CandleFocus Indonesian regulators extend license application deadline for crypto exchanges
2024-10-21
Author: Content Editor
The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has extended the deadline for crypto exchanges to meet the requirements for a Physical Crypto Asset Traders license. Crypto exchanges now have until November 2024 to fulfill the registration requirements. The extension only applies to exchanges that are already listed under Prospective Crypto Asset Physical Traders. The extension is part of a revised government bill, which also requires exchanges to partner with a local government body, implement Know Your Transaction standards, and allow trading opportunities for institutional entities. The CEO of major Indonesian crypto exchange INDODAX expressed gratitude for the extension and stated that INDODAX is currently going through the validation process. The head of Bappebti stated that the new regulations aim to build a modern, adaptable, and transparent crypto ecosystem.
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