INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Ruth A. Mendrofa, ABNR Counsellors at Law
Please refer to 6.3 Impact of the Emergence of Cryptocurrency Exchanges and 10.3 Classifi - cation of Blockchain Assets for further details on this topic. Futures Commodities Trading Bappebti , as futures trading supervisor, has not issued a specific regulation on the use of online platforms for futures trading. However, Bappebti allows futures commodities brokers to use online electronic media for customer onboarding pro - cesses, provided prior approval from Bappebti exists for an online feature. In practice, trading in commodities futures, which may also include digital gold, can be done via a platform as long as the platform is operated by a licensed com - modities futures broker also connected to an online trading platform provided by the Indone - sia Commodity and Derivatives Exchange (ICDX) and the Jakarta Futures Exchange (JFX). Money Market Under BI Board of Governors Regulation No 21/19/PADG/2019 on Providers of Electronic Trading Platforms, operators of electronic trad - ing platforms that facilitate transactions within money and foreign exchange markets need to be licensed by the BI. Initially, an operator can apply to the BI for an in-principle licence. With this, the operator is allowed to start preparing the infrastructure of its platform, including a feasibility study of its business operation. Once preparation is complete and the operator is ready to start operating, it may apply for a busi - ness licence. Operations can only commence after a BI licence has been issued. 6.2 Regulation of Different Asset Classes As discussed in 6.1 Permissible Trading Plat- forms , each asset class will have its own regu - latory regime. Securities trading and crypto- assets trading falls under the supervision of the
messaging services, wireless application proto - cols and other electronic media – to facilitate its securities transactions. In addition to the trading feature, the platform must also provide information on: • trading risk; • the security and confidentiality of all data; • how an order will be processed by the broker; and • procedures for handling order delays or instructions for addressing disruption to the system. In marketing securities, the securities broker can also engage another bank or non-bank financial institution (including a crowdfunding organiser) or a peer-to-peer lender to act as its marketing partner. The partner must be registered with the OJK as a partner of the securities broker. The sale of mutual funds via a platform can also be performed by fintech companies licensed by the OJK to act as mutual fund sales agents. Crypto-Assets Trading Law 4/2023 and its implementing regulation transferred the oversight and supervisory author - ity over digital financial assets, including crypto- assets and financial derivatives, from Bappebti to OJK. Subsequently, OJK issued OJK Reg, 27/2024. The key players involved in the crypto-asset trading ecosystem are, OJK, crypto exchanges, crypto-asset clearing agencies, crypto-asset traders (commonly known as crypto-asset trading/exchange platforms), and crypto-asset depository agencies.
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