RWA in Indonesia does not have a dedicated rule yet. As of 8 October 2026, OJK (the Indonesian Financial Services Authority) is still drafting a regulation on the offering of tokenized assets. Meanwhile, tokens traded on licensed exchanges operate under the digital financial asset framework (POJK 27/2024), and their sale is subject to a 0.21% final income tax under PMK 50/2025.

That means some things are settled and some are still pending. This article separates the two: who the regulator is, what the status of RWA rules is, how much tax applies, and which risks you should check before buying real-world asset tokens. If you are not yet familiar with what RWA is, start with the RWA explainer on Mobee Academy.

Key Points

• Since 10 January 2025, supervision of crypto assets and digital financial assets has moved from Bappebti to OJK.
• The dedicated rule on offering tokenized assets (RWA) is still a draft. As of 6 October 2026, OJK says drafting is still under way.
• Sales of crypto assets through a domestic operator are subject to 0.21% final Article 22 income tax on the transaction value (PMK 50/2025, effective 1 August 2025).
• The transfer of crypto assets is not subject to VAT, but platform services are still subject to VAT.
• Holding an RWA token is not the same as owning the underlying asset. Issuer, custodian, and asset verification risks are the main risks.

Who Supervises RWA in Indonesia

The regulator is OJK. The basis is Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (the P2SK Law) and Government Regulation Number 49 of 2024, which moved the regulation and supervision of digital financial assets, including crypto assets, from Bappebti to OJK, effective 10 January 2025.

The implementing rule is POJK Number 27 of 2024 on the Operation of Digital Financial Asset Trading, Including Crypto Assets, with technical provisions in SEOJK Number 20/SEOJK.07/2024. That POJK was later amended by POJK Number 23 of 2025.

Two points from this framework matter for RWA:

• Trading of tokens listed on licensed exchanges operates under the digital financial asset framework, not the capital market.
• The rupiah remains the only legal tender. Tokens, including RWA tokens, are investment instruments, not a means of payment.

Status of Dedicated RWA Rules as of October 2026

A rule that mentions RWA directly has not been issued. Here is a timeline of OJK statements that can be traced:

OJK also runs a regulatory sandbox. As of August 2026, seven business models have passed, covering gold tokenization, government bond (SBN) tokenization, property ownership benefits, rupiah stablecoin issuance, digital asset custody, and crypto fund management. A sandbox is not a license for a mass-market product, but it shows the direction of the rules.

The principle OJK has stated is "same activities, same risk, same regulation": activities with the same risk are regulated the same way, regardless of the technology. OJK also says its focus is on the substance of the activity, risk mitigation, and consumer protection.

The practical consequence: until a dedicated rule is issued, the status of each RWA product can differ. Do not assume every token that says "RWA" automatically falls under the same framework.

Tax on RWA Tokens in Indonesia

Crypto asset tax rules now refer to PMK Number 50 of 2025, effective 1 August 2025. In summary:

A simple example: you sell tokens worth Rp10,000,000 through a domestic operator with PAKD status. The final income tax owed is 0.21% x Rp10,000,000 = Rp21,000. If it goes through an operator charged at 1%, the figure is Rp100,000. Final tax is calculated on the transaction value, not on your profit.

This rate gap is one reason to choose an OJK-licensed exchange. For a reporting guide, read crypto tax on Mobee Academy.

One honest note: we have not found a tax provision that specifically mentions RWA tokens, stock tokens, or gold tokens. Check how each product is treated on Mobee's fees page, and discuss your personal situation with a tax consultant.

RWA Risks You Need to Understand

RWA is often described as "real assets, so safer." That is too simple. Token prices still move, and there are extra risks that ordinary crypto assets do not have.

1. Issuer risk

An RWA token is only as good as its issuer. If the issuer fails to meet its obligations or stops operating, your claim on the underlying asset can be affected.

2. Custodian risk

The underlying asset, for example gold or bonds, is held by a third party. Check who the custodian is, where the assets are held, and whether attestation reports or audits are published regularly. An attestation is not the same as a full audit.

3. Asset verification risk

Crypto industry players themselves point out that the main RWA problem is how to make sure the underlying asset really exists and matches the claim. The harder an asset is to verify, such as property or intellectual property, the greater the risk.

4. Legal ownership risk

You generally hold a token that represents an asset, not the asset in your own name. A token holder's legal rights, including the right to redeem, depend on the product terms and the issuer's jurisdiction.

5. Price and price gap risk

Tokens are designed to track the price of their reference asset, but they can move differently, especially when the reference market is closed or liquidity is thin.

6. Liquidity risk

Not every RWA token has an active market. Fractional ownership does not automatically mean it is easy to sell at the price you want.

7. Exchange rate and smart contract risk

Many underlying assets are denominated in US dollars, so returns in rupiah are also affected by the exchange rate. Tokens also run on smart contracts, which can have security flaws.

8. Regulatory change risk

Dedicated RWA rules are still being drafted. Products offered today may be adjusted when the rules are issued.

Checklist Before Buying an RWA Token

Use these six questions as a first filter:

1. Who is the issuer? Look for the legal entity name and track record, not just the project name.
2. Who is the custodian and where are the assets held? Make sure there is information you can verify.
3. Are there regular attestation reports or audits? Check the latest date and who issued the report.
4. Can it be redeemed? Understand the terms, minimums, and redemption fees. For many products, redemption is available only to certain parties.
5. Where is it sold? Prefer exchanges that are licensed and supervised by OJK. Check via the list of OJK-supervised crypto exchanges and how to check whether a crypto platform is legal or illegal.
6. What is the total cost? Count the spread, transaction fees, tax, and exchange rate difference.

If any answer is unclear, treat it as a signal to wait, not a reason to simply trust.

If There Is a Problem, Where to Complain

Start with the customer service of the platform where you transact. If it is not resolved, you can contact OJK Contact at 157. Keep your transaction records, screenshots, and communication history.

RWA on Mobee

Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by OJK. You can see the available assets, including gold tokens and stock tokens, directly in the app, and availability can change from time to time. For an overview of the product, see the Mobee RWA page, then download the Mobee app and start with a small amount once you understand the risks.

Conclusion

What is settled: the regulator is OJK, trading of digital financial assets follows POJK 27/2024, and sales of crypto assets through a domestic operator are subject to 0.21% final income tax. What is not settled: the dedicated rule on offering tokenized assets, which as of 6 October 2026 is still being drafted.

So treat RWA as an instrument that depends on the issuer and custodian, not as a real asset that is automatically safe. Use the checklist above, start with a small amount, and follow the progress of the rules.

Is RWA legal in Indonesia?

There is no dedicated RWA rule yet. As of October 2026, OJK is still drafting a rule on the offering of tokenized assets. Tokens traded on licensed exchanges operate under the digital financial asset framework (POJK 27/2024). Check the status of each product before buying.

Who supervises RWA in Indonesia?

OJK. Since 10 January 2025, supervision of digital financial assets, including crypto assets, has moved from Bappebti to OJK under the P2SK Law and Government Regulation 49/2024.

How much tax applies when selling RWA tokens?

For crypto assets sold through a domestic operator with PAKD status, final Article 22 income tax is 0.21% of the transaction value (PMK 50/2025). We have not found a provision specific to RWA tokens, so consult a tax consultant.

Are RWA token transactions subject to VAT?

The transfer of crypto assets is not subject to VAT under PMK 50/2025, but platform services such as buying and selling, exchange, and electronic wallets are still subject to VAT.

If I hold an RWA token, do I own the underlying asset?

Generally no. You hold a token that represents the asset, while the underlying asset is kept by a custodian. Redemption rights and legal claims depend on the issuer's terms.

What is the biggest risk of RWA?

Issuer, custodian, and underlying asset verification risk, plus price, liquidity, exchange rate, smart contract, and changing regulation risk. No outcome is guaranteed.

How do I know if an exchange is OJK-licensed?

Check the list of digital financial asset trading operators on the OJK website and read the Mobee Academy guide on how to check whether a crypto platform is legal. Do not transact on a platform you cannot verify.

Disclaimer

This article is for information and education only and is not investment, legal, or tax advice. Crypto assets and real-world asset tokens are high-risk instruments with large volatility. Do your own research and use only funds whose risk you can afford to bear. Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by the Indonesian Financial Services Authority (OJK).

Sources (all in Indonesian):

• PMK 50/2025: Babak Baru Pemajakan Aset Kripto, DJP
• Pengawasan aset kripto dan aset digital, Hukumonline
• OJK: RPOJK penawaran aset ditokenisasi, ANTARA, 6 October 2026
• OJK Siapkan RPOJK Tokenisasi, Blockchain Media Indonesia, 7 October 2026
• OJK Godok Aturan Tokenisasi RWA, Kontan, 9 June 2026
• OJK Godok Tokenisasi RWA, CNBC Indonesia, 22 May 2026