Indonesia Is Emerging as Asia’s Next RWA Hub

Indonesia Blockchain Week, held in Jakarta on December 10–11, is the country’s largest digital-finance gathering, bringing together many of the sector’s leading global participants.

The conference featured representatives from OJK, alongside a good blend of local & global speakers and sponsors from Tether, Binance, OKX, Tron, D3 Labs, Tokocrypto, Simpan Invest, Saison Capital, Taisu Ventures, and UOB Venture.

The event attracted nearly 10,000 participants, making it one of the largest digital-finance conferences in Southeast Asia.

As Southeast Asia’s largest economy, Indonesia is rapidly establishing itself as a strategic hub for the global development of real-world assets (RWA).

Its market is becoming a focal point where innovation, regulation, and international engagement intersect, creating a foundation for tokenised assets to scale globally.

Regulatory Innovation: D-FMI Bridges Compliance and Openness

For years, RWA adoption has been held back by the tension between global liquidity and local regulation.

Tokenised assets are often confined to closed systems, limiting mass market participation and preventing true Web3 composability.

In 2024, Indonesia took a step forward, Otoritas Jasa Keuangan (OJK), the country’s financial regulator, created a new department, ITSK (Inovasi Teknologi Sektor Keuangan), to oversee digital financial asset (DFA) development in Indonesia, where tokenised RWA is categorised under this framework as Backed DFA.

“Indonesia has seen rapid growth in blockchain adoption and digital asset activities, where more consumers are entering the market, more institutions are exploring tokenisation, and more innovators are building solutions that will shape the future of finance,“

said Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset, and Crypto Asset Supervision at OJK.

In the same year, ITSK launched the OJK DFA regulatory sandbox under POJK 3/2024, allowing participants to operate RWA tokenisation related business legally in Indonesia.

OJK’s acknowledgement of DFA, as a new asset class separated from the Capital market product, is a leap forward in driving global mass RWA tokenisation adoption.

Allowing OJK to partner with sandbox participants in driving and drafting new regulations catered specially to this new asset class, empowering:

• Issuance of financial assets, and other real world products on-chain
• Public circulation and cross-chain transfers of compliant assets
• Legal participation by both retail & institutional users
• Listing of approved backed DFA on crypto platforms for secondary trading

D3 Labs, through its flagship product Pruv Finance, is the first company approved under the Digital Financial Market Infrastructure (D-FMI) category of OJK DFA regulatory sandbox.

Pruv Finance, launched by D3 Labs, is a platform for issuing tokenised real-world assets (RWAs) with access to global liquidity.

Pruv is legally permitted to partner with global asset managers and leading blockchains to manage the full lifecycle of tokenised funds, from subscription and valuation to redemption and distribution across multiple blockchains.

By collaborating with global asset-management partners and operating within OJK’s evolving Digital Financial Assets (DFA) framework, Pruv is among the early players helping Indonesia build compliant, interoperable infrastructure for tokenised assets.

These foundational efforts support the country’s broader ambition to emerge as a regional hub for RWA tokenisation.

A Mature and High-Potential Web3 Market

Regulation alone isn’t enough, a mature and engaged market is also essential.

Such a market not only provides timely feedback to regulators but also helps shape and encourage the evolution of regulatory frameworks.

By 2025, Indonesia’s digital finance ecosystem is rapidly evolving.

The country has over 20 million crypto users, mostly young and tech-savvy, with a crypto adoption rate exceeding 40%, actively engaging with innovative financial products.

Total crypto trading volume has reached IDR 446 trillion (USD 26.8 billion), demonstrating the scale and liquidity of the digital asset market.

Looking ahead, tokenisable assets from Indonesia are projected to reach $88 billion by 2030, spanning bonds, investment funds, infrastructure projects, and SME financing.

Compared with other jurisdictions, Indonesia offers lower barriers for innovation, fostering cross-chain and cross-border product synergies.

These factors create fertile ground for large-scale RWA issuance and adoption.

Top Web3 Enterprises Expand into Indonesia

The final, and most critical, piece of the RWA puzzle: a global liquidity distribution network.

Indonesia’s supportive regulatory and market environment has attracted top Web3 enterprises, from leading exchanges, to global financial institutions and leading blockchains, all building the infrastructure to connect tokenised assets to liquidity worldwide.

This emerging network positions Indonesia as a gateway, linking RWAs to global financial flows.

• Robinhood just announced that they will acquire Indonesian brokerage firm Buana Capital Sekuritas and licensed digital asset trader Pedagang Aset Kripto, marking the retail trading platform’s entry into one of Southeast Asia’s major crypto hubs.
• Binance acquired Tokocrypto, one of the largest fiat to crypto exchanges in Indonesia, to secure a full Indonesian digital asset trading license, creating a compliant base for long-term market growth and future RWA initiatives.
• OKX / OKX Wallet is exploring partnerships and integrations with local indonesia partners. Indonesia is becoming a key market within OKX’s global strategy.
• Bybit is strengthening local infrastructure through acquiring licensed local Indonesia crypto exchange, while offering Indonesian-language support, localised content, and partnerships with the Indonesia Blockchain Association on user protection.
• OSL Group acquired an Indonesian exchange via a USD 15 million investment, using Indonesia as a strategic entry point for Southeast Asia expansion.
• HashKey partnered with INDODAX to collaborate on liquidity, infrastructure, compliance, and RWA tokenisation, further establishing Indonesia as a significant player in the global Web3 ecosystem.

Top-tier financial institutions are also staking their claim in Indonesia.

BlackRock increased its holdings in PT Bank Rakyat Indonesia (BBRI), while AllianzG activelyI invests locally and partners with Standard Chartered Bank, making Indonesia a key focus in its Asia-Pacific strategy.

Korea’s PineTree pilots tokenised bonds and cross-border digital funds, and SBI DMI is building regulated rails for compliant, institutional-grade digital assets.

Leading Web3 Ecosystems such as Polygon, Avalanche, Sei, Manta, IOTA, and LayerZero are cultivating local developer communities by providing resources, mentorship, and tools, while Arbitrum, Solana, and Cardano are expanding Indonesian user bases and community networks to accelerate adoption of decentralised applications.

Why Indonesia Matters

RWAs unlock value by giving globally liquidity to assets with tangible worth.

Making that a reality takes more than technology, it requires aligned policy, industry support, and a strong global  partner network. In Indonesia, all these elements are coming together.

The country is quickly becoming a launchpad for global RWA adoption, where innovation, regulation, and market demand intersect.

Indonesia is proving that a single, strategically positioned market can take experimental projects and turn them into fully integrated, institutional-grade financial products ready for the global stage.

Featured Image by Pruv Finance