Regulation of the Commodity Futures Trading Supervisory Agency Number 3 of 2025 Concerning Procedures for the Implementation of Digital Physical Gold Trading on Futures Exchanges

REGULATION OF THE COMMODITY FUTURES TRADING SUPERVISORY AGENCY NUMBER 3 OF 2025 CONCERNING PROCEDURES FOR THE IMPLEMENTATION OF DIGITAL PHYSICAL GOLD TRADING ON FUTURES EXCHANGES BY THE GRACE OF GOD THE ALMIGHTY HEAD OF THE COMMODITY FUTURES TRADING SUPERVISORY AGENCY OF THE REPUBLIC OF INDONESIA,

Considering: a. that in order to implement the provisions as regulated in the Minister of Trade Regulation Number 119 of 2018 concerning General Policy on Digital Physical Gold Trading on Futures Exchanges, and the Commodity Futures Trading Supervisory Agency Regulation Number 2 of 2019 concerning the Organization of Physical Commodity Markets on Futures Exchanges; b. that in order to provide legal certainty, customer protection, create an investment facility that is easy, safe, and affordable for the public, and facilitate the growth and development of the physical gold trading industry conducted digitally, it is necessary to regulate the procedures for the implementation of digital physical gold trading on futures exchanges; c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Commodity Futures Trading Supervisory Agency Regulation concerning the Procedures for the Implementation of Digital Physical Gold Trading on Futures Exchanges;

Recalling:

1. Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 1997 Number 93, Supplement to the State Gazette of the Republic of Indonesia Number 3720) as amended by Law Number 10 of 2011 concerning amendments to Law Number 32 of 1997 concerning Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2011 Number 79, Supplement to the State Gazette of the Republic of Indonesia Number 5232);
2. Government Regulation Number 49 of 2014 concerning the Organization of Commodity Futures Trading (State Gazette of the Republic of Indonesia Year 2014 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5548);
3. Presidential Regulation Number 140 of 2024 concerning the Organization of State Ministries (State Gazette of the Republic of Indonesia Year 2024 Number 250);
4. Presidential Regulation Number 168 of 2024 concerning the Ministry of Trade (State Gazette of the Republic of Indonesia Year 2024 Number 364);
5. Minister of Trade Regulation Number 119 of 2018 concerning General Policy on Digital Physical Gold Trading on Futures Exchanges (State News of the Republic of Indonesia Year 2019 Number 36);
6. Minister of Trade Regulation Number 22 of 2024 concerning General Policy in the Field of Commodity Futures Trading (State News of the Republic of Indonesia Year 2024 Number 617);
7. Minister of Trade Regulation Number 6 of 2025 concerning the Organization and Work Structure of the Ministry of Trade (State News of the Republic of Indonesia Year 2025 Number 53);
8. Commodity Futures Trading Supervisory Agency Regulation Number 2 of 2019 concerning the Organization of Physical Commodity Markets on Futures Exchanges;

DECIDES: Establish: COMMODITY FUTURES TRADING SUPERVISORY AGENCY REGULATION CONCERNING PROCEDURES FOR THE IMPLEMENTATION OF DIGITAL PHYSICAL GOLD TRADING ON FUTURES EXCHANGES.

CHAPTER I GENERAL PROVISIONS First Section Definitions Article 1 In this Agency Regulation, the following terms are defined as:

1. Gold is pure gold with a minimum Aurum (Au) content of 99.9% that can be traded on the Digital Physical Gold Market.
2. Digital Gold is Gold that is fully available in physical form, with ownership records of the gold conducted digitally (electronically).
3. Digital Physical Gold Trading on Futures Exchanges, hereinafter referred to as the Digital Physical Gold Market, is an organized physical Gold market facilitated by a Futures Exchange using electronic facilities owned by the Futures Exchange or electronic facilities owned by Digital Physical Gold Traders for buying, selling, or transacting Gold, where ownership records of the gold are conducted digitally (electronically).
4. The Commodity Futures Trading Supervisory Agency, hereinafter referred to as Bappebti, is a government agency whose main task is to conduct guidance, regulation, development, and supervision of Futures Trading.
5. Futures Exchange is a business entity that organizes and provides systems and/or facilities for buying and selling Commodities based on Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts.
6. Futures Exchange Organizing the Digital Physical Gold Market, hereinafter referred to as the Digital Gold Exchange, is a Futures Exchange that has obtained approval from the Head of Bappebti to organize the Digital Physical Gold Market.
7. Members of the Futures Exchange are parties who have the right to use the systems and/or facilities of the Futures Exchange and the right to conduct transactions of Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts in accordance with the regulations and rules of the Futures Exchange.
8. Futures Clearing and Guarantee Agency, hereinafter referred to as the Futures Clearing Agency, is a business entity that organizes and provides systems and/or facilities for the execution of clearing and guaranteeing the settlement of Futures Trading and Physical Commodity Market transactions.
9. Digital Physical Gold Market Clearing Agency, hereinafter referred to as the Digital Gold Clearing Agency, is a Futures Clearing Agency that has obtained approval from the Head of Bappebti to conduct clearing and/or guaranteeing the settlement of transactions in the context of Digital Physical Gold Market trading.
10. Members of the Futures Clearing and Guarantee Agency, hereinafter referred to as Futures Clearing Members, are Members of the Futures Exchange who have the right to use the systems and/or facilities of the Futures Clearing Agency and have the right from the Futures Clearing Agency to conduct clearing and receive guarantees in the context of settling Futures Contracts, Sharia Derivative Contracts, and/or other Derivative Contracts.
11. Digital Physical Gold Trader is a party that has obtained approval from the Head of Bappebti to organize the Digital Physical Gold Market either in its own name and/or facilitating transactions of Customers.
12. Digital Gold Customer is a party that uses the services of a Digital Physical Gold Trader to buy, sell, or transact Gold traded on the Digital Physical Gold Market;
13. Participants of the Digital Physical Gold Market, hereinafter referred to as Digital Gold Participants, are parties acting as sellers and/or buyers of Gold on the Digital Gold Exchange who meet the requirements established by the Digital Gold Exchange.
14. Digital Physical Gold Trading Intermediary is a party that meets the requirements established by the Digital Gold Exchange and has obtained approval from the Head of Bappebti to channel transaction mandates for Gold upon the order of Digital Gold Participants to the Digital Physical Gold Market.
15. Gold Storage Facility Manager is a party that has obtained approval from the Head of Bappebti to manage gold storage facilities in the context of storing, maintaining, supervising, and/or delivering Gold.
16. Gold Storage Certificate is a document issued by the Gold Storage Facility Manager as proof of ownership of the stored Gold.

Second Section Organization of the Digital Physical Gold Market Article 2 (1) The Digital Physical Gold Market must be organized in accordance with the provisions regulated in this Agency Regulation. (2) The Digital Physical Gold Market can only be facilitated by a Futures Exchange that has obtained approval from the Head of Bappebti as a Digital Gold Exchange. (3) The types of transaction activities in the Digital Physical Gold Market as referred to in paragraph (2) may include: a. buying and/or selling; b. buying and/or selling at will up to the gramage specified in Article 4 letter c; c. fixed installments with subsequent delivery; d. deposit; e. minting; and/or f. other transactions in accordance with innovation, development, and needs in the Digital Physical Gold Market. (4) Buying and/or selling at will as referred to in paragraph (3) letter b refers to the sale or purchase of Gold in fractions or pieces based on Gold volume or transaction value in Indonesian Rupiah. (5) The Digital Physical Gold Market as referred to in paragraph (2) can be conducted with the following mechanisms: a. transaction matching (matching) on the Digital Gold Exchange using electronic facilities owned by the Digital Gold Exchange; or b. transaction matching (matching) on Digital Physical Gold Traders using electronic facilities owned by Digital Physical Gold Traders. (6) The Digital Physical Gold Market as referred to in paragraph (2) is implemented by considering: a. good corporate governance principles emphasizing the interests of Digital Physical Gold Traders, Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and Digital Gold Customers to obtain fair prices and quality guarantees for Gold in accordance with regulations; b. the organization of the Digital Physical Gold Market as a facility for transparent price formation and the provision of physical delivery facilities, and used as a price reference on Futures Exchanges; c. legal certainty for the public and business certainty for business actors; d. protection for Digital Gold Participants and Digital Gold Customers; e. creating an investment facility that is easy, safe, and affordable for the public; and f. facilitating innovation, growth, and development of the Digital Physical Gold Market.

Article 3 Provisions in Bappebti Regulations regulating the organization of physical commodity markets on Futures Exchanges remain valid insofar as they are not specifically regulated in this Agency Regulation.

Third Section Gold Requirements in the Digital Physical Gold Market Article 4 Gold stored in storage facilities managed by Gold Storage Facility Managers must meet the following minimum technical requirements: a. Gold purity of at least 99.9%; b. having a certificate covering the Gold serial code, logo, and weight; c. Gold units in weight, namely: 1 gram, 2 grams, 5 grams, 10 grams, 25 grams, 50 grams, 100 grams, 250 grams, 1,000 grams, and/or other gramage units established by the Digital Gold Clearing Agency; and d. not currently pledged, disputed, or sourced from criminal acts, proven by a written statement made and signed by the Chief Executive of the Digital Physical Gold Trader and/or Digital Gold Participant.

CHAPTER II INSTITUTIONAL First Section Digital Gold Exchange Article 5 To obtain approval as a Digital Gold Exchange as referred to in Article 2 paragraph (2), in addition to meeting the requirements as regulated in Bappebti Regulations governing the organization of physical commodity markets on Futures Exchanges, Futures Exchanges must meet the following requirements: a. having a business license as a Futures Exchange; b. having a trading, supervision, and transaction reporting system to facilitate the Digital Physical Gold Market; c. having a mechanism and facility for dispute resolution; d. having regulations and rules for the Digital Physical Gold Market; e. having a Digital Physical Gold Market Committee; and f. having cooperation with a Futures Clearing Agency that will facilitate clearing and/or guaranteeing the settlement of transactions for the Digital Physical Gold Market.

Article 6 (1) The trading, supervision, and transaction reporting system to facilitate the Digital Physical Gold Market as referred to in Article 5 letter b must meet the following minimum requirements: a. accurate, current, safe, trusted, online and real-time, and compatible in system and application with the systems of the Digital Gold Clearing Agency, Digital Physical Gold Traders, and/or Digital Physical Gold Trading Intermediaries; b. having functions that can protect access to profile, financial, and transaction data in the Digital Physical Gold Market; c. having a business continuity plan that is always up to date; d. having a disaster recovery center:

1. located within the country at a minimum distance of 20 km (twenty kilometers) from the main server location;
2. using adequate servers or cloud servers; e. meeting database requirements functioning to manage, store transaction data, and supervision and reporting data of the Digital Physical Gold Market as follows:
3. storing transaction data, supervision data, and reporting for at least the last 5 (five) consecutive years;
4. maintaining transaction price records, transaction quotes, balances, and transaction mutations for a minimum duration of the last 6 (six) months; and
5. after a period of 6 (six) months, the transaction price records, transaction quotes, balances, and transaction mutations as referred to in item 2 (two) must be copied and stored on data storage media outside the trading, supervision, and transaction reporting system database; f. servers or cloud servers used have good technical specifications to facilitate the use of online supervision and reporting systems and/or facilities, namely:
6. servers or cloud servers, including backups (mirroring), must be located within the country;
7. servers or cloud servers must have backup (mirroring) servers; and
8. servers or cloud servers are supported by adequate infrastructure and facilities so as to guarantee operational continuity; g. In the event that servers or cloud servers use cloud services, they must have ISO 27001 (information security management system) certification, which includes ISO 27017 (cloud security) and ISO 27018 (cloud privacy), issued by a competent certification body; h. having secured open application programming interface (API) with determined procedures, such as encryption-decryption processes, internet protocol whitelisting, tunnels, and certificates. (2) The trading, supervision, and transaction reporting system to facilitate the Digital Physical Gold Market as referred to in paragraph (1), including any changes, must obtain approval from the Head of Bappebti.

Article 7 (1) The regulations and rules of the Digital Physical Gold Market as referred to in Article 5 letter d must at least contain: a. requirements and procedures for acceptance as Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and Digital Physical Gold Traders; b. rights and obligations of Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and Digital Physical Gold Traders; c. formulation or calculation of membership fees and other costs for services provided to Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and Digital Physical Gold Traders; d. mechanisms for supervision and reporting of Digital Physical Gold Market transactions; e. transaction mechanisms, types of facilitated transaction activities, and transaction settlement; f. mechanisms for physical Gold delivery; g. mechanisms for handling disputes; and h. sanctions for violations of the regulations and rules of the Digital Physical Gold Market. (2) The regulations and rules of the Digital Physical Gold Market as referred to in paragraph (1), including any changes, must obtain approval from the Head of Bappebti.

Article 8 Applications for approval as a Digital Gold Exchange submitted to the Head of Bappebti must be accompanied by documents: a. a letter of request for approval as a Digital Gold Exchange; b. the deed of establishment of the limited liability company and its amendments, which have been approved by the ministry in charge of legal affairs; c. business license as a Futures Exchange; d. financial projections and business plans for 3 (three) years, including projections of the number of transactions and transaction volume; e. organizational structure containing a special division handling the Digital Physical Gold Market; f. draft regulations and rules of the Digital Physical Gold Market; g. a written statement of readiness for hardware and software systems for trading, supervision, and transaction reporting for the organization of the Digital Physical Gold Market; and h. standard operating procedures regarding:

1. acceptance of Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and/or Digital Physical Gold Traders;
2. implementation of the Digital Physical Gold Market;
3. recording and reporting of the Digital Physical Gold Market; and
4. dispute resolution. i. documents of cooperation agreements with Futures Clearing Agencies that will facilitate clearing and/or guaranteeing the settlement of transactions for the Digital Physical Gold Market.

Article 9 (1) In the context of organizing the Digital Physical Gold Market, Digital Gold Exchanges have the right: a. to accept or reject prospective Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and/or Digital Physical Gold Traders in accordance with acceptance requirements and procedures; b. to establish and collect membership fees and/or other costs for services provided to Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and/or Digital Physical Gold Traders, the amount of which considers efficiency and fairness principles and has been coordinated in advance with the Digital Physical Gold Market Committee; c. to take necessary actions to secure the Digital Physical Gold Market, including preventing occurrences that reduce transparency and fairness in the Digital Physical Gold Market; d. to impose sanctions or specific actions on Digital Gold Participants, Digital Physical Gold Trading Intermediaries, and/or Digital Physical Gold Traders if they violate regulations in the field of Commodity Futures Trading; and e. to submit recommendations to Bappebti for temporary suspension in the event of conditions threatening the organization of the Digital Physical Gold Market. (2) In the context of organizing the Digital Physical Gold Market, Digital Gold Exchanges must: a. provide reliable system facilities for transactions, reporting, and supervision of the Digital Physical Gold Market that are orderly, transparent, and fair; b. conduct market supervision over all Digital Physical Gold Market transactions; c. conduct supervision to ensure the Digital Physical Gold Market complies with the Digital Physical Gold Market mechanism approved by Bappebti; d. provide access for Bappebti to the trading, supervision, and transaction reporting systems used by Digital Gold Exchanges in real-time for supervision purposes; e. take necessary steps in accordance with regulations in the field of Commodity Futures Trading to ensure the smooth organization of the Digital Physical Gold Market and report them to Bappebti; f. form a Digital Physical Gold Market Committee; g. implement ISO 27001 (information security management system), proven by an ISO 27001 (information security management system) certificate for the trading, supervision, and transaction reporting systems to facilitate the Digital Physical Gold Market, issued by a certification body registered or recognized by the government agency in charge of information security affairs, within a maximum period of 1 (one) year since obtaining approval as a Digital Gold Exchange; h. apply anti-money laundering and counter-terrorism financing and mass destruction weapons proliferation programs in accordance with regulations to all Digital Gold Participants, both during the participant acceptance process and while becoming Digital Gold Participants, transaction monitoring, and conducting periodic updates of Digital Gold Participant risk assessments; and i. report every occurrence of violations of regulations in the field of Commodity Futures Trading, regulations and rules of the Digital Physical Gold Market, and/or imposition of sanctions in the organization of the Digital Physical Gold Market to Bappebti. (3) In the application of the anti-money laundering and counter-terrorism financing program as referred to in paragraph (2) letter h, Digital Gold Exchanges implement the principles of know your customer, customer due diligence, and/or enhanced due diligence in the process of accepting Digital Gold Participants. (4) To support the application of the principles of know your customer, customer due diligence, and/or enhanced due diligence, Digital Gold Exchanges must enter into cooperation agreements with the Ministry of Home Affairs to obtain access rights and utilize population data based on the National Identity Number (NIK) within a maximum period of 1 (one) year since the date of issuance of the ISO 27001 (information security management system) certification for the trading, supervision, and transaction reporting systems to facilitate Digital Physical Gold Market trading as referred to in paragraph (2) letter g.

Second Section Digital Gold Clearing Agency Article 10 (1) The clearing and/or guaranteeing of settlement processes for Digital Physical Gold Market transactions can only be conducted by a Futures Clearing Agency that has obtained approval as a Digital Gold Clearing Agency. (2) To conduct the clearing and/or guaranteeing of settlement processes for Digital Physical Gold Market transactions, in addition to meeting the requirements as regulated in Bappebti Regulations governing the organization of physical commodity markets on Futures Exchanges, Futures Clearing Agencies must meet the following requirements: a. having a business license as a Futures Clearing Agency; b. having a system that can facilitate the clearing and/or guaranteeing of settlement processes for Digital Physical Gold Market transactions; c. having regulations and rules for the Digital Physical Gold Market; d. having accounts separate from accounts used in Commodity Futures Trading and/or other Physical Markets; e. having cooperation with Futures Exchanges that will facilitate the organization of the Digital Physical Gold Market; and f. having an organizational structure containing a division handling the clearing and/or guaranteeing of settlement processes for Digital Physical Gold Market transactions.

Article 11 (1) The system as referred to in Article 10 paragraph (2) letter b must meet the following minimum requirements: a. accurate, current, safe, trusted, online and real-time, and connected to the Digital Gold Exchange, Digital Physical Gold Traders, Digital Physical Gold Trading Intermediaries, Digital Gold Participants, and/or Gold Storage Facility Managers; b. having guarantee, settlement, and validation functions ensuring good validation of Digital Gold balance records and fund mutations in the organization of the Digital Physical Gold Market; c. having functions that can protect access to profile, financial, and transaction data of each Digital Gold Participant and/or Digital Gold Customer; d. in the event that servers or cloud servers use cloud services, they must have ISO 27001 (information security management system) certification, which includes ISO 27017 (cloud security) and IS...