How to Launch a Regulated Brokerage in Indonesia

Key takeaways

• Indonesia’s capital market passed 32 million investors in September 2026, and more than half are under 30.
• The regulatory framework is detailed but split across several authorities, so the licenses you need depend on your asset mix.
• CFDs trade through the Alternative Trading System (SPA). Brokers act on clients’ instructions, and every trade is registered with a futures clearing house.
• Since January 2025, commodity, FX, securities, and crypto derivatives have sat with different regulators.

Introduction

Indonesia has been hailed as a new frontier for the trading industry. It is the fourth most populous country in the world, with 284.67 million people counted in the 2025 intercensal survey by Statistics Indonesia (BPS). Of these, 68.94% are of working age.

The country also has a young and fast-growing investor base. For these reasons, launching a brokerage in Indonesia is now on the agenda of trading businesses across the globe. If you are new to brokerage setup, our guide to starting a forex brokerage covers the general steps.

However, Indonesia is not a soft regulatory destination. Its overlapping regulatory frameworks are detailed and focus on protecting Indonesian clients. This has long been an obstacle for international firms. Below is a primer on what you need to know before entering this growing market.

Indonesia’s retail investor base

Indonesia’s Central Securities Depository (KSEI) issues a Single Investor Identification number (SID) to each capital market investor. Since one investor holds one SID, the data tracks retail growth closely. The consolidated count covers investors in stocks, bonds, mutual funds, and government securities.

The numbers have grown fast since the pandemic. There were 3.88 million SIDs at the end of 2020 and 7.48 million a year later. The count reached 14.87 million at the end of 2024 and 20.32 million at the end of 2025. Then growth sped up. OJK reported 32.17 million SIDs at the end of September 2026, up 57.96% for the year.

The base is young. In August 2026, 55.25% of investors were under 30. Most of them hold mutual funds, though. At the end of 2025, KSEI counted about 8.5 million stock investors. So SID data is a proxy for retail interest rather than a count of active traders.

Trading activity has grown as well. In 2025, average daily trading value on the Indonesia Stock Exchange (IDX) rose 40.54% to IDR 18.06 trillion, about $1.09 billion. That was the second-highest in ASEAN. Stocks have since corrected sharply. By August 7, 2026, the composite index was down 25.87% for the year. Even so, investor numbers kept rising through the decline.

Who regulates what

Indonesia’s financial regulation is comprehensive and detailed. However, several regulators have overlapping remits, and their responsibilities have shifted over time. As a result, brokers often need approvals from more than one body. Here is a breakdown of the agencies involved.

Financial Services Authority (OJK)

Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, or OJK) took over capital market supervision from Bapepam-LK at the end of 2012. It then took over banking supervision from Bank Indonesia at the end of 2013.

Today, OJK is the country’s overarching financial regulator. It supervises banking, capital markets, financial derivatives, and non-bank financial institutions. OJK issues and revokes licenses, sets capital requirements, runs consumer protection and education programs, and enforces compliance.

Since January 10, 2025, OJK has also supervised digital financial assets, including crypto, as well as derivatives on securities. It took over both from Bappebti.

Commodity Futures Trading Regulatory Agency (Bappebti)

The Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi, or Bappebti) sits under the Ministry of Trade. It regulates Indonesia’s commodity futures market. Bappebti licenses exchanges, clearing houses, brokers, and other participants. It also approves contracts, supervises trading, sets position limits, and enforces the rules.

In short, its mandate mirrors OJK’s, but within commodity futures and derivatives.

Bank Indonesia (BI)

Bank Indonesia (BI) is the central bank. It sets monetary policy, regulates payment systems, issues currency, and safeguards financial stability. Bank supervision has sat with OJK since the end of 2013.

However, since January 10, 2025, BI has regulated derivatives on money market and FX underlyings, including FX CFDs. It took over this role from Bappebti.

Indonesia Central Securities Depository (KSEI)

The Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia, or KSEI) was founded in 1997. It is a self-regulatory organization supervised by OJK. KSEI handles custody and settlement of securities traded on the IDX, and it issues SIDs.

Indonesia Clearing and Guarantee Corporation (KPEI)

The Indonesia Clearing and Guarantee Corporation (PT Kliring Penjaminan Efek Indonesia, or KPEI) was founded in 1996. It is the central counterparty for the Indonesian capital market, now wholly owned by the IDX. KPEI clears and guarantees exchange trades and regulated OTC transactions. Since 2020, it has also acted as the central counterparty for the OTC derivatives market.

KPEI works in concert with KSEI. KPEI handles clearing and guarantees, while KSEI handles deposits and settlement.

Which licenses a CFD brokerage in Indonesia needs

CFD brokers usually offer several asset classes, and Indonesia splits supervision of those asset classes between regulators. As a result, a multi-asset CFD broker needs several approvals. Unlike markets where one regulator covers all CFDs, Indonesia ties each license to the underlying asset.

Licenses by asset class

Under the current structure, the license depends on what your clients trade:

• Commodity CFDs, such as gold and crude oil, fall under Bappebti. Brokers need a futures broker (Pialang Berjangka) business license.
• FX CFDs fall under Bank Indonesia, which regulates FX derivatives under its Regulation No. 6 of 2024 on money and FX markets.
• Index and foreign stock CFDs fall under OJK. Under POJK No. 1 of 2025, brokers need an OJK license as a financial derivatives broker-dealer (Perantara Pedagang Efek Derivatif Keuangan).
• Crypto derivatives fall under OJK’s digital financial asset rules. Since December 2025, licensed digital financial asset traders can offer them on an OJK-approved exchange after notifying OJK.

The Alternative Trading System (SPA)

In Indonesia, CFDs trade through the Alternative Trading System (Sistem Perdagangan Alternatif, or SPA). SPA trades are bilateral and take place outside the futures exchange, with margin. Every trade is registered with a futures clearing house.

The counterparty is the SPA operator, a futures dealer that trades for its own account. The broker, as an SPA participant, trades on clients’ instructions. So CFD brokers act as intermediaries rather than market makers. Both the operator and the participant must be clearing members.

However, SPA approval does not cover every CFD. Since January 2025, Bappebti’s SPA has covered commodity contracts, while OJK runs its own SPA framework for derivatives on securities.

Clearing runs through two exchange and clearing house pairs. ICH (Indonesia Clearing House) clears trades on ICDX (Indonesia Commodity and Derivatives Exchange). KBI (Kliring Berjangka Indonesia) clears trades on JFX (Jakarta Futures Exchange).

Operational requirements

Beyond licensing, Indonesia sets strict operating rules. Client funds must sit in segregated accounts, separate from the firm’s own capital, at banks approved by Bappebti. Brokers also contribute to a compensation fund that protects clients if a broker fails.

Margin rules are strict too. From 2023, SPA participants must hold a margin of 200% of the initial margin on their open positions, up from 150%.

Indonesia also has the world’s largest Muslim population. In mid-2024, 87.08% of residents were registered as Muslim. In addition, Indonesian futures law recognizes sharia derivative contracts as a separate category. So brokers should plan for Sharia-compliant, swap-free accounts, where overnight positions incur no rollover interest.

Localization and capitalization requirements

Local entity

Foreign brokers can serve Indonesian clients from inside the country only through a locally incorporated company. For a futures broker with foreign investment (PT PMA, Perseroan Terbatas Penanaman Modal Asing), foreign ownership is capped at 95%. In other words, Indonesian shareholders must hold at least 5%.

Only Indonesian futures brokers that are clearing members can become SPA participants. A foreign group cannot obtain SPA approval directly, but it can own up to 95% of a licensed local broker. This is why foreign groups enter the market by setting up or buying a local broker. Buying an existing broker brings its license and its exchange and clearing memberships in one step.

Capital requirements

Two sets of capital rules apply. First, a PT PMA needs at least IDR 2.5 billion (about $140,000) in paid-up capital. BKPM Regulation No. 5 of 2025 cut this from IDR 10 billion (about $560,000) in October 2025. The cash must stay in the company’s Indonesian bank account for 12 months unless the company uses it for business purposes. The total investment plan must still exceed IDR 10 billion, excluding land and buildings.

Second, SPA participation carries much higher requirements. Under Bappebti Regulation No. 6 of 2023, SPA participants need paid-up capital of IDR 30 billion (about $1.7 million). They must also maintain equity of at least IDR 25 billion (about $1.4 million).

Platform and infrastructure requirements for a brokerage in Indonesia

Indonesia also sets requirements for the technology behind trading. Under Bappebti Regulation No. 6 of 2023, SPA operators and participants had 12 months to obtain ISO 27001 certification for information security. The same regulation also strengthened IT and price transparency requirements.

Trading platforms need regulatory sign-off as well. Bappebti approves the platforms that commodity futures and derivatives brokers can license. As of August 2026, two platforms held that approval.

Indonesia’s approach to OTC trading stands out. Rather than pushing it offshore, regulators have built a framework where it operates alongside exchange-traded instruments. The result is a tightly regulated environment that puts the protection of Indonesian clients first.

DXtrade receives Bappebti approval

In August 2026, Bappebti approved DXtrade after a review. This makes DXtrade one of only two trading platforms authorized for licensing by commodity futures and derivatives brokers in Indonesia. We announced the approval in September.

For brokers, this means DXtrade can be licensed under Bappebti’s commodity futures and derivatives framework. We see significant potential in the Indonesian market. Next, Devexperts plans to apply to OJK to serve Indonesia’s digital asset market.

To learn what Devexperts can do for your brokerage in Indonesia, contact our team.

FAQs

What is Bappebti and what does it regulate?

Bappebti is Indonesia’s Commodity Futures Trading Regulatory Agency, which sits under the Ministry of Trade. It licenses and supervises participants in the commodity futures market, including the Alternative Trading System. Since January 2025, supervision of crypto and securities-based derivatives has moved to OJK, and FX derivatives to Bank Indonesia.

What is SPA approval in Indonesia?

SPA (Sistem Perdagangan Alternatif) is Indonesia’s Alternative Trading System. It covers derivative contracts traded bilaterally outside the futures exchange, with margin, and registered with a futures clearing house. A broker needs SPA approval to offer CFDs on clients’ behalf. It must also be a licensed futures broker and a clearing member.

Do foreign brokers need a local entity to serve Indonesian clients?

Yes. A foreign broker must operate through a company incorporated in Indonesia. For a futures broker, foreign ownership is capped at 95%, so Indonesian shareholders must hold at least 5%.

Who regulates crypto trading in Indonesia?

OJK, Indonesia’s primary financial regulator. Bappebti supervised crypto assets until January 10, 2025, when the role passed to OJK. Since December 2025, OJK’s rules have also covered crypto derivatives.

What is a Sharia-compliant trading account?

A Sharia-compliant, Islamic, or swap-free trading account is a trading account where no overnight interest is credited or debited when positions are rolled over.