OJK Leadership Change and US–Iran Tensions Impact Indonesia’s Crypto Market

JAKARTA, Jakartaweekly.com — Indonesia’s House of Representatives Commission XI has approved Adi Budiarso as the new Executive Head of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets (IAKD) at the Financial Services Authority (OJK). He replaces Hasan Fawzi, who has been appointed Executive Head of Capital Market Supervision, Derivatives, and the Carbon Exchange.

According to Indonesia’s Ministry of Finance website, Adi Budiarso previously served as Director for Banking, Financial Markets, and Other Financing Development at the Directorate General of Financial Sector Stability and Development.

The crypto industry has welcomed the leadership transition while expressing appreciation for Hasan Fawzi’s contributions in strengthening Indonesia’s financial technology and crypto asset ecosystem.

Tokocrypto CEO Calvin Kizana thanked Hasan Fawzi for his role in building the foundation of Indonesia’s crypto industry.“Under his leadership, Indonesia’s crypto ecosystem experienced significant progress in governance, regulatory strengthening, and public trust,” Calvin said.

One major milestone during this period was the successful transfer of crypto industry oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK, ensuring continuity while strengthening regulatory supervision.

Tokocrypto also welcomed Adi Budiarso’s appointment and expressed hope that the new leadership will further support the growth of financial technology innovation and digital assets in Indonesia.

“We hope OJK will continue to promote adaptive regulations that encourage innovation while strengthening collaboration between regulators, businesses, and other stakeholders,” Calvin added.

Meanwhile, Indonesia’s Islamic organization Muhammadiyah recently issued a fatwa regarding the status of crypto assets in Islam. The ruling states that cryptocurrencies can be classified as māl mutaqawwam (assets with economic value) and are generally permissible, provided they comply with Islamic principles.

However, transactions involving riba (usury), fraud, gambling, or excessive speculation would not be allowed.

Permissible activities may include spot crypto investment, value storage through cryptographic technology, blockchain utility tokens, governance tokens, and crypto airdrops, as long as they follow sharia principles.

Calvin noted that the fatwa could help improve public understanding of crypto assets, especially from a sharia perspective.

Geopolitical Tensions Pressure Crypto Market

Rising geopolitical tensions between the United States and Iran have also affected global financial markets, including crypto.

Recent statements by U.S. President Donald Trump, claiming military success against Iran while confirming continued operations, have increased uncertainty. Iran has reportedly launched retaliatory attacks across the Middle East, including strikes on fuel tankers in Iraqi waters.

The conflict triggered volatility in global oil prices, which briefly surged close to US$120 per barrel before stabilizing around US$94.

Tokocrypto analyst Fyqieh Fachrur said geopolitical escalation and rising energy prices could pressure risk assets such as cryptocurrencies in the short term.

Bitcoin recently fell below the key psychological level of US$70,000 and is currently trading near US$69,000, down about 4.8% over the past week.

From a technical perspective, Fyqieh said Bitcoin may test the US$65,000–US$60,000 support range if selling pressure continues.

“Crypto markets remain highly sensitive to global developments, particularly geopolitical conflicts and monetary policy dynamics,” he concluded.]