Indonesia extends crypto license deadline for exchanges
The extension applies to exchanges already recognised as Prospective Crypto Asset Physical Traders and aims to aid compliance with new standards.
The Indonesian Commodity Futures Trading Regulatory Agency, known as Bappebti, has extended the deadline for crypto exchanges to secure their Physical Crypto Asset Traders licenses until the last week of November 2024. This extension is part of a revised government bill, Bappebti Regulation Number 9 of 2024, which only applies to crypto exchanges already listed as Prospective Crypto Asset Physical Traders.
Under the new regulations, crypto exchanges must establish partnerships with local government bodies and implement Know Your Transaction standards while providing trading opportunities for institutional entities. Oscar Darmawan, CEO of INDODAX, one of Indonesia’s leading crypto exchanges, welcomed the extension, stating that it will strengthen the industry by ensuring compliance with the new standards.
The revised bill also expands eligibility for digital asset trading to include legal and business entities, not just individuals. Furthermore, licensed exchanges must partner with the Directorate General of Population and Civil Registration and list on the National Crypto Asset Futures Exchange to avoid having their licenses revoked. Bappebti aims to create a robust and transparent crypto ecosystem that meets the dynamic market needs.
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