TechFlow news, on October 22, Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) announced an extension of the deadline for cryptocurrency trading platforms to obtain licenses as physical crypto asset traders (PFAK).
The decision is based on Bappebti Regulation No. 9 of 2024, which requires cryptocurrency trading platforms to comply with the latest regulatory standards by the last week of November 2024. This regulation marks the third revision of Bappebti's rules governing the organization of physical crypto asset market trading, originally established in 2021. It outlines the transition from the current provisional status of registered cryptocurrency trading platforms (CPFAK) to fully licensed PFAK status.
These changes, including the extension, give potential crypto trading platforms more time to fulfill required obligations, such as becoming members of futures exchanges and crypto futures clearing houses. The new regulations provide additional time for crypto trading platforms and expand participation in the crypto market. Previously, only individuals were allowed to be crypto asset customers. The new guidelines now permit legal entities and commercial businesses to trade crypto assets.
