatives (PUVA) since 10 January 2025, and PADG 26/2025 has applied since 1 December 2025. A PUVA dealer may run an SPA, a bilateral trading system; a broker joins one for clients.
Index and stock CFDs need the OJK, commodities Bappebti. Every SPA trade is reported and cleared; BI's capital and fees are confirmed per case. Corporate tax is 22%.
BI for FX contracts, the OJK for indices and stocks.
The BI licence covers derivatives on money-market and FX underlyings. A shelf with stock indices or foreign single stocks needs the OJK as well, and gold or oil contracts stay under Bappebti's commodity futures rules.
BI for FX contracts; the OJK for indices and stocks; Bappebti for commodities.
The BI licence for FX derivatives
Under PADG 26/2025 a PUVA derivative dealer trades for its own account and may run the SPA, while a PUVA derivative broker joins a dealer's SPA and trades for clients; a dealer may not trade for and on behalf of clients (Art. 21(2)). Both reach BI's business licence in two stages, in-principle approval first.
Under PADG 26/2025 a PUVA derivative dealer trades for its own account and may run the SPA, while a PUVA derivative broker joins a dealer's SPA and trades for clients; a dealer may not trade for and on behalf of clients (Art. 21(2)). Both reach BI's business licence in two stages, in-principle approval first.
- ✓Dealer (Pedagang) - may run the SPA
- ✓Broker (Pialang) - SPA participant
- ✓Every trade reported and cleared
- ✓Only BI-listed contracts and pairs
- ✓One segregated rupiah account
- ✓No credit to clients - Art. 22(2)
Index, stock and commodity CFDs
Derivatives on Indonesian or foreign stock indices and foreign single stocks are OJK products under POJK 1/2025, and the OJK decides on each product within 30 working days of a complete file (Art. 9). Bappebti-licensed firms in that business must apply for a full OJK business licence by 10 January 2027. Commodity futures stay with Bappebti, whose futures brokers need at least Rp2,500,000,000 of paid-up capital, or Rp5,000,000,000 with a foreign partner, under Bappebti Regulation No. 3 of 2018.
Index and stock CFDs need the OJK; Bappebti firms must apply for a full OJK licence by 10 January 2027.
- ✓OJK - stock indices, foreign single stocks
- ✓Product decision in 30 working days
- ✓Full OJK application by 10 January 2027
- ✓No minimum capital in POJK 1/2025 itself
- ✓Bappebti - commodity futures brokers
- ✓Foreign capital capped at 95% there
Costs and timelines are confirmed for your case before any work begins. On the OJK route, POJK 1/2025 sets no capital figure of its own and leaves the business licence to other OJK regulations, so that figure is also confirmed per case.
A domestic FX market where every trade reaches an exchange.
BI inherited a working market in January 2025 and runs it on standard contracts, exchange reporting and central clearing.
SPA participants report each trade to a PUVA derivatives exchange for market surveillance and register it with a clearing house for guaranteed settlement (PADG 26/2025 Art. 23). Client orders go only through the infrastructure operator's facilities.Every SPA trade reported to an exchange.
BI fixes the product: regular, mini and micro contracts of 100,000 units of the base currency, traded from 1, 0.1 or 0.01 lot (Art. 9). Pairs run only between majors, and other listed currencies trade only against USD.BI sets contracts, pairs and lot sizes.
At the hand-over on 10 January 2025, PUVA trading ran through 2 futures exchanges, 2 clearing institutions, 55 SPA brokers, 21 SPA operators and 15 margin depository banks, with 253 SPA contracts on offer.55 SPA brokers at the 2025 hand-over.
Every offer, product summary and advertisement states that the firm is licensed and supervised by Bank Indonesia (berizin dan diawasi oleh Bank Indonesia), and the current BI logo may be used. Clients take complaints to BICARA, BI's contact centre.Licensed and supervised by Bank Indonesia.
A PT pays 22% corporate income tax, the rate since tax year 2022. Dividends to non-residents carry 20% withholding, or the treaty rate once the recipient provides the DGT form or a certificate of domicile.Treaty rates on dividends abroad.
BI for FX, the OJK for indices and stocks, Bappebti for commodities: a full CFD shelf can need three licences. A Bappebti-licensed firm in index or single-stock derivatives that has not applied to the OJK by 10 January 2027 is treated as unlicensed.Three regulators; OJK applications by 10 January 2027.
How Indonesia differs from other routes.
Singapore, Malaysia and Australia publish the capital line a founder budgets with: S$1,000,000-S$5,000,000 of base capital for a MAS licence, RM10,000,000 of shareholders' funds for an onshore Malaysian CMSL (RM1,000,000 paid-up in Labuan) and net tangible assets of the greater of A$1 million or 10% of average revenue for an ASIC AFSL. Indonesia's BI figure is quoted per case. Its difference is structural: each SPA trade is reported to an exchange and cleared, on contracts BI defines.
| Feature | Indonesia | Other jurisdictions |
|---|---|---|
| Regulators | BI · OJK · Bappebti by underlying | MAS Singapore · SC and Labuan FSA Malaysia · ASIC Australia |
| Entry capital | BI criteria in PADG 26/2025 · quoted per case | S$1M-5M Singapore · RM10M CMSL, RM1M Labuan · NTA A$1M Australia |
| FX CFDs | BI-listed contracts and pairs only | Not an onshore underlying in Malaysia · 30:1 to 2:1 in Australia |
| Corporate tax | 22% · 20% on dividends abroad | 17% Singapore · 24% Malaysia, 3% Labuan · 30% Australia, 25% base rate |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Indonesia | BI PUVA dealer or broker · OJK for indices | 22% · 20% on dividends abroad | Trades reported and cleared, capital per BI |
Singapore | MAS CMS licence | 17% · exemptions | S$1M-5M base capital |
Malaysia | SC CMSL · Labuan broking | 24% · Labuan 3% | RM10M SC · RM1M Labuan |
Australia | ASIC AFSL | 30% · 25% base | NTA A$1M, CFD order |
Indonesia
Singapore
Malaysia
AustraliaForex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Forex license requirements in Indonesia: what BI checks.Indonesia forex license requirements.
BI takes a PUVA file in two stages, in-principle approval and then the business licence, and the OJK and Bappebti come in for whatever the shelf holds beyond FX. The ten points run in that order.
Reflects PADG 26/2025 and BI's FAQ on it, POJK 1/2025 and Bappebti Regulation No. 3 of 2018, as of October 2026.PADG 26/2025, BI's FAQ and POJK 1/2025, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorBank Indonesia - PADG No. 26 of 2025 on PUVA Derivatives (summary page)bi.go.id
- LawBank Indonesia - PADG No. 26 of 2025, full textbi.go.id
- GuidanceBank Indonesia - FAQ on PADG No. 26 of 2025bi.go.id
- RegulatorOJK - Joint press release: Bappebti transfers digital assets and derivatives to OJK and BI (10 January 2025)ojk.go.id
- LawBappebti - Regulation No. 3 of 2018 on Futures Broker Business Licencesbappebti.go.id
From in-principle approval to the BI business licence.
Each planned contract is matched to its regulator and to BI's lists of contracts, currencies and pairs, so nothing on the platform sits outside a licence.Contracts matched to BI's lists.
The PT is set up, every holder of 25% or more identified, and the dealer or broker organisation built to Arts. 21-22.Holders of 25% or more identified.
The first BI stage runs through e-Licensing. A file left incomplete for 14 calendar days is rejected, and refiling waits 30 days.Complete within 14 calendar days.
BI's substantive review allows one round of corrections, answered within 30 working days. After a refusal, the next application may go in 6 months later at the earliest.One correction round, 30 working days.
The trading rules are cleared with the PUVA exchange operator and filed with BI, the custody accounts go live, and the first trades are reported and cleared.Trading rules filed, trades reported and cleared.
BI's decision period is confirmed per case. The clocks in BI's FAQ fall on the applicant: 14 calendar days to complete a file, 30 working days to answer corrections, and one new application between 6 and 12 months after a refusal letter.
Run from our Jakarta office.

The CFD shelf split by underlying before anything is filed: FX and money-market contracts for BI, stock indices and foreign single stocks for the OJK, commodities for Bappebti.FX for BI, indices for the OJK.
An Indonesian limited liability company (PT), shareholders and controllers mapped against BI's 25% control test, and certified broker representatives lined up.Owners, controllers, representatives.
In-principle approval, then the business licence, filed through BI's e-Licensing application, with BI's licensing front office on Jl. M.H. Thamrin No. 2 in Jakarta.Two BI stages, Jakarta front office.
Trading rules cleared with the PUVA exchange operator, custody accounts opened once the licence is granted, and every advert carrying the statement that BI licenses and supervises the firm.Trading rules, custody accounts, adverts.






Taxation of forex brokers in Indonesia.
An Indonesian PT pays corporate income tax at 22% under Art. 17(1)(b) of the Income Tax Law, as amended by Law No. 7 of 2021 on the Harmonisation of Tax Regulations (HPP).
The HPP Law set the corporate rate at 22% from tax year 2022. A broker's PT pays it on its taxable income unless one of the reduced regimes below applies.Since tax year 2022.
A company with at least 40% of its shares traded on the Indonesian exchange, meeting further conditions, pays 19% (Art. 17(2)(b); PP 55/2022 Art. 65).40% of shares traded, conditions.
Companies with turnover up to Rp50 billion get a 50% rate reduction on the taxable income attributable to the first Rp4.8 billion of turnover (Art. 31E). At turnover up to Rp4.8 billion the effective rate is 11%.50% off on the first Rp4.8 billion.
A small company may pay a final 0.5% turnover tax for a limited period, three tax years for a PT (PP 55/2022). We test a new broker against the thresholds before its first return.Small firms, three tax years for a PT.
Dividends, interest and royalties paid to non-residents carry 20% withholding under Art. 26, or the treaty rate where the recipient provides the DGT form or certificate of domicile under PER-25/PJ/2018.Or the treaty rate with a certificate.
A branch's after-tax profits that are not reinvested in Indonesia carry 20% as well (Art. 26(4)), the same rate as dividends paid abroad by a PT.Unless reinvested in Indonesia.
*As of 2026 per the Income Tax Law as amended by Law No. 7 of 2021 (HPP), PP 55/2022 and the DJP's Art. 26 guidance. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Indonesian limited liability company (PT), AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Active across our channels.
Get your forex license in Indonesia with expert support.
Full-service assistance - from splitting the CFD shelf between BI, the OJK and Bappebti to the PT, the e-Licensing file, the trading rules and the custody accounts - run through our Jakarta office.
Get a consultation →Is Indonesia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
What founders ask about BI, the OJK and the 2025 hand-over.
Who regulates forex brokers in Indonesia since 2025?+
Bank Indonesia, for derivatives on money-market and FX underlyings, since Bappebti handed them over on 10 January 2025. BI's rulebook, PADG 26/2025, has been in force since 1 December 2025. Index and single-stock derivatives went to the OJK, and commodity futures stay with Bappebti.
What is the difference between a PUVA dealer and a PUVA broker?+
A PUVA derivative dealer (Pedagang) trades for its own account or group and may run the SPA; it may not trade for and on behalf of clients. A PUVA derivative broker (Pialang) trades for clients, as an SPA participant or as a PALN broker sending orders to foreign exchanges on BI's list.
How long does a forex license in Indonesia take?+
BI's decision period is confirmed per case; the clocks BI prints fall on the applicant. A file still incomplete after 14 calendar days is rejected and can be refiled after 30 days, corrections are due within 30 working days, and after a refusal BI takes one new application no earlier than 6 months later.
What does a forex license in Indonesia cost?+
BI's capital, licence fees and margin terms for a new PUVA dealer or broker are confirmed in the quote. The printed figures sit around them: a PALN broker keeps at least Rp500,000,000 in a guarantee fund at the PUVA clearing house each quarter-end, and a Bappebti futures broker needs at least Rp2,500,000,000 of paid-up capital, or Rp5,000,000,000 with a foreign partner (Regulation No. 3 of 2018).
Can a foreign group own an Indonesian forex broker?+
Under Bappebti's rules for futures brokers, foreign capital in a joint venture is capped at 95%, so at least 5% stays with Indonesian shareholders (Regulation No. 3 of 2018 Art. 2(3)). BI's own ownership rule for PUVA dealers and brokers is confirmed per case.
Does the BI licence cover index and stock CFDs?+
No. Derivatives on Indonesian or foreign stock indices and foreign single stocks are OJK products under POJK 1/2025, each decided within 30 working days of a complete file. A Bappebti-licensed firm offering them must apply for a full OJK business licence by 10 January 2027 or be treated as unlicensed.
How must an Indonesian broker hold client money?+
In segregated accounts at fund-custody banks registered with BI: one in rupiah and one in foreign currency used only for PALN, both activated after the business licence (Art. 72). A broker may not give clients credit or financing to settle trades (Art. 22(2)).
Which FX contracts may an Indonesian broker offer?+
Only BI's: regular, mini and micro contracts of 100,000 units of the base currency, majors paired with each other, other listed currencies against USD, and a floating JISDOR or fixed Rp14,000-16,000 per USD conversion rate. Forwards, domestic NDFs, swaps and options sit outside PADG 26/2025.
Indonesia or Singapore for an Asian FX broker?+
Singapore, for a regional brand with capital known in advance: MAS asks S$1,000,000 of base capital for accredited-only models and S$5,000,000 with retail clients, and corporate tax is 17%. Indonesia is a domestic market under BI, with exchange-reported trades, standard contracts and a 22% rate.
Why Prifinance for Indonesia?+
We split the CFD shelf between BI, the OJK and Bappebti before anything is filed, then build the PT, the controllers' file and the two-stage BI application on e-Licensing. The work runs through our Jakarta office.
Who regulates?+
BI for FX since 10 January 2025.
Dealer or broker?+
Dealer runs the SPA; broker serves clients.
How long?+
Confirmed per case; BI's clocks fall on you.
Cost?+
BI capital and fees in the quote.
Foreign owners?+
95% cap under Bappebti; BI rule per case.
Index CFDs?+
OJK; Bappebti firms apply by 10 January 2027.
Client money?+
Segregated custody accounts; no client credit.
Contracts?+
Only BI's contracts and pairs.
Or Singapore?+
Printed capital there; a domestic market here.
Why you?+
Jakarta office, shelf split first.
Founders who wanted it done right.
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”

“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”

“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”

“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”

“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”

“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”

One message away from your Indonesia forex licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which BI, OJK or Bappebti licence your CFD shelf needs in Indonesia, and in what order.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Bank Indonesia (BI), the Financial Services Authority (OJK), the Commodity Futures Trading Regulatory Agency (Bappebti) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.