Hasan Fawzi, Chief Executive of the Financial Technology Innovation Supervision Sector, Digital Financial Assets, and Crypto Assets at OJK, said the trial has shown encouraging progress, with transaction volumes reaching Rp8 billion. The trial is expected to form the foundation for broader future policies.
“This trial has demonstrated positive and promising developments,” Hasan said during a press conference on the Financial Services Sector Assessment and OJK Policies, following the July 2025 Board of Commissioners Meeting, held on Monday, August 4, 2025.
Currently, a single gold tokenization provider is undergoing the trial and simulation process in the sandbox. The model uses a token system where each token represents one gram of physical gold. “One token equals one gram of physical gold,” Hasan explained.
These tokens can be traded or exchanged back into physical gold. “The tokens can be traded independently and redeemed by customers, for example, through a process that converts them back into physical gold,” he added.
Throughout the trial, OJK has assessed the entire tokenization process, from gold purchasing, token creation (minting), and verification of physical gold reserves to trading on digital asset platforms and token redemption.
“We have carried out a comprehensive evaluation of every stage involved in gold tokenization,” Hasan said.
The test also included smart contract audits and transaction monitoring.
“We examined the process of purchasing gold, minting tokens, verifying physical gold availability, listing tokens on digital asset platforms, and reviewing the audit results of smart contracts. We also monitored trading and redemption activities carried out by users,” he continued.
Based on recent data, total gold purchases have reached 3,750 grams, equivalent to 3,750 tokens already minted. The transaction volume has hit Rp8 billion.
“There have been 12 user test attempts to redeem a total of 126 tokens, which corresponds to 126 grams of gold,” Hasan noted.
The sandbox trial is now entering its final phase. The provider has submitted the final test report to OJK for review.
“We will analyze and verify the report and evaluate the entire testing process before determining final approval,” Hasan said.
He emphasized that the results of this trial will serve as a key reference for OJK in formulating policies related to commodity-backed digital assets, especially gold.
“This trial will become an essential basis for OJK to draft more comprehensive regulations regarding digital assets based on commodities, particularly gold,” he explained.
Hasan also assured that OJK will continue to prioritize innovation that is safe, measured, and oriented toward consumer protection.
“At the same time, we aim to ensure that this innovation operates within a secure and controlled environment, remains consumer-focused, and maintains market integrity and stability,” he said.
