Upbit Indonesia Officially Becomes A Member Of The CFX Crypto Exchange, Encourages Industrial Transparency And Collaboration
JAKARTA - Upbit Indonesia is proud to announce that it has officially become a Member of the CFX Crypto Exchange, after successfully obtaining an Approval Letter for Exchange Members (SPAB). This achievement is the result of Upbit Indonesia's hard work and commitment over the past year in fulfilling all the requirements set by all relevant institutions.
Upbit Indonesia's Chief Operating Officer (COO), Resna Raniadi emphasized that this registration process was not easy, given the dynamics that occurred in the field throughout this process. Even so, this achievement was achieved thanks to the dedication of all Indonesian Upbit teams internally and also intensive communication with external parties to comply with all regulations and standards set by the government, including being members of the Futures Exchange and Crypto Clearing Institution.
"This process is full of challenges, but we are proud of this achievement because it is a clear proof of our commitment to regulatory compliance in Indonesia. We continue to strive to ensure Upbit's operations run according to the rules, for the safety and comfort of our users," said Resna, in a statement, Wednesday, October 30.
Resna also highlighted the role of ABI-Aspakrindo (Indonesian Blockchain Association and the Indonesian Crypto Asset Traders Association) in this process. According to him, Upbit feels that during the registration process, the facilitation provided by ABI-Aspakrindo is not comprehensive enough and still lacking in terms of communication and transparency. In terms of association function, it should be at the forefront of facilitating collaboration between members in accordance with the common interests, so that it can support and achieve the desired results.
"We appreciate the efforts the association has given so far, but we also hope that in the future it can be more inclusive in helping crypto industry players and members of associations in general, because there are other challenges that this industry will face," explained Resna.
Upbit Indonesia hopes that with more open collaboration and support from associations and governments, the crypto industry in Indonesia can grow stronger and more organized.
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With the acquisition of this SPAB, Upbit Indonesia is now preparing further steps to meet the requirements of Physical Crypto Asset Traders (PFAK) in accordance with applicable regulations. PFAK itself has recently been expanded until the last week of November 2024, so that expanders who are still Candidates for Physical Traders of Crypto Assets (CPFAK) have more opportunities to complete all obligations regulated in regulations.
"We hope that the process of getting this PFAK will run more smoothly after we officially become CFX Crypto Exchange Members, and we will continue to be committed to complying with all applicable rules in order to maintain the integrity and security of the Upbit platform for the convenience of all of our users," concluded Resna.