Indonesia Adjusts Licensing Deadline for Exchanges

Indonesia has extended the deadline for cryptocurrency exchanges to apply for the Physical Cryptocurrency Asset Trading License (PFAK) until the end of November 2024.

Indonesia Adjusts Licensing Deadline For Exchanges

The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has announced an extension for crypto exchanges to meet the requirements for obtaining the Physical Crypto Asset Traders (PFAK) license. Under Regulation No. 9 of 2024, exchanges now have until the end of November 2024 to comply with the new standards.

Indonesia Adjusts Licensing Deadline for Exchanges
Indonesia Adjusts Licensing Deadline for Exchanges

Regulation No. 9/2024 marks the third amendment since its initial release in 2021. A key change is the allowance for exchanges currently in provisional status (CPFAK) to take more time to transition to a fully licensed PFAK status.

INDODAX, one of Indonesia’s largest exchanges, welcomed the decision. Its CEO, Oscar Darmawan, stated:

We warmly welcome this decision as it provides room for more exchanges to fulfill their obligations in line with current regulations.

The new regulation not only extends the deadline but also permits legal entities and businesses to trade crypto assets, whereas previously, trading was limited to individuals. This change is expected to attract more institutional investors to the market.

Exchanges must comply with strict Know Your Transaction (KYT) standards and sign cooperation agreements with the Indonesian Directorate General of Population and Civil Registration (Ditjen Dukcapil). Additionally, all CPFAKs must become members of the Crypto Asset Futures Exchange and the Crypto Asset Clearing House within seven working days of receiving their registration certificate.

Related: Crypto Exchanges in Indonesia Must Register to Operate

Tokocrypto, a subsidiary of Binance, recently became the third exchange to secure a PFAK license. With over 4.5 million users and trading volume up 170% since 2023, Tokocrypto now holds 43% of Indonesia’s crypto market following Binance’s acquisition in December 2022.

Recently, Tokocrypto collaborated with Indonesia’s Criminal Investigation Agency to dismantle a crypto scam, seizing approximately $200,000 and arresting multiple suspects involved in a “pig butchering” fraud scheme.

(1 vote)

4.0/5

(1 vote)

Latest

70% Of Bnb Chain Memecoin Investors Are In Profit

News | Editor Choice | Memecoin

70% of BNB Chain Memecoin Investors Are in Profit – CZ’s “Meme Season” Is in Full Swing

The memecoin wave on the BNB Chain is exploding, with over 70% of investors reporting profits as capital floods in — marking the start of the most vibrant “meme season” ever predicted by CZ.

Paypay Acquires 40% Stake In Binance Japan

News | Editor Choice | Policy & Regulations

PayPay Acquires 40% Stake in Binance Japan

The acquisition of a 40% stake in Binance Japan marks a historic milestone for PayPay, paving the way for the convergence of traditional payments and digital assets, and shaping the future of Japan’s digital finance landscape.

Bitcoin Boom Ahead Institutional And Derivatives Data Reveal

News | Bitcoin | Editor Choice

Bitcoin Boom Ahead? Institutional and Derivatives Data Reveal

Market experts believe that Bitcoin (BTC) is in a phase of accumulation rather than topping, predicting a retest before the next explosive breakout.

Bnb Super Cycle – A Massive Rally Or Binance’s Next Big Bubble

News | Altcoin | Editor Choice

BNB Super Cycle – A Massive Rally or Binance’s Next Big Bubble?

Binance’s BNB token is heating up the crypto market with a series of new record highs, but amid the excitement of the so-called “Super Cycle,” many analysts warn it could just be a bubble waiting to burst.

Bitcoin Cools Off After Record Breaking Rally

News | Bitcoin | Editor Choice

Bitcoin Cools Off After Record-Breaking Rally

After a series of record-breaking gains, Bitcoin suddenly slipped more than 2% on Tuesday afternoon as a wave of profit-taking spread and investor caution returned to the crypto market.

Screenshot 2025 09 10 100533