OJK’s bullion roadmap makes Indonesia bullion a governed financial-services lane
On March 7, 2026, Otoritas Jasa Keuangan split the roadmap between end-to-end ecosystem buildout and bullion business inside financial institutions, while tying that lane to POJK 17/2024, Gold ETF rules, and disclosed sandbox gold-tokenization activity.
Key takeaways
- • Because OJK gave bullion a named supervisory architecture rather than a generic development narrative.
- • By separating ecosystem buildout from bullion business inside financial institutions—and by linking the lane to POJK 17/2024, POJK 2/2026 on Gold ETFs, and disclosed sandbox tokenization metrics—OJK moved the market read toward governed financial infrastructure.
Trigger
Siaran Pers: OJK Luncurkan Roadmap Pengembangan Dan Penguatan Kegiatan Usaha Dan Ekosistem Bulion 2026-2031
On March 7, 2026, OJK published SP 48/GKPB/OJK/III/2026 announcing the Roadmap Pengembangan dan Penguatan Kegiatan Usaha dan Ekosistem Bulion 2026-2031. OJK described the roadmap as a strategic step to strengthen the national bullion ecosystem and deepen financial markets. The key structural point is that the roadmap was split into two complementary parts: an upstream-to-downstream bullion ecosystem roadmap and a roadmap for bullion business in the financial-services industry. In the same release, OJK tied that structure to POJK 17/2024 on bullion business, POJK 2/2026 on Gold ETFs, and sandbox gold-tokenization activity that had already reached 3,750 grams and more than Rp8 billion in transaction volume.
Open source documentSN Desk view
Before this source stack, Indonesia’s bullion story could still be read mainly as gold monetization, downstream-industry support, or commodity-market development. The March 2026 roadmap instead frames it as regulated financial-services infrastructure with named layers.
First, POJK 17/2024 already established bullion as a financial-institution activity with scope, licensing, phased implementation, prudential requirements, governance, AML/CFT, antifraud, consumer protection, and reporting obligations. Second, POJK 2/2026 extended the gold lane into capital-markets packaging through ETF Emas. Third, OJK’s own disclosures show tokenization was not merely hypothetical by then: gold tokenization was active in the sandbox, one gold-tokenization participant had already passed sandbox testing in August 2025, and OJK later disclosed measurable tokenization volume in the roadmap release. Separate February 2026 disclosures on business-plan reporting, licensed support institutions, customer-funds banks, payment providers, and pending exchange, clearing, and custody applications reinforce the reading that Indonesia was assembling supervised rails around gold-linked and digital-asset activity. It is not enough to claim broad adoption; the stronger reading is perimeter, governance, and infrastructure buildout rather than market scale.