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Indonesia Extends Deadline for Crypto Exchange License Requirements Following Regulatory Updates
Exchanges will now have until the last week of November to meet new requirements.
Updated Oct 22, 2024, 8:20 a.m. Published Oct 22, 2024, 5:42 a.m.
- Updates to current regulations were released on Oct 18.
- More than 30 crypto exchanges have applied for a full license.
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has extended the deadline for crypto exchanges to meet licensing requirements to become Physical Crypto Asset Traders until the last week of November.
The extension follows updates released on Oct 18 to current regulations. Exchanges now need to form partnerships with local government bodies and introduce Know Your Transactions standards to remain compliant.
STORY CONTINUES BELOW
The licensing of exchanges in Indonesia began with the introduction of regulations in 2019 requiring crypto exchanges in the country to seek authorization to continue operating.
Indonesia also launched a national bourse for crypto assets -- which it considers commodities -- in 2023, requiring crypto exchanges to register with the platform to continue operating. It aims to both make investing crypto safer for investors and help track digital asset transactions for tax purposes.
CoinDesk recently reported that 30 crypto exchanges have applied for licenses and several exchanges have already obtained full licenses, including Binance’s Indonesian subsidiary Tokocrypto.
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