CoFTRA Extends PFAK Registration Time For Crypto Exchange

Illustration. (Photo: Unsplash)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) provides an extension of time for crypto exchangers to meet the requirements as Physical Crypto Asset Traders (PFAK), as stipulated in the CoFTRA Regulation No. 9 of 2024.

This extension is valid until the last week of November 2024 and is addressed to exchangeers who are currently Candidates for Physical Traders of Crypto Assets (CPFAK), so they have more opportunities to complete all obligations regulated in regulations.

In this policy, exchangers who have been registered as CPFAK are now given the opportunity to apply for PFAK after they have succeeded in becoming members of the Futures Exchange and Crypto Futures Clearing Institute. CPFAK who have not yet obtained membership is required to complete the process.

INDODAX CEO, Oscar Darmawan, expressed his appreciation for the time extension policy given by CoFTRA. Oscar considers that this step provides an opportunity for crypto exchanges that are still in the stage of fulfilling PFAK requirements. With the additional time until the last week of November 2024, the crypto industry in Indonesia will have better opportunities and readiness to adapt to regulations set by the government.

"We really welcome this decision, because it provides space for more exchangers to fulfill their obligations in accordance with applicable regulations. It will also help strengthen the overall crypto industry by ensuring every exchanger obeys the established standards," said Oscar Darmawan, in his statement, Friday, October 18.

Oscar also added that INDODAX has taken proactive steps in meeting all the requirements set by CoFTRA. Currently, INDODAX has completed all necessary documents and procedures, including obtaining Exchange Member Approval Letter (SPAB) from CFX, and a Clearing Membership Approval Letter (SPAK) from KKI and ICC.

Currently, INDODAX is waiting for the validation process and approval from the CoFTRA.

"We have ensured that all of our operations comply with applicable regulations, and we are optimistic that this process will run well," he added.

Furthermore, Oscar emphasized INDODAX's commitment to always comply with regulations in order to maintain the security and comfort of platform users. As the largest crypto platform in Indonesia, INDODAX believes that compliance with regulations set by the authorities is an important element in building public trust in the digital asset industry.

"We continue to support every regulation aimed at strengthening the crypto market in Indonesia. Security, transparency, and compliance are our top priority in serving users and maintaining the integrity of our platform," said Oscar Darmawan.

Closing his statement, Oscar expressed his gratitude to CoFTRA who continues to strive to create a conducive regulatory environment for the development of the crypto industry.

"We hope that the policies that support the growth of this industry will continue to be present. We are optimistic that Indonesia has great potential to become a center for digital asset innovation in the Asian region," concluded Oscar.

With the extra time given, crypto industry players in Indonesia are expected to take advantage of this opportunity to ensure that all regulatory requirements are met, in order to strengthen the sustainability of the industry in the future.