Indonesia’s cryptocurrency market has attracted millions of investors, but widespread adoption has not insulated trading platforms from market volatility. For Pintu, one of the country’s leading digital asset trading platforms, the immediate priority is to strengthen its existing business rather than pursue expansion during a prolonged downturn.

Andy Putra, President Director of PT Pintu Kemana Saja, described the current environment as an unusually difficult period for the industry, requiring greater operational discipline.

"Right now, the industry is in a bear market cycle, so we are focusing on discipline and strengthening our fundamentals," Putra said. "Whoever is well prepared can enjoy the rain."

His assessment contrasts with the longer-term opportunities emerging in Indonesia’s digital asset market, where institutional investors are beginning to participate and tokenisation is expanding the range of available investment products.

Putra estimated that Indonesia had approximately 23 million cryptocurrency accounts, exceeding the number of stock market investor accounts, although average investment amounts remained smaller. He considered the country’s population of nearly 300 million an indication of the market’s longer-term potential.

The Financial Services Authority (OJK) reported 23.21 million registered cryptocurrency customer accounts as of August 2026. The figure measures accounts rather than necessarily distinct or active investors.

For Pintu, the immediate challenge is to maintain the financial and operational capacity to participate in that growth when market conditions improve.

Trading fees expose Pintu to cryptocurrency market cycles

Pintu generates revenue principally through transaction fees charged as a percentage of trading activity. Its income is therefore sensitive to investor participation and transaction volumes, which can fluctuate substantially with cryptocurrency prices and market sentiment.

Putra described the current downturn as a prolonged dry season for the industry.

Putra said Pintu was not pursuing new expansion for now, and was instead focusing on strengthening its existing business, including its tokenised real-world asset offering.

He explained that Pintu was concentrating on strengthening existing operations and addressing weaknesses so that the company would be better prepared when market conditions improved.

The strategy reflects the economics of a transaction-based business. Trading revenue can decline rapidly during weak markets, while expenditure on technology, cybersecurity, compliance and customer support continues.

Putra did not provide financial figures showing how the downturn had affected Pintu’s trading activity, revenue or profitability. Nor did he specify the operational improvements being undertaken.

These details would help establish how the company is translating its emphasis on resilience into practical measures.

Putra nevertheless remained cautiously optimistic about the market’s longer-term prospects.

He referred to the approximately four-year cryptocurrency cycle associated with Bitcoin halvings, although he suggested that growing institutional participation could alter historical patterns.

He observed that Bitcoin had begun recovering earlier than he would normally have expected within the cycle and hoped that institutional demand, particularly through cryptocurrency exchange-traded funds (ETFs), would contribute to a different market trajectory.

However, a recovery in cryptocurrency prices does not necessarily translate into sustained trading activity or profitability for individual platforms. Pintu’s performance will depend on how effectively it manages its operations through periods of weaker transaction income.

Indonesia’s distinctive custody structure strengthens market safeguards

Indonesia has adopted a relatively unusual approach to cryptocurrency market infrastructure, drawing on the separation of trading, clearing and custody functions found in conventional securities markets.

Two licensed digital asset exchanges, PT Central Finansial X (CFX) and PT Fortuna Integritas Mandiri (ICEX), operate within a framework that includes separately licensed clearing, guarantee and settlement institutions and custodians.

As of September 2026, OJK had licensed two exchanges, two clearing institutions and two custodians, alongside 28 digital financial asset traders.

Unlike markets where cryptocurrency trading platforms may combine several of these functions, Indonesia has established separate institutional responsibilities intended to strengthen oversight and customer asset protection.

Putra explained that Indonesia’s cryptocurrency market operates within a regulated bourse structure, with licensed exchanges, clearing institutions and custodians, under which trading platforms may hold only a limited proportion of customer cryptocurrency assets directly.

Under OJK Regulation 27/2024, traders may retain no more than 30% of customer digital assets, with the remainder held by licensed custodians. Of the assets retained by traders, at least 70% must be maintained in cold storage, with no more than 30% in hot storage.

The first requirement separates customer assets between trading platforms and independent custodians, while the second limits online exposure for assets held directly by the platforms.

Putra said the structure was designed to strengthen security and the wider cryptocurrency ecosystem so that the public could invest more safely, helping to prevent failures similar to the collapse of FTX.

The Indonesian model is distinctive because it applies elements of conventional capital market infrastructure to cryptocurrency trading rather than relying entirely on individual platforms to safeguard customer assets.

However, institutional separation does not eliminate custody risk. The effectiveness of the framework depends on the security of the custodians, the segregation and reconciliation of holdings and the controls governing access to customer assets.

For Pintu, the arrangements also raise questions about how customer assets are distributed between custodians and the platform, and how they support trading and withdrawals.

Putra emphasised that customer confidence was fundamental to the business, particularly as digital financial institutions face increasingly frequent cyber threats.

“For us, trust is the most important thing that we have,” he said.

He reported that Pintu had invested substantially in security and considered its current position satisfactory. In its feedback, Pintu said it was ISO 27001:2022 certified and that customer assets were held with licensed custodian PT Kustodian Koin Indonesia (ICC), supported by Fireblocks custody technology.

Institutional participation is increasing but remains constrained

The transfer of cryptocurrency supervision from the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK in January 2025 has changed the regulatory environment for digital asset intermediaries.

Putra said the transition had helped open the market to institutional participation and that Pintu had begun attracting institutional clients trading directly through its platform.

This development could broaden the company’s customer base beyond individual investors and create opportunities for larger and more sophisticated transactions.

However, Putra identified a regulatory restriction that limits institutional investment activity.

He explained that institutions investing in cryptocurrencies could use their own treasury funds but were not permitted to deploy third-party customer funds for such investments.

Under the framework as he described it, institutions could trade for their own accounts but could not necessarily create cryptocurrency investment products for their clients.

Putra hoped the regulatory framework would develop further, potentially allowing a wider range of institutional products and services.

The significance of institutional participation to Pintu’s current business remains unclear because the company has not provided figures showing the segment’s contribution to trading activity.

Pintu does not currently offer spot cryptocurrency ETFs, such as the Bitcoin ETFs available in the US, although it offers tokenised versions of selected US equity and bond ETFs.

Putra said the company would need to consult regulators before introducing spot cryptocurrency ETFs to determine whether they were permitted under its existing licence.

The opportunity therefore depends not only on investor demand but also on the activities authorised under Indonesia’s regulatory framework.

Tokenised assets could broaden Pintu’s investment offering

Beyond conventional cryptocurrencies, Pintu has begun offering tokenised real-world assets, including tokenised US equities and commodities such as gold and silver.

Putra described increasing interest in tokenised investments as the digital asset market develops beyond cryptocurrencies.

Pintu operates primarily as a listing and trading platform for these products rather than as the issuer of the underlying assets.

Putra said the company worked with overseas product providers, including Ondo Finance, and had relationships with stablecoin issuers.

These partnerships allow Pintu to expand the range of investment products available through its platform without necessarily developing the underlying instruments itself.

The rights attached to tokenised products depend on their legal and contractual structures and should not be assumed to be identical to direct ownership of the underlying securities.

Putra also identified potential opportunities in tokenisation infrastructure and related post-trade services.

However, he made clear that these were exploratory possibilities rather than confirmed expansion plans.

Pintu has accumulated technological knowledge through its digital asset operations, which could eventually support additional services for issuers or other market participants.

Such activities would require appropriate regulatory authorisation, and Putra said the company was awaiting further regulatory developments before making decisions.

For now, tokenised assets form part of Pintu’s existing trading and distribution business, although their contribution to transaction activity has not been disclosed.

Banking and payments experience informs the company’s approach

Putra brings experience across banking, payments and financial technology to his leadership of Pintu.

In September 2026, Pintu announced a new board and management structure following OJK approval, appointing Putra as president director. The company described the changes as a transition from founder-led to professional management, with greater emphasis on governance, compliance and its next phase of development.

Putra said he had spent approximately 15 to 16 years in banking, working in retail, small and medium-sized enterprise, commercial and corporate banking before moving into the payments industry.

His career included positions at ABN AMRO, Standard Chartered, Citibank and United Overseas Bank. He subsequently spent approximately a decade in payments and remittances, including at Wallex, before entering the cryptocurrency sector.

Putra considered compliance capabilities transferable across these businesses.

Customer identification, sanctions screening and transaction monitoring are essential in banking and remittances, and they remain important in cryptocurrency trading.

His experience is relevant as digital asset intermediaries face more demanding requirements for governance, compliance and operational risk management.

Pintu must maintain the accessibility and speed expected of a digital trading platform while applying controls appropriate to a regulated financial intermediary.

The transition to professional management also provides context for Putra’s emphasis on operational discipline during the downturn, although the effectiveness of the new arrangements will depend on their implementation.

Pintu has no immediate plans for a public listing

Putra indicated that Pintu had no immediate intention of pursuing a public listing.

However, private ownership also limits the financial information available to external stakeholders seeking to assess the company’s resilience.

Putra did not disclose Pintu’s capital resources, cash position or profitability during the interview.

Greater clarity on these measures would help assess the company’s ability to maintain investment in technology, compliance and customer protection while trading conditions remain weak.

Resilience will determine Pintu’s next phase

Indonesia’s digital asset market offers significant longer-term opportunities. Cryptocurrency adoption is substantial, institutional participation is emerging and tokenised assets could expand the range of financial products distributed through regulated platforms.

Its distinctive market infrastructure also provides a framework for separating trading, clearing and custody responsibilities, potentially strengthening customer protection as the industry develops.

Yet Putra’s immediate assessment is notably cautious.

Rather than pursue expansion during difficult market conditions, Pintu is concentrating on strengthening its operations, protecting customer assets and maintaining the capabilities needed for future growth.

Its transaction-based revenue model makes this discipline particularly important.

The company’s prospects depend not only on whether cryptocurrency prices and trading activity recover, but also on whether it can sustain its operations through weaker market conditions without compromising customer protection or financial resilience.

Pintu’s opportunities in institutional trading and tokenised investments may become more significant as regulation develops. For now, its priority is to remain sufficiently strong to pursue them when conditions improve.