Here are the steps on how to become a crypto asset exchange

Future crypto asset exchanges must first submit an application as a futures exchange to Bapepti

Jakarta (medialnews) – Futures Trade Monitoring Agency (Bappebti) Head Indrasari Wisnu Wardhana explained the steps for a possible crypto asset exchange in the context of opening an exchange of crypto assets in Indonesia.

“Future crypto asset exchanges must first submit a futures exchange request to Bapepti,” Indrasari told Antara in Jakarta on Saturday.

If you have obtained a CoFTRA Futures trading license, submit an application to CoFTRA for approval as a crypto asset exchange.

In the process of creating the Futures Exchange, the required documents that must be prepared and submitted by the Prospective Futures Exchange to Bappebti include, among others, the exchange is established by at least 11 commercial entities in the form of limited liability companies; the business entity in question is engaged in commodity and / or financial activities that are tradable for at least three years.

Then, have released the capital and minimum equity in accordance with the provisions of applicable laws and regulations; have experts in the field of Futures Trading professionally; as well as having a good monitoring system to perform a monitoring function for all members of the exchange.

In addition, it has a three-year business plan and rules and regulations; and has auditors, directors and shareholders who have passed the suitability and suitability test of CoFTRA.

“The process that must be adopted to form the Stock Exchange is regulated in Article 5 of Government Regulation No. 49 of 2014 on Futures Trading in Commodities,” Indrasari said.

In accordance with the regulations, Bappebti checks the required documents; conduct an evaluation of the 3 (three) year business plan; evaluate and approve draft rules and regulations; carry out an aptitude and suitability test on candidates for the posts of commissioners and administrators; and inspect the physical facilities and infrastructure, the stock exchange system and secure and efficient transactions in accordance with the standards established by Bappebti.

In order to gain approval as a crypto asset exchange, the exchange candidate who submits a request for approval, with the requirements, among others, has a paid-up capital and a minimum capital in accordance with the provisions of applicable laws and regulations.

Then, have the code of conduct (PTT) on the physical market for crypto assets; has a physical market committee for crypto assets; has trading facilities for operating the physical market for crypto assets; has a minimal organizational structure (IT, audit, legal, customer complaints, customer support accounting); have a monitoring and reporting system; have employees who are Certified Information Systems Security Professionals (CISSP); and obtain approval from the head of CoFTRA.

“With these steps, it is hoped that the Crypto Asset Exchange will be established by the end of 2021”, concluded Indrasari.

Currently, there are 13 asset prospectors who have received registration marks from Bappebti as crypto asset 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 Saja (DOOR)

Next, 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 Crypto Asset Exchange, clearing house and deposit management institution has been formed, then a Crypto Asset Trader prospect who has received the registration certificate must submit an application to Bappebti for approval as a Crypto Asset Trader, ”Indrasari said.

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

Also Read: KBI Ready To Become A Crypto Asset Clearinghouse
Also Read: After Australia, Zipmex Crypto Exchange Reaches Indonesian Traders
Also Read: US Regulators Give Stronger Risk Signals For Cryptocurrencies

Journalist: Sella Panduarsa Gareta
Editor: Biqwanto Situmorang
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