Indonesia has extended the deadline for Crypto Exchanges to obtain a Physical Crypto Asset Trader (PFAK) license until the end of November 2024. Thus, the decision taken based on Bappebti Regulation Number 9 of 2024 grants Crypto Exchanges permission until the last week of November 2024 to comply with the updated regulatory standards.
Bappebti Regulation Number 9 of 2024 is the third amendment to the rules regarding the implementation of physical Crypto market trading which was originally set in 2021. It outlines the transition from the current temporary status of a registered crypto exchange (CPFAK) to a fully licensed PFAK status. The amendments, including the extension, provide more time for prospective Crypto Exchanges to complete the necessary obligations, such as becoming members of a Futures Exchange and Crypto Futures Clearing House.
