The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has announced a deadline for local cryptocurrency exchanges to fulfil the requirements for obtaining a license to operate in the country.
According to a recent press release by the regulator, crypto exchanges have until the final week of November 2024 to meet the registration requirements for the “Physical Crypto Asset Traders license.” Notably, the extension applies only to exchanges already listed as Prospective Crypto Asset Physical Traders.
Oscar Darmawan, CEO of leading Indonesian crypto exchange INDODAX, expressed gratitude to Bappebti for extending the deadline, allowing crypto exchanges additional time to comply with the government’s new regulations. He remarked,
“This extension will also strengthen the overall crypto industry by ensuring that all exchanges meet the established standards,”
during his comments to local media on October 20.
Darmawan noted that INDODAX is currently undergoing the validation process and is awaiting approval from Bappebti for its license. He assured that the exchange would fully comply with the latest regulations.
According to the announcement, the extension has been outlined in the newly revised Bappebti Regulation Number 9 of 2024. The updated regulation mandates that crypto exchanges form partnerships with local government bodies, implement Know Your Transaction (KYT) standards, and provide trading opportunities for institutional entities.
Aldison, the Head of the Bureau of Legislation and Enforcement at Bappebti, stated that the updated laws will provide a framework for regulating Indonesia’s crypto ecosystem. He highlighted that the updated regulations now encompass provisions for institutions to trade digital assets, whereas the previous version only covered individual entities.
This announcement follows an October 18 press release in which Bappebti outlined its goal to create a modern, adaptable, and transparent crypto ecosystem.
“Bappebti will adjust existing regulations in line with the Commodity Futures Trading Law. The crypto industry is fast-moving and dynamic, requiring a robust ecosystem that can meet market demands,”
Ir. Kasan, the Head of Bappebti stated.
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