On Monday, the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti) has introduced new regulations for crypto derivatives trading, saying that the futures exchanges will now have to register and get approval before going live.
According to Indrasari Wisnu Wardhana, the head of the Bappebti, these new rules will ensure legal certainty in the crypto futures sector and grant clients and investors additional support. Besides, the entity also officially recognized cryptos as commodities that can be traded on futures exchanges in the country.
The Bappebti's regulation covers that futures trading platforms and crypto clearing houses have to hold IDR 1.5 trillion and IDR 1.2 million ($106 million and $85 million) of paid and remaining capital respectively.
Other requirements include a high-security level – the company must have in staff at least three employees that passed CISSP (Certified Information System Security Professionals) certificates as well as AML/CFT compliance.
The Agency also obliged derivatives traders and custodian services have to get the green light for the business operations, while minimum paid up and closing capital has been set at IDR 1 trillion ($71 million) and IDR 800 billion ($57 million), respectively.
At the same time, Bappebti spokesperson stated that the new regulation would not cover ICOs. Notably, cryptos as a means of payment remain banned in the country.
The local crypto traders are highly concerned about the regulator’s decision in terms of the required of minimum capital. They say that this measure may put strong pressure on segment development.