Indonesia Will Have a Cryptocurrency Exchange in July | Analytics Insight
Indonesia’s Commodity Futures Regulator extends deadline for crypto exchanges to obtain license under revised bill
In an Oct. 20 press release, Bappebti, the Indonesian Commodity Futures Trading Regulatory Agency, required crypto exchanges to meet Physical Crypto Asset Traders license standards.
Crypto exchanges must register by the last week of November 2024. The regulatory body said that only crypto exchanges listed under Prospective Crypto Asset Physical Traders are eligible for the extension.
Extension is part of the updated government bill, Bappebti Regulation 9 of 2024.
Crypto exchanges must establish a collaboration contract with a local government, implement Know Your Transaction rules, and allow institutional trading under the new bill.
Oscar Darmawan, CEO of Indonesian crypto exchange INDODAX, thanked Bappebti for providing crypto exchanges extra time to comply with government laws.
“This will also help strengthen the crypto industry by ensuring that every crypto exchange complies with the standards,” Oscar told local media on Oct. 20.
He said INDODAX is seeking Bappebti’s license approval after validation. Darmawan said the exchange company would follow the latest regulations.
Allison, head of Bappebti’s Bureau of Legislation and Enforcement, said Regulation 9 2024 would guide Indonesia’s crypto economy. Aldison noted how it now accommodates digital asset traders. Previously, the bill just mentioned individuals.
“Legal and business entities can also become digital asset traders,” Aldison said.
According to the new legislation, licensed crypto exchanges must sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs.
Crypto exchanges must also join the National Crypto Asset Futures Exchange and Crypto Asset Clearing House. If not, their licensing applications may be denied.
Bappebti wants to create a modern, adaptive, and transparent crypto environment in an Oct. 18 press release regarding the new legislation.
Per the Commodity Futures Trading Law, Bapebti will change restrictions. The crypto sector is rapid and dynamic, thus it needs a solid ecosystem to suit market needs, said Ir. Kasan, Bappebti Head.
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