Indonesia’s Bappebti Gives Crypto Exchanges More Time for PFAK License
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- Indonesia’s Bappebti extends the deadline for crypto exchanges to meet licensing requirements.
- The regulation has undergone its third revision to ensure crypto transactions are organized and secure in the market.
- It focuses on crypto trading platforms’ transition from current temporary registration (CPFAK) to full licensure (PFAK) status.
Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti, has given domestic cryptocurrency exchanges until late November 2024 to meet the requirements for getting a Physical Crypto Asset Traders (PFAK) license. The regulator’s move is tied to the BAPPEBTI Regulation No. 9, 2024. This regulation, which was first introduced in 2021, has been revised three times to ensure crypto transactions are organized and secure.
Indonesia started working to license crypto exchanges in 2019 with regulations that require authorization for crypto operations. The extension notice, which is based on October 18 updates, focuses on crypto trading platforms’ transition from a temporary registration (CPFAK) to a full license (PFAK). This gives crypto platforms extra time to meet the necessary requirements, including becoming a fut…
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