Indonesia’s Commodity Futures Trading Regulatory Agency (Indonesian term ’BAPPEBTI’) has announced an extension of the deadline for cryptocurrency trading platforms to get a physical crypto asset dealer (PFAK) license.
According to local media outlet, the decision was made in accordance with BAPPEBTI Regulation No. 9 of 2024, which states that crypto trading platforms must comply with the latest regulatory standards by the last week of November 2024. Originally introduced in 2021, the regulation has brought in a third revision of its rules for organizing crypto transactions in the market.
The regulation outlines the transition from the current temporary status of ed cryptocurrency trading platforms (FAK) to the fully licensed PFAK status.
The extension of deadlines will allow potential crypto trading platforms more time to complete the required obligations including becoming a futures trading platform and a member of a crypto futures clearing house.
The extension also allows for optimized participation of players in the crypto market. Prior to this regulation, only individuals were allowed to become crypto asset customers but now legal entities and commercial enterprises can also trade crypto assets.
Leading crypto exchange, INDODAX‘s CEO Oscar Darmawan welcomed the decision as he said, “We warmly welcome this decision, as it provides space for more exchangers to fulfill their obligations in accordance with applicable regulations. This will also help strengthen the crypto industry as a whole by ensuring that every exchanger complies with the standards that have been set.”
Also Read: Hong Kong Completes the First Phase of Crypto Trading Platforms Review
