Jumat, Agustus 4, 2023

Bappebti Introduces Procedures for Crypto-Asset Approvals Through Futures Exchanges and Registration of Prospective Physical Crypto-Asset Traders

In an effort to establish a transparent, efficient and effective physical crypto-asset market trading ecosystem, the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komiditi - "Bappebti") has decided to introduce a set of applicable procedures for the processing of crypto-assets through futures exchanges ("Exchanges") approval services ("Approvals") and for the registration of prospective physical crypto-asset traders ("Registration") through the issuance of Circular No. 203/BAPPEBTI/SE/07/2023 ("Circular 203/2023"), which came into force on 31 July 2023.
At its core, Exchanges that have secured Approvals from Bappeti have been mandated to focus their operations solely on crypto-asset commodity subjects ("Subjects") and are not permitted to engage in any transactions with other Subjects. In this regard, Circular 203/2023 states that Bappebti is no longer accepting Exchange registrations or registrations of futures clearing agencies ("Clearing Agencies") and managers of crypto-asset storage locations.
Parties that secure proofs of having registered as prospective physical crypto-asset traders ("Traders") before the relevant Exchanges and Clearing Agencies have secured approvals from the Head of Bappebti are now required to submit Traders approval applications within one month of the afore-mentioned Exchanges and Clearing Agencies securing Bappebti approvals. In this regard, Circular 203/2023 has set a deadline of one year to complete all of the requirements and to secure the above-mentioned approvals.
It should also be noted that parties that secured and/or that were in the process of securing approvals from Bappebti prior to the relevant Exchanges and Clearing Agencies being approved by Bappebti will continue to be processed in accordance with the relevant laws and regulations but are subsequently mandated to bring their activities into line with the new requirements within one year of securing proof of Registration.

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In an effort to establish a transparent, efficient and effective physical crypto-asset market trading ecosystem, the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komiditi - "Bappebti") has decided to introduce a set of applicable procedures for the processing of crypto-assets through futures exchanges ("Exchanges") approval services ("Approvals") and for the registration of prospective physical crypto-asset traders ("Registration") through the issuance of Circular No. 203/BAPPEBTI/SE/07/2023 ("Circular 203/2023"), which came into force on 31 July 2023.
At its core, Exchanges that have secured Approvals from Bappeti have been mandated to focus their operations solely on crypto-asset commodity subjects ("Subjects") and are not permitted to engage in any transactions with other Subjects. In this regard, Circular 203/2023 states that Bappebti is no longer accepting Exchange registrations or registrations of futures clearing agencies ("Clearing Agencies") and managers of crypto-asset storage locations.
Parties that secure proofs of having registered as prospective physical crypto-asset traders ("Traders") before the relevant Exchanges and Clearing Agencies have secured approvals from the Head of Bappebti are now required to submit Traders approval applications within one month of the afore-mentioned Exchanges and Clearing Agencies securing Bappebti approvals. In this regard, Circular 203/2023 has set a deadline of one year to complete all of the requirements and to secure the above-mentioned approvals.
It should also be noted that parties that secured and/or that were in the process of securing approvals from Bappebti prior to the relevant Exchanges and Clearing Agencies being approved by Bappebti will continue to be processed in accordance with the relevant laws and regulations but are subsequently mandated to bring their activities into line with the new requirements within one year of securing proof of Registration.

......