Indonesia Extends Deadline For Crypto Trading Platforms To Obtain Licenses

According to BlockBeats, on October 22, the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) announced an extension for cryptocurrency trading platforms to obtain the Physical Crypto Asset Trader (PFAK) license. This decision is based on Bappebti Regulation No. 9 of 2024, which mandates that cryptocurrency trading platforms must comply with the latest regulatory standards by the last week of November 2024. This regulation marks the third revision of the rules governing the physical market trading of crypto assets, initially established in 2021. It outlines the transition from the current temporary status of registered cryptocurrency trading platforms (CPFAK) to fully licensed PFAK status. These changes, including the extension, provide potential crypto trading platforms with more time to fulfill the necessary obligations, such as becoming members of futures trading platforms and crypto futures clearinghouses. The new regulations offer additional time for crypto trading platforms and expand the scope of participation in the crypto market. Previously, only individuals were allowed to become crypto asset customers. The new guidelines permit legal entities and commercial enterprises to trade crypto assets.