Gabriel Budi Sutrisno · · 1 min readIndonesian regulator halts new crypto exchange registrations
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), which regulates crypto trading in the country, has stopped issuing registration certificates for prospective crypto asset traders.
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The move aims to realize “transparent, efficient, and effective trading activities of crypto assets with fair competition to protect the interests of all parties in the crypto trading market,” the Bappebti Circular No. 208 stated, which was signed on August 15.
It remains unclear if the new rule is permanent, but the circular could be amended at any time.
Currently, there are at least 25 licensed crypto trading companies under Bappebti, including Zipmex – which was recently in the spotlight for suspending withdrawals in the country due to “financial problems of business partners.”
See also: Indonesia’s OJK launches more stringent regulations for online lenders
Previously, Indonesia’s Financial Services Authority (OJK) also prohibited trading firms from issuing crypto assets, as well as gold and offshore products. However, the ban only applies to stock trading companies that are under OJK’s supervision, such as Ajaib.
This comes as OJK continues to step up restrictions on the country’s fintech industry, which has grown so quickly.
Editing by Miguel Cordon and Jaclyn Tiu
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