INDODAX Officially Gets Full License As A Physical Crypto Asset Trader

Photo: Doc. INDODAX

JAKARTA - INDODAX, the largest crypto asset trading platform in Indonesia, has just obtained a full license as a Physical Crypto Asset Trader (PFAK) from the Commodity Futures Trading Supervisory Agency (BAPPEBTI). The granting of INDODAX permits indicates THAT INDODAX is in accordance with standard security, transparency, and regulatory compliance in the crypto asset industry as well as the most important safe customer assets in Indodax 100 percent.

INDODAX has officially received the Approval Certificate as a Physical Crypto Asset Trader from BAPPEBTI with certificate number 10/BAPPEBTI/PFAK/12/2024. As a platform officially recognized by regulators, INDODAX is also a member of PT Bursa Komoditi Nusantara (CFX), the only crypto exchange regulated by the Indonesian government.

CFX plays an important role as a government partner as a regulator in monitoring operations and ensuring that all crypto asset trading activities run in accordance with applicable regulations.

INDODAX CFO, Fendy, expressed gratitude and pride for this achievement.

"We are grateful to BAPPEBTI and CFX for the trust given through this full license. The long process that must be passed reflects our commitment to providing the best protection for users. The license number 10 also has a special meaning, which symbolizes perfection, and symbolizes the 10-year journey of INDODAX in leading the crypto industry in Indonesia," said Fendy, Wednesday, December 1.

With this trust capital, INDODAX will continue to innovate and develop the crypto ecosystem in Indonesia, in line with the vision to make Indonesia one of the leading crypto asset trading centers in Southeast Asia.

INDODAX CEO Oscar Darmawan also revealed that this license provides full legitimacy for INDODAX.

At the same time the most important signifies that customer funds are safe on our platform, and our evidence continues to maintain the trust of members for the past 10 years in the crypto industry. We will also continue to innovate to create a safe, transparent and competitive crypto ecosystem. Our commitment is to ensure that INDODAX users get the best experience in crypto asset transactions," he explained.

As an official entity registered, INDODAX has met a series of strict criteria in accordance with BAPPEBTI Regulation Number 8 of 2021 and Number 13 of 2022, including a minimum paid-up capital of IDR 100 billion, a minimum equity of IDR 50 billion, and the implementation of the Standard Operating Procedure (SOP), ISO certification that is in accordance with global security standards and regulations regarding 100 percent customer funds in accordance with member balances.

This achievement is in line with the significant growth of the crypto asset industry in Indonesia, where total crypto asset trading transactions reached IDR 556.53 trillion in the January-November 2024 period. INDODAX itself recorded more than 7.1 million members and transaction volumes of IDR 108.92 trillion in January-November 2024.

With increasingly strong and transparent regulations, INDODAX is optimistic that it can continue to make a positive contribution to the development of the crypto ecosystem in Indonesia.