Indonesia Extends Deadline For Crypto Exchanges to Meet License Requirements
The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has issued an announcement regarding the Physical Crypto Asset Trader (PFAK) license for cryptocurrency trading platforms.
This decision is based on Bappebti Regulation No. 9 of 2024 which stipulates that by the last week of November 2024, all cryptocurrency trading platforms must meet the latest regulatory standards.
This regulation is the third revision of the rules for physical market trading of crypto assets, originally established in 2021, and outlines the transition from registered crypto trading platforms (CPFAK) to fully-licensed PFAK ones.
These changes, including the extension, allow potential crypto trading platforms more time to fulfill their obligations, such as becoming members of futures trading platforms and crypto futures clearinghouses.
