- The Commodity Futures Trading Supervision Agency (“Bappebti”) recently issued Regulation No. 4 of 2019 on Technical Provisions for the Implementation of the Physical Market for Digital Gold through the Futures Exchange (“Regulation 4/2019”). The new framework aims to prevent illegal digital gold trading and to provide a secure and affordable investment facility for use by the public.
- The physical market only accommodates the trading of pure gold with aurum content of not lower than 99.9%. Moreover, all gold must be covered by certification which indicates its gold series code, logo and weight.
- There are two mechanisms for trading via the physical market for digital gold, specifically: 1) Physical trade mechanism through the use of matching of transactions through the futures exchange; and 2) Physical trade transactions by matching transactions from physical markets which are directly connected to the futures exchange and the futures clearing institution.
- Several requirements must be met in order to act as physical traders of digital gold, including: 1) Must be in the form of a limited liability company; 2) Must possess adequate facilities and infrastructure; 3) Must be a member of the futures exchange and futures clearing institutions; 4) Must possess a cooperation contract and a recommendation from the futures exchange; 5) Must have a separate bank account which is specifically designated for the facilitation of the physical trading of digital gold; and 6) Must possess other required documents.
- For more on this story, see Hukumonline: “Aturan Emas Digital untuk Hindari Perdagangan Ilegal”.
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