PT Bursa Komoditi Nusantara or known as CFX, as a regulated crypto exchange in Indonesia, noted that 30 crypto companies have received Exchange Member Approval Letters (SPAB). CFX President Director Subani appreciated the 30 crypto companies which have officially joined the crypto exchange since the SPAB was accepted.
“Obtaining a SPAB is an important requirement for every crypto company that wants to operate legally in Indonesia. This ensures that the company complies with applicable regulations,” he said in an official statement, Wednesday (30/10).
In accordance with applicable regulations, prospective Crypto Asset Physical Traders (CPFAK) and Non-CPFAK to be able to change their status to become Physical Crypto Asset Traders (PFAK) must obtain a SPAB from CFX. These requirements are contained in CoFTRA Regulation No. 8/2021 as amended by CoFTRA Regulation No. 13/2022.
Subani explained that his party was carrying out the mandate given by CoFTRA to supervise and support crypto companies in complying with applicable regulations, especially the initial step in obtaining a SPAB, which was followed by a process at CoFTRA to obtain PFAK status.
“By the end of October 2024, there will be 30 crypto companies that have received SPAB, with six of them having received full licenses as PFAK,” he said.
The six crypto asset trading platforms in the CFX ecosystem that have received a full license as PFAK are PT Pintu Kemana Saja (PINTU), PT Bumi Sentosa Cemerlang (Pluang), PT Kagum Teknologi Indonesia (Ajaib Kripto), PT Aset Digital Berkat (Tokocrypto), PT Tiga Utama (Triv), and PT Sentra Bitwewe Indonesia (Bitwewe).
Apart from that, 24 other CPFAK and Non-CPFAK are continuing the verification process as well fit and proper test by Bappebti, including PT Kripto Maksima Koin (KMK), PT Coinbit DIgital Indonesia (Stockbit Crypto), PT Mitra Kripto Sukses (MAKS), PT CTXG Indonesia Berkarya (Mobee), PT Pedagang Aset Crypto (Coinvest), PT Pintu Aset Digital (Fasset), PT Samuel Kripto Indonesia (Vonix), PT Aset Instrument Digital (Astal), PT Kripto Innovation Nusantara (CoinX), PT Aset Kripto International (NVX), PT Rekeningku Dotcom Indonesia (Reku), PT Gudang Kripto Indonesia (Gudang Crypto), PT Encryption Technology Indonesia (Nobi), PT Indodax Nasional Indonesia (Indodax), PT Bursa Crypto Indonesia (Krypto Exchange).
Then, PT Grow Together Nano (Nanovest), PT Indonesia Digital Exchange (Dex), PT Cipta Koin Digital (Naga Exchange), PT Multikripto Exchange Indonesia (Koin Sayang), PT Cyrameta Exchange Indonesia (Cyra), PT Upbit Exchange Indonesia (Upbit) , PT Chain Structure Technology (Bitwyre), PT Luno Indonesia Ltd (Luno), and PT Utama Aset Digital Indonesia (Bittime).
Regarding this, the Head of CoFTRA, Kasan, appreciated the CPFAK who have tried to comply with the established rules and continue to be committed to being part of the crypto asset ecosystem in Indonesia. Even though the requirements set are not easy, it has been proven that the CPFAK are able to fulfill them well according to the specified deadlines.
“The process will continue until the CPFAK become PFAK so all parties must continue to maintain their commitment and enthusiasm for carrying out the existing process,” he added.
Head of the Commodity Futures Trading Development and Development Bureau, Tirta Karma Sanjaya, added that a series of processes must be passed after the company obtains SPAB and SPAK. Companies that already have SPAB and SPAK will go through a process at Bappebti which includes a fit and proper test for the company’s leadership, management and shareholders, as well as an inspection of physical facilities to ensure the company meets established operational standards.
“This is to ensure that crypto asset trading activities can run safely so as to increase trust,” explained Tirta.
Based on Bappebti data, crypto asset investment will continue to grow significantly in 2024. The latest data reveals that there are already 21.27 million crypto investors in Indonesia with the transaction value up to September 2024 able to reach IDR 426.69 trillion, or an increase of 351.97% compared to the previous period. the same in 2023, namely IDR 94.41 trillion. (E-2)
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**Interview with Subani, President Director of PT Bursa Komoditi Nusantara (CFX)**
**Editor:** Thank you for joining us today, Subani. The recent announcement regarding the 30 crypto companies receiving Exchange Member Approval Letters (SPAB) is significant for Indonesia’s crypto landscape. Can you explain the importance of this approval for these companies?
**Subani:** Thank you for having me. Obtaining a SPAB is a pivotal step for every crypto company wishing to operate legally in Indonesia. It shows that these companies are compliant with our regulatory framework, ensuring they meet the necessary standards to protect investors and contribute to the integrity of the market.
**Editor:** You mentioned that six of the companies have achieved full licensing as Physical Crypto Asset Traders (PFAK). What does this full licensing entail, and how does it benefit these companies?
**Subani:** Achieving PFAK status means that these companies have successfully gone through a rigorous verification process and proven their operational capabilities. This full licensing not only enhances their credibility but also enables them to offer a wider array of services to their customers, paving the way for a more robust market presence.
**Editor:** What challenges do you see for the other 24 companies still in the verification process?
**Subani:** Each company must undergo a fit and proper test, which assesses their capability and compliance with regulations. The challenges often include meeting all regulatory requirements and ensuring proper risk management practices are in place. However, our team at CFX is dedicated to supporting these companies throughout this process.
**Editor:** The crypto sector is rapidly evolving. How does CFX plan to adapt its strategies to support this industry moving forward?
**Subani:** We are committed to continuous innovation and improvement. One of our main goals is to foster a secure and regulatory-compliant environment. This involves working closely with CoFTRA and engaging with industry stakeholders to address challenges and capitalize on opportunities as they arise within the crypto space.
**Editor:** Thank you, Subani, for sharing your insights. It’s a promising time for the crypto industry in Indonesia, and we look forward to seeing how these developments unfold.
**Subani:** Thank you! We appreciate the continued interest in the growth of the crypto ecosystem in Indonesia.