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Indonesia’s National Crypto Bourse (CFX) Has Already Captured Over 50% of The Country’s Crypto Trading Volume

Published 04/08/2024, 11:25 AM
Updated 04/08/2024, 12:00 PM
Indonesia’s National Crypto Bourse (CFX) Has Already Captured Over 50% of The Country’s Crypto Trading Volume

Jakarta, Indonesia, April 8th, 2024, Chainwire

PT Bursa Komoditi Nusantara (CFX), the world’s first national Indonesian crypto bourse, continues to strengthen the domestic cryptocurrency ecosystem. To date, there are 35 prospective crypto exchanges that have been registered with The Commodity Futures Trading Regulatory Agency (Bappebti).

To become a regulated crypto exchange in Indonesia, crypto companies need a Member Approval Letter (SPAB) from CFX. Four crypto exchanges, namely PT Pintu Kemana Saja (PINTU), PT Bumi Santosa Cemerlang (PLUANG), PT Kripto Maksima Koin (Kripto Maksima - GOTO Group), and PT Aset Digital Berkat (TOKOCRYPTO), have received SPAB from CFX.

“The four crypto exchanges which received SPAB approvals from CFX, have contributed to more than 50% of Indonesia’s total crypto trading volume. Data from Bappebti shows a significant increase in overall transactions, reaching IDR 55,26 trillion for January - February 2024. This increase represents a 113% surge compared to IDR 25,94 trillion recorded in the same period last year.” said President Director of CFX Subani.

Subani added, “We encourage remaining crypto companies to complete the registration process. Becoming a regulated crypto exchange signifies a commitment to exceeding industry standards and adhering to Indonesia regulations. This aligns with CFX’s mission to foster a secure and well-regulated crypto ecosystem in Indonesia.”

Indonesia's crypto industry is tightening its belt with regulations. Bappebti (Bappebti Regulation No. 8 of 2021 as amended by No. 13 of 2022) urges crypto traders to swiftly apply for a Physical Crypto Asset Trader license. This license requires approval from CFX (SPAB) and passing Bappebti’s requirements, transforming applicants from "Prospective" to licensed "Physical" Crypto Asset Traders.

Indonesia broke new ground by launching CFX, the world's first official crypto bourse. Established in July 2023 by the Ministry of Trade Indonesia (Kemendag) and Bappebti, CFX aims to bring greater security and stability to Indonesia's crypto market. Designed similarly to traditional stock exchanges like NASDAQ, CFX focuses specifically on cryptocurrency trading. This innovative platform signifies Indonesia's commitment to fostering a safer environment for both investors and businesses within the crypto space.

“Strong regulations are essential for the future of Indonesia’s crypto industry. CFX is fully committed to working with Bappebti and other stakeholders to create a safe, transparent, and reliable environment for cryptocurrency. As a crypto bourse, we strongly support Bappebti’s efforts to prioritize consumer security.” concluded Subani.

About CFX Indonesia

CFX is the prominent Indonesian-regulated crypto asset bourse playing a vital role in facilitating the growth and development of the digital asset market in Indonesia, we are committed to the highest standards of compliance, bolstering investor protection through monitoring Indonesian-based crypto exchanges, and introducing innovative products in broader digital assets businesses by providing the highest standards of security and transparency to enhance Indonesia’s crypto ecosystem.

For more information, please visit www.cfx.co.id.

ContactPublic RelationsKrizia Putri KinantiCFXpr@cfx.co.id+6281294744410

This article was originally published on Chainwire

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