“Indonesia’s CFX Dominates Country’s Crypto Trading Volume, Surpassing 50%”


On April 8th, 2024 in Jakarta, Indonesia, PT Bursa Komoditi Nusantara (CFX), the world’s first national Indonesian crypto bourse, continues to strengthen the domestic cryptocurrency ecosystem. Currently, there are 35 prospective crypto exchanges registered with The Commodity Futures Trading Regulatory Agency (Bappebti).

To become a regulated crypto exchange in Indonesia, companies must obtain a Member Approval Letter (SPAB) from CFX. Four crypto exchanges, 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 already received SPAB from CFX. These four exchanges make up more than 50% of Indonesia’s total crypto trading volume, which has seen a significant increase in overall transactions from IDR 25,94 trillion to IDR 55,26 trillion in January-February 2024.

President Director of CFX, Subani, stated that CFX encourages remaining crypto companies to complete the registration process. Becoming a regulated crypto exchange demonstrates a commitment to exceeding industry standards and adhering to Indonesia’s regulations, aligning with CFX’s mission to foster a secure and well-regulated crypto ecosystem in Indonesia.

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

In July 2023, Indonesia launched CFX, the world’s first official crypto bourse, established by the Ministry of Trade Indonesia (Kemendag) and Bappebti. CFX is designed similarly to traditional stock exchanges like NASDAQ, with a focus on cryptocurrency trading. This platform represents Indonesia’s commitment to creating a safer environment for both investors and businesses in the crypto space.

Subani emphasized the importance of strong regulations 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, they strongly support Bappebti’s efforts to prioritize consumer security.

CFX is the leading Indonesian-regulated crypto asset bourse that plays a vital role in facilitating the growth and development of the digital asset market in Indonesia. They are committed to the highest standards of compliance, bolstering investor protection through monitoring Indonesian-based crypto exchanges, and introducing innovative products in the broader digital assets business. They aim to provide the highest standards of security and transparency to enhance Indonesia’s crypto ecosystem.

For more information, please visit www.cfx.co.id or contact Public Relations, Krizia Putri Kinanti, at pr@cfx.co.id or +6281294744410.

This article was originally published on Chainwire.

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