"Indonesia extends the license period for crypto trading platforms and expands market participation
On October 22, the Indonesian Commodity Futures Trading Regulatory Authority (Bappebti) announced an extension of the period for cryptocurrency trading platforms to obtain a Physical Cryptocurrency Asset Broker (PFAK) license. The decision was made in accordance with Bappebti Regulation No. 9 of 2024, which stipulates that cryptocurrency trading platforms must comply with the latest regulatory standards until the last week of November 2024. The regulation marks the third amendment to its rules for organizing physical market transactions in crypto assets, which were originally enacted in 2021. outlines the transition from the current temporary status of a Registered Cryptocurrency Exchange Platform (CPFAK) to a fully licensed PFAK status. Previously, only individuals were allowed to become crypto-asset customers. The new guidelines allow legal entities and commercial enterprises to trade crypto assets.
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