Indonesia Extends Deadline for Crypto Exchange Licenses
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In one of the latest regulatory moves, the Indonesian Commodity Futures Trading Regulatory Agency, commonly known as Bappebti, has announced an extension for Indonesian crypto exchanges to meet the requirements for acquiring a Physical Crypto Asset Traders (PFAK) license.
This decision, made under Bappebti Regulation No. 9 of 2024, grants crypto exchanges until the last week of November 2024 to comply with the updated regulatory standards.
Bappebti’s Regulation No. 9 of 2024 marks the third amendment to its rules concerning the organization of physical market trading for crypto assets, originally set out in 2021.
It outlines the transition from registered crypto exchanges’ (CPFAK) current provisional status to fully licensed PFAK status.
The changes, including the extension, allow prospective crypto exchanges more time to complete the required obligations, such as becoming members of the Futures Exchange and the Crypto Futures Clearing House.
INDODAX, one of Indonesia’s largest crypto exchanges, welcomed the extension. Its CEO, Oscar Darmawan, mentioned in the statement that the additional time would allow exchanges to meet the requirements.
“We warmly welcome this decision, as it provides space for more exchangers to fulfill their obligations in accordance with applicable regulations.”
Darmawan also emphasized that INDODAX had already completed significant parts of the process, including obtaining key approvals for exchange and clearinghouse memberships, and was now waiting for Bappebti’s final validation.
The new regulation gives
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