Indonesia's on-chain economy is being built now. Be the issuer, not the follower.
OJK is finalizing tokenization regulation in Q3 2026. The first issuers to enter sandbox will own the market. TokenForge gives you the compliance infrastructure to be first.
Indonesia‘s $88B tokenization window is open
The market, the regulation, and the timing all align right now. Here‘s why smart issuers are moving today.
Tokenization Market by 2030
Project Wira estimates Indonesia's tokenization market will reach $88B by 2030. This is the window — and it's opening now.
Crypto Investors Ready
21M+ Indonesian crypto investors are already on-chain. They're ready to move from speculative tokens to real asset-backed securities.
2024 Transaction Volume
IDR 650T in crypto transaction volume in 2024 alone — and growing. These investors are looking for real-world yield.
The Regulation
Q3 2026 Finalization
OJK targets finalization of POJK Penawaran DFA (primary market regulation) in Q3 2026. The regulatory rails are being built right now.
POJK 7/2024
Opens BPR access to capital markets for the first time. BPRs can now issue tokenized securities to retail investors.
PMK 50/2025
Removes PPN (VAT) on tokenized assets. The tax burden that killed early tokenization projects is gone.
Sandbox Phase 2
2026-2027 is the Akselerasi phase. Issuers who enter sandbox today will have licensed infrastructure when the market opens.
The First-Mover Advantage
4 Sandbox Graduates
GORO, D3 Labs, and others have already passed OJK Sandbox. The door is open — but not for long.
Phase 2 = Akselerasi
OJK's 3-phase roadmap puts us at the start of the acceleration phase. Every month of delay is a month your competitor gets closer to market.
First-Mover Premium
The first licensed issuers will capture disproportionate market share. Late entrants will fight for scraps.
The regulatory rails are being built RIGHT NOW. Issuers who enter sandbox today will have licensed infrastructure when the market opens.
Tokenization shouldn't take 6 months and $300K in legal fees
You don't have a technology problem. You have a compliance infrastructure problem.
Legal Complexity
Navigating POJK 27/2024, POJK 3/2024 sandbox requirements, PMK 50/2025 tax rules, and the upcoming POJK Penawaran DFA requires a team of specialists. Most issuers spend $15K-$80K+ on securities counsel alone.
Manual Compliance
Today: spreadsheets for cap tables, manual KYC tracking, paper-based transfer restrictions. Every transfer requires lawyer review. Every distribution requires wire transfers. Every report requires manual compilation.
No Secondary Market Access
Even if you tokenize, without OJK-compliant infrastructure there's no regulated venue for your investors to trade. Your tokens are illiquid by design, not by market.
Time-to-Market
Traditional tokenization: 3-6 months. Generic SDK: 2-3 months of custom development. By the time you launch, the regulatory window may have shifted.
You don't have a technology problem. You have a compliance infrastructure problem.
The numbers tell the story — but only if you act now.
The Indonesian digital asset market is ready
With strong regulatory support and growing institutional adoption, the time to tokenize is now.
$88B
by 2030 (Project Wira)
21M+
ready to move from crypto to real assets
IDR 650T
in 2024 — and growing
4
sandbox projects already passed — yours could be next
The first wave of Indonesian tokenizers is already here
While you're reading this, your competitors are already in the sandbox.
Gold Tokenisasi lulus OJK Sandbox
GORO lulus OJK Sandbox (100K+ users, 350% AUM growth)
D3 Labs / BTN tokenize properti pertama dengan REIT tokens
OJK target finalisasi POJK Penawaran DFA (primary market regulation)
Fase Akselerasi: market opens for licensed issuers
The sandbox door is open. The question is: will you be inside or outside when the market opens?
See how to get startedTHE WINDOW IS OPEN
OJK is building the regulatory rails. The first issuers on those rails will define the market.
SSTS Compliant
Solana Security Token Standard
OJK Sandbox Ready
Regulatory compliance built-in
23 Tests Passing
Integration test coverage
4 Programs Verified
On-chain smart contracts
Everything you need to tokenize. Nothing you don't.
A complete platform for issuing and managing tokenized securities, built for Indonesian regulatory compliance.
Token Issuance
Create compliant security tokens with pre-configured OJK rules and transfer restrictions.
Investor Registry
KYC/AML tracking, accreditation verification, and cap table management in one place.
Compliance Engine
Allowlist/blocklist policies, transfer restrictions, and freeze/thaw capabilities.
Distribution Orchestration
Merkle-based dividends, waterfall logic for tranching, and automated payouts.
Corporate Actions
Voting, buybacks, snapshots, and forced transfers for operational flexibility.
Regulatory Reporting
Audit trails, OJK-compliant reports, and on-chain evidence for regulators.
Built for compliance officers, not developers
An operational dashboard designed for fund administrators and compliance teams.
Token Management
Investor Registry
Manage your token holders and compliance status
| Investor | Holdings | KYC Status | Status |
|---|---|---|---|
| PT Mandiri Investama | 2,500,000 | Verified | active |
| BPR Nusantara | 1,800,000 | Verified | active |
| Asia Credit Fund | 1,200,000 | Verified | active |
| PT Graha Konstruksi | 950,000 | Pending | active |
| Nusa Tenggara Capital | 750,000 | Verified | active |
Compliance Alerts
All investors KYC verified
1 transfer pending compliance review
Q2 distribution scheduled for Jun 30
Compliance is not an afterthought. It's the architecture.
Every transfer is checked against on-chain compliance policies. The FAMP program enforces your rules at the smart contract level, not the application level.
POJK 27/2024 - Investor Eligibility
FAMP allowlist gates all transfers to verified investors only
POJK 27/2024 - Transfer Restrictions
Smart contract enforces lock-up periods and accredited investor rules
POJK 27/2024 - Freeze Authority
Issuer can freeze/thaw tokens for court orders or sanctions compliance
POJK 27/2024 - Audit Trail
Every transfer recorded on-chain with compliance oracle attestation
Transfer Compliance Flow
Investor KYC
On-chain Identity
Transfer Check
Compliance Gate
Settlement
Policy Oracle Pattern
The FAMP program queries an on-chain oracle for compliance decisions, enabling updatable rules without redeploying tokens.
Structure loan pools into senior, mezzanine, and equity tranches
Tokenize BPR loan portfolios with waterfall distribution logic. Each tranche has its own FAMP policy and investor allowlist.
Tranche Structure
First priority on cash flows. Lowest risk, stable returns.
Subordinated to senior. Higher yield for moderate risk.
First-loss position. Absorbs defaults. Highest potential returns.
Waterfall Distribution Logic
1. Cash Flow Received
Loan repayments from BPR portfolio flow into the SPV
2. Senior Tranche Paid
Senior investors receive their 6-8% coupon first
3. Mezzanine Tranche Paid
Remaining cash flows to mezzanine investors (10-14%)
4. Equity Tranche Receives Residual
Equity holders receive remaining cash flows (18-25%) or absorb losses
Automated by Smart Contract
Distribution orchestration is handled by the TokenForge distribution program with Merkle-based payouts.
From structure to issuance in 4 steps
Launch your first compliant token offering in weeks, not months.
Structure
Define your asset pool, tranches, and compliance rules. Configure FAMP policies for each tranche.
Configure
Upload investor list, set KYC requirements, and configure transfer restrictions.
Issue
Deploy tokens on Solana with OJK-compliant transfer restrictions built into the smart contract.
Manage
Distribute yield, manage cap table, and generate regulatory reports from the dashboard.
Why TokenForge over manual processes or generic SDKs?
A complete platform purpose-built for Indonesian security token compliance.
| Feature | Manual (Excel + Lawyers) | Generic SDK | TokenForge |
|---|---|---|---|
| Cap table management | Spreadsheets | Build your own | Built-in |
| Compliance enforcement | Manual checks | DIY | Smart contract |
| Distribution orchestration | Wire transfers | Build your own | Merkle-based |
| Regulatory reporting | PDF exports | None | Automated |
| Investor KYC tracking | Manual files | Build your own | Built-in |
| Transfer restrictions | Legal agreements | DIY | On-chain |
| Time to launch | 3-6 months | 2-3 months | 2-4 weeks |
Built for Indonesian financial institutions
From BPRs to asset managers, TokenForge powers the next generation of compliant digital assets.
Private Credit Funds
Issue tokenized debt instruments with built-in compliance. Manage investor registry and distributions on-chain.
- Debt instrument issuance
- Cap table management
- Regulatory reporting
Community Loan Securitization
Tokenize BPR/community bank loan pools into tranches. Access institutional capital while maintaining OJK compliance.
- Automated tranching
- Waterfall distributions
- OJK-compliant transfers
P2P Lending Capital Relief
Free up balance sheet by tokenizing performing loan portfolios. Automated distribution to investors.
- Portfolio tokenization
- Merkle-based payouts
- Investor registry
Private Security Crowdfunding (SCF)
Issue private security tokens to a select accredited investors. Manage cap table and distributions on-chain.
- Debt instrument issuance
- Cap table management
- POJK 17/2025 Compliance Engine