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

Ripple Vs Sec Lawsuit May Be Reaching Its Final Chapter

News | Altcoin | Editor Choice | Policy & Regulations

Ripple vs SEC Lawsuit May Be Reaching Its Final Chapter

The lawsuit between Ripple and the SEC is approaching a settlement, as Judge Torres is expected to approve the latest joint motion submitted by both parties.

Trump Coin Faces 40% Crash Risk Ahead Of $500 Million Token Unlock

News | Editor Choice | Memecoin

Trump Coin Faces 40% Crash Risk Ahead of $500 Million Token Unlock

Trump Coin faces the risk of a sharp 40% drop as technical patterns flash bearish signals, with the market bracing for a $500 million token unlock in mid-July.

Sharplink Gaming Shares Plunge 73% Amid Eth Purchase Rumors

News | Altcoin | Editor Choice

Sharplink Gaming Shares Plunge 73% Amid ETH Purchase Rumors

As Sharplink Gaming prepares for a $1 billion Ethereum purchase, its stock unexpectedly plunged 73% due to market misinterpretation of the company’s share registration filing.

Sec Continues To Delay Review Of Dogecoin, Hedera, And Avalanche Etfs

Altcoin | Editor Choice | Policy & Regulations

SEC Continues to Delay Review of Dogecoin, Hedera, and Avalanche ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on a series of spot ETFs for altcoins, a move that has become familiar in recent months.

Receive $70 For New Users On Okx

Airdrops | Editor Choice

Receive $70 for New Users on OKX

Simply deposit 500 USDT into your trading account to receive 70 USDT for new users on the OKX exchange.