Indonesian cryptocurrency exchange Indodax has obtained a license from the country’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) and completed its formal registration, according to local news outlet Bisnis.com.

BAPPEBTI, operating under the Ministry of Trade, is responsible for the supervision of the crypto asset trading activities in the country. The agency issued two regulations last year, prescribing compliance rules for all cryptocurrency exchanges. Under the new rules, officially registered crypto exchanges will be able to legally offer crypto trading services starting February 2020, The Block reported. 

Tokocrypto was reportedly the first Indonesian cryptocurrency exchange to receive a license from BAPPEBTI.

Indodax’s registration with the BAPPEBTI means that the exchange has passed all the regulatory requirements relating to the transaction system, risk control management, resource allocation, and operation Infrastructure.

Indodax CEO Oscar Darmawan said that they would continue to work closely with BAPPEBTI to accelerate digital economic growth and financial inclusion through the application of blockchain technology.

“As a market leader in crypto-assets with members reaching two million people, we always want to walk in line with government regulations. I really appreciate the support of the Indonesian government which is getting better in the effort to develop this digital ecosystem,” said Darmawan. “With the receipt of Indodax’s registration for Bappebti, we are determined to continue to innovate through various products owned by Indodax.”

In addition to being registered with BAPPEBTI, INDODAX claims to be the only startup in the blockchain world that has two International ISO standards namely the ISO 9001 standard on Quality Management Systems and ISO 27001 on Information Security.

“This registration from Bappebti makes Indodax as one of the official trading platforms that enable the Indonesian people to make alternative investments in crypto assets. Of course, our innovation will not stop here. We are also preparing another breakthrough for the development of the investment ecosystem in Indonesia,” Darmawan was quoted as saying.

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