Indonesia extends crypto trading platform license deadline and expands market participation

The Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesia has announced an extension of the deadline for cryptocurrency trading platforms to obtain a Physical Crypto Asset Trader (PFAK) license. The decision was made based on Bappebti Regulation No. 9 of 2024, which requires cryptocurrency trading platforms to comply with the latest regulatory standards before the last week of November 2024. This regulation marks the third revision of the rules governing the physical crypto asset market, which were initially established in 2021. It outlines the transition from the current temporary status of registered cryptocurrency trading platforms (CPFAK) to the fully licensed PFAK status. These changes, including the extension, allow potential cryptocurrency trading platforms more time to fulfill the required obligations, such as becoming members of futures trading platforms and crypto futures clearing houses. The new regulations provide additional time for cryptocurrency trading platforms and expand the participation in the crypto market, as previously, only individuals were allowed to be crypto asset clients. The new guidelines now allow legal entities and commercial enterprises to trade crypto assets.