CFX: Tokenizing Real-World Assets Could Begin with Government Bonds, Corporate Bonds, and Gaming

JAKARTA, investortrust.id – PT Central Financial X (CFX) CEO Jeth Soetoyo emphasized the potential of real-world asset (RWA) tokenization in expanding investment access and supporting Indonesia’s economic growth. He believes tokenization will enhance asset distribution, enabling both domestic and international investors to participate in financial instruments previously restricted to local markets.

“Anything that gets tokenized will likely become accessible not only to Indonesian investors but also to global investors. Blockchain is inherently a global technology, allowing for broader market absorption,” Jeth stated after speaking at the Investortrust Focus Group Discussion (FGD) on Crypto and Financial Services: Strategies for Sustainable Innovation at Hotel Sultan, Jakarta, on Thursday, Feb 13, 2025.

Government Bonds and Corporate Debt as Entry Points

Jeth explained that the adoption of tokenized assets largely depends on the type of financial products involved. He suggested that government securities, corporate bonds, and treasury notes could serve as the initial foundation for tokenization in Indonesia.

“Adoption will likely start with assets like government bonds, corporate bonds, and other securities, as they are already digital-based financial products, making them easier to integrate into tokenization,” he noted.

Beyond traditional financial instruments, Jeth pointed out that the gaming industry could be another early adopter. Digital-native sectors, including gaming and financial services, naturally align with tokenization’s ecosystem.

“Gaming and financial services could be strong candidates since their assets are already digital,” he added.

Regulatory Framework Under Discussion

The Financial Services Authority (OJK) is currently discussing real-world asset tokenization, though formal regulations are still under review. Jeth acknowledged that OJK has yet to issue a formal Financial Services Authority Regulation (POJK) on the matter, and the framework remains in the policy consideration stage.

“This is still under discussion within the government and OJK. They haven’t released specific regulations yet, but it’s something under government consideration,” he remarked.

Indonesia’s Crypto Market on the Rise

OJK has recognized asset tokenization as a key driver of digital financial innovation in 2025. With Indonesia’s strong digital economy, the country is positioned as a potential hub for crypto asset trading and innovation in the region.

According to Chainalysis’ 2024 Global Crypto Adoption Index, Indonesia ranked third globally, behind India and Nigeria. As of December 2024, the country had 22.9 million registered crypto asset users, with annual transaction values reaching Rp 650.6 trillion ($41.5 billion), reflecting a 335.9% increase from the previous year.

OJK’s Head of Financial Innovation, Digital Assets, and Crypto Supervision, Hasan Fawzi, emphasized that tokenization could reshape asset ownership and valuation by introducing fractional ownership models, making traditionally high-value assets more accessible to a broader range of investors.

“This trend is strengthening globally, with the real-world asset (RWA) tokenization market growing over 60% to reach $13.5 billion in 2024,” Hasan stated at the Harnessing Crypto Assets for Financial Market Growth and Economic Resilience seminar during the 2025 Annual Financial Services Industry Meeting (PTIJK) at Jakarta Convention Center (JCC) on Tuesday, Feb 11, 2025.

By leveraging blockchain-based financial innovations, Indonesia aims to enhance asset liquidity and expand investment opportunities for both institutional and retail investors, positioning itself as a key player in the evolving digital finance landscape.