Indonesian Regulatory Body Issues Moratorium On New Crypto Exchange Licenses

(October 7, 2022) As of August 15, 2022, there is a moratorium in Indonesia on the issuance of new crypto exchange licenses. The moratorium was put in place by the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi or "Bappebti"), which is under the Ministry of Trade and is the regulator for cryptocurrency and crypto assets, through Circular Letter No. 208/BAPPEBTI/SE/08/2022 on the Suspension of the Issuance of Registration Licenses for Crypto Asset Physical Trader Candidates ("Circular Letter").

The Circular Letter provides that Bappebti is no longer accepting applications for the registration of Crypto Asset Physical Trader Candidates (Calon Pedagang Fisik Aset Crypto) or issuing licenses for Crypto Asset Physical Trader Candidates (or prospective crypto exchanges) in Indonesia. The Circular Letter does not indicate when the moratorium is expected to be lifted.