Bappeti Describes The Stages Of Crypto Assets Can Be Listed On The Indonesian Stock Exchange

Ilustrasi (Photo by Aleksi Räisä on Unsplash)

JAKARTA - Head of Commodity Futures Trading Supervisory Board (Bappebti) Indrasari Wisnu Wardhana explained the stages that must be done by prospective crypto asset exchanges in order to open crypto asset exchanges in Indonesia.

"Prospective crypto asset exchanges must first apply as Futures Exchange to Bapepti," Indrasari said as quoted from Antara, Saturday, May 22.

If you have obtained a Futures Exchange Business License from Bappebti, then apply to Bappebti to obtain approval as a Crypto Asset Exchange.

In the process of establishing the Futures Exchange, the requirement documents that must be prepared and submitted by the Futures Exchange Candidates to Bappebti, among others, the exchange was established by at least 11 business entities in the form of limited liability companies; the business entity is engaged in commodity and/or financial businesses that are eligible for trading for at least three years.

Then, have paid-up capital and minimum equity in accordance with the provisions of the prevailing laws and regulations; have experts in the field of Futures Trading professionally; and have a good surveillance system to carry out the supervisory function to all members of the exchange.

In addition, it has a three-year activity plan and has Rules and Regulations; and have commissioners, directors and shareholders who pass the test of propriety and feasibility by Bappebti.

"The process that must be passed in the establishment of the Exchange, stipulated in Article 5 of Government Regulation No. 49 of 2014 concerning the Implementation of Commodity Futures Trading," said Indrasari.

According to the rule, Bappebti checks the completeness of the required documents; assessing the activity plan for 3 (three) years; assess and approve draft rules and regulations; conduct fit and proper tests on prospective commissioners and directors; and conduct checks on physical facilities and infrastructure, exchange systems, and transactions that are safe and efficient in accordance with the standards set by Bappebti.

To obtain approval as a Crypto Asset Exchange, Prospective Exchanges that apply for approval, with the requirements among others have paid-up capital and minimum equity in accordance with the provisions of applicable laws and regulations.

Then, it has a Code of Conduct (PTT) of The Physical Market of Crypto Assets; has a Crypto Asset Physical Market Committee; has trading facilities for the implementation of the Crypto Asset Physical Market; have a minimal organizational structure (IT, Audit, Legal, Customer Complaints, Client Support Accounting); have surveillance and reporting systems; have certified information systems security professionals (CISSP); and get approval from the Head of Bappebti.

"With this stage, it is expected that the Crypto Asset Exchange can be established by the end of 2021," concluded Indrasari.

Currently, Prospective Asset Traders who have been signed up from Bappebti as Prospective Crypto Asset Traders as many as 13 traders, namely PT Indodax Nasional Indonesia (INDODAX), PT Crypto Indonesia Berkat (TOKOCRYPTO), PT Zipmex Exchange Indonesia (ZIPMEX), PT Indonesia Digital Exchange (IDEX), and PT Pintu Kemana Anywhere (PINTU)

Then, PT Luno Indonesia LTD (LUNO), PT Cipta Koin Digital (KOINKU), PT Tiga Inti Utama, PT Upbit Exchange Indonesia, PT Bursa Cripto Prima, PT Rekeningku Dotcom Indonesia, PT Triniti Investama Berkat, and PT Plutonext Digital Asset.

"If the institution of Crypto Asset Exchange, Clearing House Institution and Storage Manager has been formed, then prospective Crypto Asset Traders who have been marked the list must apply to Bappebti to obtain approval as a Crypto Asset Trader," said Indrasari.

He added, Bappebti as a regulator in setting various policies related to Crypto Asset Trading continues to coordinate with OJK / IDX and also with other institutions such as BI, Ministry of Economic Affairs, Ministry of Finance, POLRI, PPATK and other related institutions.