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Bappebti, Indonesia's Commodity Futures Trading Regulatory Agency, has given domestic cryptocurrency exchanges until November 2024 to fulfill the prerequisites for obtaining a Physical Crypto Asset Traders (PFAK) license. The BAPPEBTI Regulation No. 9, 2024, is linked to the regulator's action. Since its introduction in 2021, this rule has undergone three revisions to guarantee the organization and security of cryptocurrency transactions.
In 2019, Indonesia began enforcing laws requiring permission for cryptocurrency activities to license cryptocurrency exchanges. Based on modifications from October 18, the extension notice addresses the shift of cryptocurrency trading platforms from temporary registration (CPFAK) to full licensing (PFAK). This allows cryptocurrency businesses more time to fulfill the prerequisites, such as joining a crypto futures clearing house and establishing a futures trading platform.
Indonesia's crypto community applauds the regulator's license extension. INDODAX, a prominent exchange, feels the extra time will assist exchanges in satisfying standards. INDODAX CEO Oscar Darmawan remarked, “We appreciate this decision, as it allows more exchanges to fulfill their obligations under current regulations.”
Platforms such as INDODAX have already completed the first phases of the licensing process. According to INDODAX, the business has received the necessary clearances for exchange and clearinghouse participation. The exchange is still awaiting Bappebti's final permission.
Indonesia is attempting to encourage the country's burgeoning cryptocurrency industry. Bappebti formed a special committee to oversee the cryptocurrency business. In May 2024, Kasan, the Head of the Commodity Futures Trading Supervisory Agency (CoFTRA), announced the committee's creation, stating that the group will guarantee that the "crypto asset industry continues to operate smoothly and complies with current regulations."
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