Commodity Futures Trading Supervisory Body of Indonesia is issuing the much-awaited list for crypto assets that can start trading in Indonesia. The list got approved with the crypto assets, which are containing the Bappebti Regulation No. 7 from 2020. It considers the stipulation of the list of the cryptocurrencies which are allowed for trading in the Cryptoasset physical market.
Bappebti Reg 7/2020 got issued and affected on Dec 17. But it was made public in the middle of January. The main feature it has is the list of 229 crypto assets, which can legally get traded in Indonesia.
This is the implementation of the regulation for the Bappebti regulation with the no 5 of 2019 regarding the technical provision for this Organization. It comes with the Crypto Asset Physical Market on the Future Exchange. It lastly came up with the amendment of Bappebti regulation 3 of 2020, about the Third Amendment of Bappebti Regulation No. 5 of 2019.
This is done to provide more comfort to the interested buyers in Indonesia. The regulation comes in practical terms with the perspective of the crypto assets physical traders. It also includes the platforms for consumers to buy and sell crypto assets. It can legally be traded with the crypto assets, which are getting included in the listing of this regulation.
The cryptocurrency physical traders are having the right submission of the proposal for adding or removing the crypto assets from the list, which can be legally traded. The proposals can be submitted to the Bappebti with the Crypto Assets Futures Exchange.
The proposal is supposed to be reviewed by the Crypto assets Futures Exchange and the Cryptoassets Committee. None of this has been established yet. As the review process gets done, the reviewing of Bappebti is going to stipulate the addition to removal from the list to trade the crypto assets legally.
The Crypto asset traders who are trading with the crypto assets may not include the approval list, which is going to have 30-days of issuance from this Bappebti Reg. 7/2020. It is about to stop the trading on the off-list crypto assets.
During this period, the traders no need to ask the customers about liquidating the off-list crypto assets. Or it is more likely going to transfer such crypto assets to the wallets of the customers. The traders are going to continue while being more responsible with the crypto assets as soon as the customers withdraw the crypto assets from the trade persons.
Bappebti Reg. 7/2020 is indicating that this current list of 229 crypto assets is quite preliminary in nature. The Crypto assets can be either added or removed from that list. If any of the crypto assets gets removed from the approved list, the 30-day period is going to be applicable.