To enhance the effectiveness of monetary policy and financial system stability, Bank Indonesia ("BI") introduced Regulation No. 6 of 2024 (Regulation 6/2024) on the Money Market and Foreign Exchange Market (Pasar Uang dan Pasar Valuta Asing "PUVA"). Building upon this foundation, the BI Board of Governors subsequently stipulated Regulation No. 9 of 2025 on Supporting Institutions and Professions for PUVA (Regulation 9/2025). This regulation classifies entities into two categories: PUVA Supporting Institutions (e.g., banks and securities companies) and PUVA Supporting Professions (e.g., legal consultants and public accountants), each with specific registration and operational requirements.

Mineral management within the International Seabed Area (Kawasan Dasar Laut Internasional "KDLI") must be conducted in three phases: 1) Prospection; 2) Exploration; and 3) Exploitation. These activities must be carried out by the Minister or eligible business entities, including State-Owned Enterprises (Badan Usaha Milik Negara/BUMN) and private entities through domestic or foreign investment schemes in accordance with specific requirements and agreements with the International Seabed Authority. Extracted minerals that are generated through exploitation must be utilized to support Indonesias national interests, particularly through domestic downstream processing. It should also be noted that any non-compliance may result in the imposition of administrative sanctions.

Eleven new types of Non-Tax State Revenue (Penerimaan Negara Bukan Pajak "PNBP") that will now apply at the Directorate-General of Minerals and Coal have been unveiled. The parties that will be subject to mandatory PNBP payments ("Payers") under this new framework include holders of mineral and coal mining licenses, who must calculate and submit their PNBP payments through the designated electronic system for verification and monitoring by relevant authorities. Additionally, Payers may file PNBP objections or requests for leniency (keringanan) under specific circumstances (e.g. force-majeure events, financial liquidity challenges or considerations that arise from government policies). Said leniency may include deferred payments, payments in installments or payment exemptions.

Regulation of Bank Indonesia No. 5 of 2025 on Monetary Policy ("Regulation 5/2025") marks a significant evolution in Bank Indonesias overall monetary policy, broadening its objectives beyond the stability of the rupiah to support sustainable economic growth. Bank Indonesias new monetary policy framework, as set out under Regulation 5/2025, emphasizes the maintenance of low inflation, exchange rate stability and sufficient foreign exchange reserves. The formulation of this new monetary policy has been guided by both domestic and global economic indicators, thereby ensuring a responsive and forward-looking approach. Both Regulation of Bank Indonesia No. 17/8/PBI/2015 of 2015 on Monetary Regulation and Supervision ("Regulation 17/2015") and the new framework of Regulation 5/2025 provide layered enforcement mechanisms, thereby ensuring accountability for both banks and inspectors.

Regulation of the President No. 16 of 2025 on the Indonesian Sustainable Palm-Oil Certification System ("Regulation 16/2025") expands the scope of Indonesian Sustainable Palm Oil ("ISPO") certification to include Plantation Companies, downstream industries and bioenergy enterprises. Regulation 16/2025 also introduces a clearer certification renewal timeline, requiring applications to be submitted one year prior to their expiration, and imposes stricter sustainability requirements such as traceability. Compliance deadlines have been phased as follows: 2025 for Plantation Companies, 2027 for Industries/Enterprises and 2029 for Growers.

Providers of mobile cellular networks and mobile satellite networks (collectively referred to as "Providers") may utilize Embedded Subscriber Identity Module ("eSIM") technology as part of their telecommunications services through compliance with a total of seven core obligations. This framework also sets a two-year grace period for Providers that either wish to utilize or are already utilizing eSIM technology to bring their operations into compliance with the new technical specifications and requirements associated with eSIM utilization.

The Indonesian Government has decided to revise the various Non-Tax State Revenue (Penerimaan Negara Bukan Pajak - "PNBP") types and tariffs that are applicable at the Ministry of Energy and Mineral Resources, allowing for more flexible tariff settings, including the possibility of tariffs being set as low as Rp. 0.00. The latest framework has also expanded the scope of PNBP sources, adding various new categories such as exploration commitments from geothermal license holders, royalties from carbon storage operations, compensation for certain activities and financial obligations. Additionally, the new framework has adjusted the applicable PNBP tariffs for various commodities, including coal, nickel, copper, gold, silver, metal, lead and zinc in an effort to streamline revenue generation within the energy and minerals sectors.

In an effort to support Indonesias economic growth, Bank Indonesia ("BI") is now authorized to manage liquidity ("Liquidity Management"). Six forms of instruments and/or mechanisms will now be utilized by BI in order to ensure adequate Liquidity Management, including: 1) Minimum statutory reserve (Giro Wajib Minimum/GWM) arrangements; 2) Purchases or sales of state securities (Surat Berharga Negara/SBN) or other qualified securities through the secondary market; 3) Placements of funds in financial institutions for the purpose of money market development; 4) Purchases of short-term government bonds (Surat Utang Negara/SUN) through the primary market.

Regulation of the President No. 21 of 2025 ("Regulation 21/2025") on the Management of Land Provision in the Batam Free-Trade Zone and Free-Port Area (Kawasan Perdagangan Bebas dan Pelabuhan Bebas "KPBPB") sets various criteria for land use in areas of state forest (e.g. continuous control for at least five years and a maximum area of five hectares). Forest conversions are only allowed in Convertible Production Forests (Hutan Produksi yang dapat Dikonversi "HPK") and must be conducted in line with strict requirements, including non-forest land coverage that amounts to at least 70%. In special cases, productive forests may be converted, provided that overall ecological balance is maintained.

The Draft Bill on the Third Amendment to Law No. 18 of 2017 on the Protection of Indonesian Migrant Workers (Pekerja Migran Indonesia "PMI") enhances protection for PMI by strengthening recruitment safeguards and requiring placement companies to share job openings publicly, as well as mandating that Prospective PMI (Calon PMI/CPMI) should register through a national protection system. Additionally, documentation requirements have now been simplified by reducing the number of documents from eight to five, and have also been updated to include language proficiency and comprehensive health checks, with flexibility also now available for sectors lacking certification mechanisms.