Indonesian Crypto Exchanges Must Register
Indonesia has launched the world’s first national bourse for crypto assets, the Commodity Future Exchange (CFX), in response to the high local demand for crypto.
The CFX aims to make the crypto ecosystem safer for investors and help track digital asset transactions for tax purposes.
Regulations introduced in 2019 by the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti) require all crypto exchanges operating in the country to seek authorization.
Firms must go through stringent checks to win recognition as legitimate enterprises linked to the CFX. The authorization process involves registration with self-regulatory organizations (SRO) like the CFX and a test by Bappebti to determine a company’s fitness to operate.
According to Robby Bun, chairman of the country’s crypto asset trade association, Aspakrindo, regulators issue a crypto exchange license only if all requirements are met. Aspakrindo acts as a mediator between prospective crypto exchanges in the industry and regulators.
(With inputs from Shikha Singh)
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