The Government has recently enacted Law No. 4 of 2026 on the Amendment to Law No. 4 of 2023 on Financial Sector Development and Strengthening (the “Law”). Among its key changes, the Law introduces a statutory framework for the establishment of the Mineral and Strategic Commodities Exchange (the “Exchange”) and adds activities conducted through the Exchange to the regulatory and supervisory remit of the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”).
The Exchange is an organised and integrated market system for trading minerals and strategic commodities, including their derivatives. The system is to be supported by a financing ecosystem, digital-based financial instruments, and mechanisms governing pricing, quality, transaction settlement, and risk management. Under the Law, the Exchange is intended to strengthen economic resilience, preserve market integrity, and optimise the added value of Indonesia’s natural resources and commodities. The elucidation to the Law further identifies several objectives, including establishing Indonesian benchmark prices, supporting downstream processing and industrialisation, and improving national competitiveness.
The Exchange may only be operated by a market operator holding a business licence from OJK. The Law also adds a dedicated Chief Executive for the Supervision of the Mineral and Strategic Commodities Exchange to OJK’s Board of Commissioners. The Chief Executive will lead OJK’s supervision of mineral and strategic commodity trading activities.
The detailed regulatory framework will be set out in an OJK regulation issued after obtaining the approval of the House of Representatives (Dewan Perwakilan Rakyat or “DPR”). The OJK regulation must address the phased implementation of activities, governance, risk management, prudential principles, and administrative sanctions. The Law itself does not enumerate the minerals and strategic commodities that will be traded through the Exchange, leaving important aspects of the Exchange’s operational scope to the implementing framework.
Prior to the establishment of the Exchange, commodities of this nature were traded through direct sale and purchase transactions between producers and buyers under commercial contracts or, for certain commodities, through existing commodity futures exchanges. The latter transactions were subject to the regulation and supervision of the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi or “Bappebti”). The Law further provides that the phased transfer from Bappebti to OJK of the regulatory and supervisory duties and powers over transactions on to the Exchange will be governed by an OJK regulation issued following consultation with the DPR. Such OJK regulation must be issued no later than three months after the promulgation of the Law.
The Exchange is required to be established and commence operations on 1 January 2027. From that date, OJK will assume the regulatory and supervisory duties and powers over transactions conducted through the Exchange. The new framework therefore marks a significant institutional shift in Indonesia’s commodity-market architecture, although its practical implications for producers, traders, investors, and existing market infrastructure will depend substantially on the implementing regulations and the commodities ultimately brought within the Exchange.