30 Crypto Companies Officially Become Members Of CFX Crypto Exchange

Saturday, 02 Nov 2024

By ferry@insightinnews.com

The crypto exchange CFX is actively strengthening the crypto asset ecosystem by ensuring that crypto transactions in Indonesia comply with the regulations set by the Commodity Futures Trading Regulatory Agency (Bappebti).

A key requirement for crypto companies is to obtain the Exchange Member Approval Letter (SPAB). As of October 25, 2024, 30 crypto companies have received their SPAB. CFX's CEO, Subani, praised these 30 companies for officially joining the crypto exchange since receiving their SPAB.

"Obtaining the SPAB is a crucial requirement for any crypto company that wants to operate legally in Indonesia. It ensures that the company adheres to the applicable regulations and is a positive step in their commitment to joining the crypto ecosystem, especially in providing maximum protection for customers," Subani stated in a written statement on Wednesday, October 30, 2024.

According to the existing regulations, both prospective Physical Crypto Asset Traders (CPFAK) and Non-CPFAK must obtain SPAB from CFX to change their status to Physical Crypto Asset Traders (PFAK). This requirement is outlined in Bappebti Regulation Number 8 of 2021, as amended by Regulation Number 13 of 2022.

"We are fulfilling the mandate given by Bappebti to oversee and support crypto companies in meeting the applicable regulations, particularly the initial step of obtaining SPAB, followed by the process with Bappebti to achieve PFAK status. By the end of October 2024, 30 crypto companies have received SPAB, with six of them already obtaining full licenses as PFAK," Subani added.

CFX stands for Coinex Future Exchange. It is a cryptocurrency exchange that has received official recognition from the Commodity Futures Trading Regulatory Agency (Bappebti) in Indonesia. CFX acts as a bridge between various cryptocurrency trading platforms and regulators.

CFX plays a crucial role in the growth of the crypto industry in Indonesia. With CFX, investors can trade cryptocurrencies more safely and comfortably. For crypto companies, joining CFX is a strategic move to strengthen their market position.

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