Gairika Mitra
The Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesia has extended the deadline for cryptocurrency exchangers to fulfill regulatory requirements as Physical Crypto Asset Traders (PFAK).
Under Bappebti Regulation No. 9 of 2024, exchangers now have until the last week of November 2024 to complete their obligations.
Bappebti Declares Extension for Crypto Exchangers
The extension applies to exchangers currently operating as Prospective Physical Crypto Asset Traders (CPFAK). The decision provides these companies with additional time to meet the regulatory requirements necessary to transition into fully licensed PFAKs. Key among these requirements is securing membership in the Futures Exchange and Crypto Futures Clearing House.
Oscar Darmawan, CEO of INDODAX, one of Indonesia’s leading crypto exchanges, expressed support for the extension. “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,” Darmawan said.
INDODAX, which has already taken proactive steps to meet Bappebti’s requirements, has completed key processes, including obtaining an Exchange Member Approval Letter (SPAB) and fetching a Clearing Member Approval Letter (SPAK) from relevant authorities. It can be recalled that this exchange was previously been hacked, with a total loss of $22 million.
Bappebti issued Regulation No. 9 of 2024 to amend previous guidelines and strengthen the framework for organizing physical market trading of crypto assets. This updates Bappebti Regulation No. 8 of 2021 and creates an integrated and adaptive crypto asset ecosystem in Indonesia.
Key Changes in the Revised Regulation
One of the major changes introduced in Regulation No. 9 of 2024 is the expansion of customer eligibility. While previous regulations only allowed individuals to become crypto asset customers, the updated rules now permit legal entities and business entities to participate.
Additionally, it includes updates to the terms of cooperation between PFAK and the Directorate General of Population and Civil Registration (Ditjen Dukcapil) under the Ministry of Home Affairs. Licensed PFAKs are now required to establish a cooperation agreement (PKS) with Ditjen Dukcapil as part of their compliance obligations. Without this agreement, the authority of PFAKs will be restricted.
The regulation also sets out clear obligations for CPFAKs, such as the requirement to secure membership in both the Futures Exchange and the Crypto Asset Clearing Institution within seven working days of the regulation’s enactment. Failure to comply may result in the potential cancellation of their CPFAK registration.
Aldison, Head of Bappebti’s Bureau of Legislation and Enforcement, emphasized the importance of this compliance. He warned that CPFAKs that do not complete these steps risk having their registration invalidated.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
