The State-Owned Enterprises (Badan Usaha Milik Negara BUMN) Regulatory Agency (Badan Pengelola BUMN BP BUMN) has been established as a government agency responsible for the regulation of BUMN that is set to replace the Ministry of BUMN (Ministry) in changing the overall supervisory function and institutional leadership of Indonesias BUMN. In this regard, the authority to manage separated state assets, including Series A Dwiwarna and Series B shares, is set to be transferred from the Minister to the Head of BP BUMN. Furthermore, the prohibition on the occupying of concurrent positions has been retained and now explicitly includes the roles of Minister and Vice-Minister.

This Second Amendment updates and refines several provisions on the granting of Mining Business License Areas (Wilayah Izin Usaha Pertambangan WIUP) and Special WIUP (WIUP Khusus WIUPK), as well as the obligations that have to be met by holders of Rock Mining Permits (Surat Izin Penambangan Batuan SIPB) and the overall scope of mining services business. The amendments set out under this framework include the introduction of a WIUP and WIUPK priority mechanism, an additional requirement for SIPB holders to submit mining plans for ministerial approval and the expansion of mining service business activities to also include processing.

Regulation of the Minister of Investment and Downstream Industry/Head of the Investment Coordinating Board (Badan Koordinasi Penanaman Modal BKPM) No. 5 of 2025 (Regulation 5/2025) updates various Online Single Submission (OSS) system licensing and investment procedures, repealing three BKPM Regulations in the process. Key changes include the introduction of three new OSS subsystems, the shortening of the inactive period before access-rights evaluations are triggered (from six months to 90 days with automated deactivations/reactivations) and a five-day extension to the current Investment Activity Report (Laporan Kegiatan Penanaman Modal/LKPM) submission deadlines.

The Draft Bill introduces a number of substantial reforms to the institutional frameworks of Indonesias key financial authorities, i.e. Bank Indonesia (BI), the Deposit Insurance Corporation (Lembaga Penjamin Simpanan LPS) and the Financial Services Authority (Otoritas Jasa Keuangan OJK), specifically by placing all three of these bodies under the direct oversight and evaluation of Indonesias House of Representatives (Dewan Perwakilan Rakyat DPR). Under the proposed framework, BI and the OJKs operational performance will be assessed by the DPR. Similarly, LPS Work Plans and Budgets will be subject to DPR approvals.

Sharia Commercial Banks and Sharia Business Units are required to maintain minimum Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) thresholds. These thresholds will be phased in from 2026 until full 100% compliance is achieved in 2028. The LCR must be supported by sufficient High Quality Liquid Assets (HQLA), while the NSFR requires banks to sustain a minimum ratio of Available Stable Funding (ASF) to Required Stable Funding (RSF). Sharia Banks must also comply with various obligations, which include daily calculations and monitoring, periodic reporting to the Financial Services Authority and public disclosures

Intellectual property appraisers (Appraisers) should register through the application of cost, market, income or other valuation approaches. Appraisers must secure licenses from the Ministry of Finance, must demonstrate competence within the field of intellectual property valuations and must register with the Ministry of Creative Economy. Panels should be formed by banks or financial institutions for valuations that are not handled by Appraisers. Public Appraisers may apply by submitting their license, association membership, training certification and other required documents.

Regulation of the Minister of Finance No. 65 of 2025 (Regulation 65/2025) establishes a set of guidelines that address the organization of interest and margin subsidies through the Housing Credit Program. Credit access has now been expanded for micro-, small- and medium-scale enterprises operating within the housing sector, while the Budget User Authority (Kuasa Pengguna Anggaran KPA) will assume responsibility for the preparation of Annual Distribution Plans (Rencana Target Penyaluran RTP) for the 2025 - 2027 period. Subsequently, financial service institutions or cooperatives that are designated as social distributors under the Housing Credit Program (Distributors) will assume direct responsibility for this area from 2028 onwards.

In Decision No. 96/PUU-XXII/2024 (Decision 96/2024), Indonesias Constitutional Court (Mahkamah Konstitusi/MK) has declared that mandatory participation in the Public-Housing Savings (Tabungan Perumahan Rakyat/Tapera) program, as set out under Law No. 4 of 2016, is ultimately unconstitutional, citing economic burdens and overlaps with existing social security schemes in its reasoning. This ruling has now annulled the obligation to register and pay contributions, highlighted the double burden on low-income workers and instituted a two-year period for the restructuring of Indonesias housing system.

This Draft Regulation introduces a new regulatory framework that is set to govern the area of digital financial assets, specifically tokenized assets and crypto assets (i.e. backed and unbacked crypto assets) (collectively referred to as Assets). Furthermore, the Draft Regulation sets out a number of additional eligibility requirements that must be fulfilled by Assets in order for them to qualify for offerings, and also outlines the mechanisms that should be implemented in relation to said offerings. The Draft Regulation also establishes an extensive set of reporting obligations that will apply to organizers of offerings, which will require all transactions to be reported to the Financial Services Authority (Otoritas Jasa Keuangan/OJK) and the Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisis Transaksi Keuangan/PPATK).

This new circular reaffirms the obligation for business actors to affix Indonesian halal labels to all halal-certified products. Said halal labels must be affixed to packaging, certain parts of products or other designated areas, while the implementation of labeling will be directly supervised by the Halal Product Guarantee Agency (Badan Penyelenggaraan Jaminan Produk Halal - BPJPH). In addition, business actors are now required to publish information on all of their halal-certified products through their electronic or social-media accounts and must also report these published links to BPJPH.