The Commodity Futures Trading Regulatory Agency (Bappebti) recently granted operational approval to two institutions, PT Kliring Komoditi Indonesia (KKI) as the Guarantee and Settlement Agency for Physical Market Trading of Crypto Assets and PT Indonesia Coin Custodian (ICC) as the Crypto Asset Storage Management Agency. These two institutions strengthen the Self-Regulatory Organizations (SRO) ecosystem, which now comprises Exchanges, Clearing Agencies, and Crypto Asset Storage Institutions
The President Director of Commodity Future Exchange (CFX), Subani, stated, “We see the Prospective Physical Crypto Asset Traders (CPFAK) responding positively to the presence of these two institutions, which further underscores the government’s commitment to regulatory certainty and real protection for crypto investors in Indonesia. We hope CPFAK can coordinate further to enter the crypto exchange ecosystem established by the government,”
CFX data shows 32 Prospective Exchange Members as of January 2024, there are 32 Prospective Exchange Members consisting of 29 CPFAKs and 3 Non-CPFAKs that registered in 2023. Additionally, the government through Perba No.8 Article 42 paragraph 1 states that CPFAKs that have registered as Prospective Physical Crypto Asset Traders (PFAK) must apply for approval as PFAK to Bappebti no later than one month after the Futures Exchange and Futures Clearing Agency have received approval from the head of Bappebti.
Two CPFAKs, Reku and PINTU, which are Exchange Members, welcomed the presence of KKI and ICC. The Chairman of the Indonesian Crypto Asset Traders Association (Aspakrindo) and Chief Compliance Officer (CCO) of Reku, Robby, stated, “Reku, as the first CPFAK to receive the Exchange Member Approval Letter (SPAB), is committed to supporting KKI and ICC and ready to collaborate to enhance security for the crypto investment ecosystem in Indonesia,”
Echoing Reku’s statement, the General Counsel of PINTU, Malikulkusno (Dimas) Utomo, expressed, “We are fully prepared to support the regulator, associations, Self-Regulatory Organization (SRO), and related parties to collectively promote the advancement of crypto investment in Indonesia,”
The crypto ecosystem in Indonesia continues to grow with the presence of three Self-Regulatory Organizations (SRO) consisting of Exchanges, Clearing Agencies, and Crypto Asset Storage Institutions. The crypto exchange, PT Bursa Komoditi Nusantara or Commodity Future Exchange (CFX), which is the world’s first crypto exchange, was established by Bappebti on July 17, 2023, through the Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-BBAK/07/2023, followed by other SRO institutions including the Guarantee and Settlement Agency for Physical Market Trading of Crypto Assets and the Crypto Asset Storage Management Agency.
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About KKI
PT Kliring Komoditi Indonesia (KKI) received official authorization to operate as the Guarantee and Settlement Institution for Physical Market Trading of Crypto Assets in Indonesia, as per the Decision of the Head of Bappebti Number 02/BAPPEBTI/SP-LKBAK/12/23. By facilitating the crypto transaction ecosystem, KKI plays a crucial role in ensuring the fast, secure, and transparent settlement of crypto asset transactions through verification and oversight, as well as financial settlement recording.
