The Commodity Futures Trading Supervisory Agency (Bappebti) has provided an extension of time for crypto exchangers to fulfill the requirements as Physical Crypto Asset Traders (PFAK) as regulated in Bappebti Regulation Number 9 of 2024. This extension is valid until the last week of November 2024 and is aimed at current exchangers have the status of Prospective Crypto Asset Physical Trader (CPFAK), so that they have more opportunities to complete all the obligations stipulated in the regulations.
In this policy, exchangers who have registered as CPFAK are now given the opportunity to apply for PFAK after they successfully become members of the Futures Exchange and Crypto Futures Clearing House. CPFAK who have not yet obtained membership are required to complete this process.
Indodax CEO, Oscar Darmawan, expressed his appreciation for the time extension policy provided by Bappebti. Oscar believes that this step provides an opportunity for crypto exchanges that are still in the stage of fulfilling PFAK requirements. With additional time until the last week of November, the crypto industry in Indonesia will have a better opportunity and readiness to adapt to the regulations set by the government.
“We really welcome this decision, because it provides space for more exchangers to fulfill their obligations in accordance with applicable regulations. This will also help strengthen the crypto industry as a whole by ensuring every exchanger complies with the standards that have been set,” said Oscar Darmawan.
His party has taken proactive steps in fulfilling all the requirements set by Bappebti. Currently, the company has completed all necessary documents and procedures, including obtaining an Exchange Member Approval Letter (SPAB) from CFX, and a Clearing Member Approval Letter (SPAK) from KKI and ICC.
Currently, Indodax is waiting for the validation process and approval from Bappebti. “We ensure that all our operations comply with applicable regulations and we are optimistic that this process will run well,” he added.
Oscar emphasized his party’s commitment to always comply with regulations to maintain the safety and comfort of platform users. “We continue to support every regulation that aims to strengthen the crypto market in Indonesia. Security, transparency and compliance are our main priorities in serving users and maintaining the integrity of our platform,” said Oscar Darmawan in his statement. (Z-2)
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