Indonesia’s Commodity Futures Trading Regulatory Agency, Bappebti, has extended the deadline for cryptocurrency exchanges to meet licensing requirements.
Bappebti released updated regulations for crypto exchanges seeking to become fully licensed Physical Crypto Asset Traders.
Over 30 cryptocurrency exchanges have applied for the license. This extension gives them until the last week of November to complete the necessary steps.
Bappebti Extends Deadline to Ensure Compliance and Safety in Indonesia’s Crypto Market
Indonesia’s commodity futures trading regulator, Bappebti, has added more time for cryptocurrency exchanges to meet requirements to obtain a Physical Crypto Asset Traders license.
The extension comes after the agency released updated regulatory guidelines on October 18. This extra time will help exchanges prepare and comply with the regulations.
It shows that Bappebti is focused on creating a safe and regulated environment for crypto trading in Indonesia.
According to the new regulations, exchanges must form partnerships with local government bodies. This will help them to effectively comply with local regulations and cooperate with authorities to operate legally.
Additionally, crypto exchanges must introduce “Know Your Transactions” standards. This requirement ensures that they monitor and understand the transactions happening on their platforms.
These new rules are essential for keeping the crypto market safe and secure. By following them, exchanges can stay compliant with the law and protect their customers.
The licensing process for crypto exchanges in Indonesia started in 2019 when new regulations were introduced. These rules required all crypto exchanges to seek official authorization.
This means that any exchange wanting to operate in Indonesia must obtain permission from the government to ensure regulatory compliance. The mandatory license will also ensure that exchanges remain compliant, creating a safer user trading environment.
Indonesia Launches National Bourse for Crypto Assets to Enhance Safety and Regulation
In 2023, Indonesia launched a national bourse for crypto assets, a particular market where people can buy and sell cryptocurrencies.
The Indonesian government classifies crypto assets as commodities. Hence, all crypto exchanges must register with this national marketplace to operate legally.
The main goal of the national bourse is to make investing in cryptocurrencies safer. A regulated market can help investors feel more secure about their investments.
Another aim of the bourse is to track digital asset transactions. The government wants to monitor these transactions for tax purposes. Keeping an eye on crypto transactions can ensure everyone pays their fair share of taxes.
This tracking helps the government gather information about how much money is being made from crypto investments. It also prevents tax evasion, where people try to avoid paying tax on their earnings.
Launching the national bourse for crypto assets is a significant move for Indonesia. It proves the government’s commitment to creating a safe and regulated environment for crypto trading.
According to reports, over 30 crypto exchanges have applied for licenses in Indonesia. Some have already received the full license to operate safely and legally. One of these licensed exchanges is Tokocrypto, the Indonesian subsidiary of Binance.
