Indonesia's Financial Services Authority (OJK), together with relevant ministries and agencies, has launched the 2026–2031 Roadmap for the Development and Strengthening of Bullion Business Activities and the Bullion Ecosystem to guide the next phase of Indonesia’s bullion market, including bullion business conducted by financial institutions. The roadmap is positioned as a strategic initiative to strengthen the national bullion ecosystem, support downstream development in the gold sector, and deepen financial markets. The roadmap is structured in two complementary parts covering the bullion ecosystem from upstream to downstream and the development of bullion business activities within the financial services industry, and is intended to operate as a “living document” that can be adapted as conditions change. OJK also pointed to adjacent policy and market-building actions, including its 23 February 2026 regulation enabling exchange-traded funds with gold as the underlying asset, and its 2024 regulation governing bullion business activities under the 2023 Financial Sector Development and Strengthening Law. Market developments highlighted in the release included an OJK sandbox trial of gold tokenisation (3,750 grams tokenised with transactions exceeding IDR 8 billion), the issuance of DSN-MUI Fatwa No. 166/DSN-MUI/II/2026 on Sharia-compliant bullion business activities, and reported gold holdings managed by PT Pegadaian and PT Bank Syariah Indonesia Tbk totalling 153.05 tonnes as of February 2026, with Pegadaian reporting 40.59 tonnes of bullion business activities equivalent to IDR 102 trillion and BSI reporting gold trading of 2.78 tonnes and gold safekeeping of 2.44 tonnes.

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