Deadline for cryptocurrency exchanges license application in Indonesia extended by regulators
The Indonesian Commodity Futures Trading Regulatory Agency, also known as Bappebti, has granted an extension to crypto exchanges for obtaining their Physical Crypto Asset Traders license, as stated in a recently revised government bill. The deadline for meeting the registration requirements has been extended until the last week of November 2024. However, this extension only applies to exchanges that are already listed under Prospective Crypto Asset Physical Traders. Under the new bill, crypto exchanges must form partnerships with local government bodies, implement Know Your Transaction standards, and provide trading opportunities for institutional entities. Oscar Darmawan, the CEO of INDODAX, a major Indonesian crypto exchange, expressed his appreciation for the additional time given to comply with the regulations. He emphasized the importance of every exchange meeting the set standards to strengthen the overall crypto industry. INDODAX is currently undergoing the validation process and awaiting approval from Bappebti to obtain the license. The Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison, stated that the newly revised regulation will serve as a roadmap for regulating the crypto ecosystem in Indonesia and will now include legal and business entities as digital asset traders. Licensed crypto exchanges are still required to establish a partnership with the Indonesian Directorate General of Population and Civil Registration and join the National Crypto Asset Futures Exchange and the Crypto Asset Clearing House. Failure to do so may result in the revocation of the license application. Bappebti aims to create a modern, transparent, and adaptable crypto ecosystem in line with the Commodity Futures Trading Law.
