Indonesia stops issuing registration for crypto exchange traders
By Carine Lee
01:55, 24 August 2022
Indonesia’s Commodity Futures Trading Regulatory Agency (CoFTRA) has officially stopped issuing registrations for crypto exchange traders.
It was stated in Circular Letter Number 208/CoFTRA/SE/08/2022 on Termination of Issuing Permits for Registration of Candidates for Physical Traders of Crypto Assets.
The circular stated that registration for physical trading business actors of crypto assets has been stopped, in other words, CoFTRA no longer accepts applications for prospective physical traders of crypto assets.
Zipmex, one of the 25 crypto exchanges that are permitted to trade in Indonesia, trades cryptocurrencies such as BTC, BCH, XRP, ETH, LTC.
XRP to US dollar
“The issuance of registration permits as a candidate for a Physical Crypto Asset Trader has been suspended and CoFTRA does not accept the submission of an application as a prospective Crypto Asset Physical Trader,” said the circular.
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Efficient and effective trading activities
The circular, signed by the acting head of CoFTRA Didid Noordiatmoko dated August 15, explained the termination of the issuance of permits was aimed at creating transparent, efficient and effective crypto exchange trading activities, as well as protecting the interests of all parties.
Tirta Karma Senjaya, head of CoFTRA's Market Development and Development Bureau, said the half is to ensure crypto traders are fully prepared and able to meet a number of requirements.
“CoFTRA needs to ensure that registered traders are ready in terms of IT systems, capital and human resources, as well as comply with regulatory requirements that will ensure the security of transactions, funds, and wallets of their customers,” according to a local news report.
There is no explanation regarding what happened to the exchanges that are not registered with CoFTRA, whether the platform can still operate or its access is blocked in Indonesia. It is not yet known how long the suspension will last.
Last week, CoFTRA announced the tokens and crypto exchanges listed. The list contains 383 crypto assets and 25 crypto exchanges that are legal to use.
The list, however, does not contain the names of the crypto exchange giants, namely Binance and Coinbase.
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