Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has extended the deadline for crypto exchanges to obtain licenses to operate as Physical Crypto Asset Traders to the last week of November.

This extension comes after updates to regulations were released on October 18. The new rules require exchanges to establish partnerships with local government bodies and implement Know Your Transactions standards for compliance.

The licensing process for crypto exchanges in Indonesia began in 2019, necessitating authorization for continued operations. Moreover, in 2023, the government introduced a national bourse for crypto assets, categorizing them as commodities, which mandates exchanges to register for operating authorization. This initiative aims to enhance investment security in crypto and facilitate tracking for tax purposes.

According to recent reports, over 30 crypto exchanges have sought licenses, with several, including Binance’s local subsidiary Tokocrypto, achieving full licensing.