Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇮🇩 Indonesia partly open Verified 2026-08-15
|
🇰🇷 South Korea
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Crypto Asset Trader/Exchange licence (Pedagang Aset Keuangan Digital, PAKD) under POJK 27/2024 (as amended by POJK 23/2025), plus related infrastructure licences: Bourse operator (Penyelenggara Bursa Aset Keuangan Digital, CFX), Clearing House, and Custodian. Legal basis: Government Regulation No. 49/2024 (transfer of authority) plus POJK 27/2024 and POJK 23/2025 (December 2025 amendment adding a crypto derivatives framework). | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | Otoritas Jasa Keuangan (OJK), Financial Services Authority; took over from Bappebti (commodity futures regulator) on 10 Jan 2025 under Government Regulation No. 49/2024. Market infrastructure now spans two bourses (PT Bursa Komoditi Nusantara, CFX, and PT Fortuna Integritas Mandiri, ICEx, licensed 5 Jan 2026), two clearing institutions (PT Kliring Komoditi Indonesia and PT Pranata Karya Solusi, licensed 2 Mar 2026) and two custodians (PT Kustodian Koin Indonesia and PT Arganis Konsultindo Utama, licensed 2 Mar 2026). | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | Indonesia capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | Indonesia timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | Indonesia local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | Indonesia application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | Indonesia ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | Indonesia passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | Indonesia mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | Indonesia key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | 10 January 2025: regulatory authority formally transferred from Bappebti to OJK; POJK 27/2024 took effect the same date. 10 July 2025: deadline for existing operators to complete governance, data-protection and consumer-protection upgrades. December 2025: OJK issued POJK 23/2025 amending POJK 27/2024, introducing a formal crypto derivatives trading framework. 19 December 2025: OJK published a whitelist of 29 licensed or registered digital financial asset and crypto asset trading operators; OJK's own subsequent lists (12 March 2026 and 21 April 2026) both show 25 licensed PAKD operators, which is the current figure. 30 June 2026: OJK issued PADK No. 3 of 2026, setting out detailed reporting mechanics under POJK 27/2024 and POJK 23/2025; it takes effect 1 September 2026 and replaces parts of Circular Letter 20/SEOJK.07/2024 from that date, with a further tranche of that circular repealed from 1 January 2027. PADK No. 3/2026 (enacted 30 June 2026) applies from 1 September 2026, with a first tranche of the superseded 2024 circular repealed from 1 July 2026 and the remainder from 1 January 2027. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | Indonesia difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
One-question research
Did this page help you reach the next useful outcome?
No email is collected. An optional short note helps us understand what is missing.