Indonesia extends crypto trading platform license deadline and expands market participation

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Cointime2024/10/22 01:35

By:Cointime

On October 22nd, the Indonesian commodity futures trading regulator (Bappebti) announced an extension of the deadline for cryptocurrency trading platforms to obtain a Physical Crypto Asset Trader (PFAK) license. This decision was made in accordance with Bappebti Regulation No. 9 of 2024, which stipulates that cryptocurrency trading platforms must comply with the latest regulatory standards by the last week of November 2024. The regulation marks the third revision of its rules for the organization of physical market transactions in crypto assets, which were originally established in 2021. It outlines the transition from the current temporary status of registered cryptocurrency trading platforms (CPFAK) to fully licensed PFAK status. Previously, only individuals were allowed to become crypto asset customers. The new guidelines allow for legal entities and commercial enterprises to trade crypto assets.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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