Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets

FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 23 OF 2025
CONCERNING
AMENDMENT TO THE FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 27 OF 2024 CONCERNING THE ORGANIZATION OF TRADING OF DIGITAL FINANCIAL ASSETS INCLUDING CRYPTO ASSETS BY THE GRACE OF GOD THE ALMIGHTY

THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that with the development of the market for products and/or other activities resembling conventional financial instruments in the form of digital financial asset derivatives, it is necessary to strengthen the role and expand the scope for digital financial asset trading organizers; b. that based on the considerations referred to in letter a, it is necessary to adjust certain provisions in the Financial Services Authority Regulation Number 27 of 2024 concerning the Organization of Trading of Digital Financial Assets Including Crypto Assets;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Amendment to the Financial Services Authority Regulation Number 27 of 2024 concerning the Organization of Trading of Digital Financial Assets Including Crypto Assets;

Recalling:

Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
Financial Services Authority Regulation Number 27 of 2024 concerning the Organization of Trading of Digital Financial Assets Including Crypto Assets (State Gazette of the Republic of Indonesia Year 2024 Number 38, Supplement to the State Gazette of the Republic of Indonesia Number 106);

DECIDING:
To establish: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING AMENDMENT TO THE FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 27 OF 2024 CONCERNING THE ORGANIZATION OF TRADING OF DIGITAL FINANCIAL ASSETS INCLUDING CRYPTO ASSETS.

Article I
Certain provisions in the Financial Services Authority Regulation Number 27 of 2024 concerning the Organization of Trading of Digital Financial Assets Including Crypto Assets (State Gazette of the Republic of Indonesia Year 2024 Number 38, Supplement to the State Gazette of the Republic of Indonesia Number 106) are amended as follows:

The provisions of Article 1 are amended to read as follows:

Article 1
In this Financial Services Authority Regulation, the following terms are defined:

Financial Sector Technology Innovation, hereinafter abbreviated as ITSK, is technology-based innovation that impacts products, activities, services, and business models in the digital financial ecosystem.
ITSK Organizer is any party that organizes ITSK.
Financial Services Authority is an independent state institution that has the function, duties, and authority for regulation, supervision, examination, and investigation as referred to in the Law concerning the Financial Services Authority.
Commodity Futures Trading Regulatory Agency, hereinafter referred to as Bappebti, is a government agency whose main duty is to conduct guidance, regulation, development, and supervision of futures trading.
Digital Financial Asset is a financial asset that is stored or represented digitally, including crypto assets.
Crypto Asset is a digital representation of value that can be stored and transferred using technology that enables the use of distributed ledger technology such as blockchain to verify its transactions and ensure the security and validity of stored information, is not guaranteed by a central authority such as a central bank but is issued by private parties, can be traded, stored, and transferred or assigned electronically, and can be in the form of digital coins, tokens, or other asset representations that include backed cryptoassets and unbacked crypto-assets.
Digital Financial Asset Exchange Including Crypto Assets, hereinafter referred to as Exchange, is a business entity that organizes and provides systems and/or facilities to facilitate activities related to the trading of Digital Financial Assets including Crypto Assets and/or provides trading reports of Digital Financial Assets.
Digital Financial Asset Exchange Member, hereinafter referred to as Exchange Member, is a digital financial asset trader who has obtained a license from the Financial Services Authority and has the right to use the systems and/or facilities facilitated by the Exchange in accordance with Exchange regulations and bylaws.
Digital Financial Asset Trading Clearing, Guarantee, and Settlement Institution Including Crypto Assets, hereinafter referred to as Clearing and Settlement Institution, is a business entity that provides services for the settlement of Digital Financial Asset trading transactions and the guarantee of settlement of Digital Financial Asset trading transactions.
Digital Financial Asset Trading Clearing, Guarantee, and Settlement Institution Member, hereinafter referred to as Clearing Member, is an Exchange Member who has received rights from the Clearing and Settlement Institution to obtain services for the settlement of Digital Financial Asset trading transactions and the guarantee of settlement of Digital Financial Asset trading transactions.
Digital Financial Asset Storage Facility Manager Including Crypto Assets, hereinafter referred to as Storage Facility Manager, is a business entity that has obtained a business license from the Financial Services Authority to manage Digital Financial Asset storage facilities in order to conduct storage, maintenance, supervision, and/or delivery of Digital Financial Assets.
Digital Financial Asset Trader, hereinafter referred to as Trader, is a business entity that conducts trading of Digital Financial Assets, either on its own behalf and/or facilitates consumers.
Consumer is every person who owns and/or utilizes products and/or services provided by the Trader.
Digital Financial Asset Market is an activity related to the offering and/or trading of Digital Financial Assets, which is organized using electronic facilities owned by the organizer of Digital Financial Asset trading.
Digital Financial Asset List is a list of Digital Financial Assets established by the Exchange to be offered and/or traded in the Digital Financial Asset Market.
Digital Financial Asset Trading Organizer is the Exchange, Clearing and Settlement Institution, Storage Facility Manager, Trader, and other parties established by the Financial Services Authority.
Principal Party is a party that owns, manages, supervises, and/or has significant influence on the Digital Financial Asset Trading Organizer.
Board of Directors is a company organ authorized and fully responsible for the management of the company for the benefit of the company, in accordance with the purpose and objectives of the company and representing the company, both inside and outside of court, in accordance with the articles of association for companies in the form of a limited liability company or equivalent to the Board of Directors for companies in the form of other legal entities.
Board of Commissioners is an organ of the Digital Financial Asset Trading Organizer tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors.
Wallet is a medium used to store Digital Financial Assets.
Money Laundering Crime, hereinafter abbreviated as TPPU, is TPPU as referred to in the law concerning the prevention and eradication of money laundering crimes.
Terrorism Financing Crime, hereinafter abbreviated as TPPT, is TPPT as referred to in the law concerning the prevention and eradication of terrorism financing crimes.
Proliferation Financing of Weapons of Mass Destruction, hereinafter abbreviated as PPSPM, is PPSPM as regulated in regulations on proliferation financing of weapons of mass destruction.
Anti-Money Laundering, Prevention of Terrorism Financing, and Prevention of PPSPM, hereinafter abbreviated as APU, PPT, and PPPSPM, are efforts to prevent and eradicate TPPU, TPPT, and/or PPSPM.
Margin is the amount of guarantee placed by the Consumer to open and maintain the execution position of transactions in Digital Financial Asset derivatives.
Between Article 3 and Article 4, 1 (one) article is inserted, namely Article 3A, which reads as follows:

Article 3A
(1) Digital Financial Assets consist of:
a. Crypto Assets; and b. Other Digital Financial Assets; (2) Other Digital Financial Assets as referred to in paragraph (1) letter b include Digital Financial Asset derivatives.

Paragraph 1, Paragraph 2, and Paragraph 3 of Part One of Chapter II are deleted.
The title of Part One of Chapter II is amended to read as follows:
Part One
Criteria for Digital Financial Assets Traded in the Digital Financial Asset Market
The provisions of Article 4 are amended to read as follows:

Article 4
(1) Digital Financial Assets traded in the Digital Financial Asset Market must meet the following criteria:
a. issued, stored, transferred, and/or traded with:

using distributed ledger technology or other technologies; or
referring to underlying Digital Financial Assets in the form of Crypto Assets or Other Digital Financial Assets contained in the Digital Financial Asset List;
b. are not financial assets recorded electronically by financial service institutions;
c. do not originate from and/or are not used in activities contrary to statutory regulations; and
d. other criteria established by the Financial Services Authority.
(2) This Financial Services Authority Regulation does not regulate the offering of Digital Financial Assets.
Article 5 is deleted.
Article 6 is deleted.
Article 7 is deleted.
The title of Part Two of Chapter II is amended to read as follows:
Part Two
Criteria for Crypto Assets Traded in the Digital Financial Asset Market
Paragraph 1 of Part Two of Chapter II is deleted.
The title of Paragraph 2 of Part Two of Chapter II is changed to Part Three of Chapter II, which reads as follows:
Part Three
Mechanism for Determining Digital Financial Assets Traded in the Digital Financial Asset Market
The provisions of Article 9 are amended to read as follows:

Article 9
(1) The Exchange establishes the Digital Financial Asset List.
(2) The Digital Financial Asset List as referred to in paragraph (1) includes:
a. a list of Crypto Assets; and b. a list of Other Digital Financial Assets.
(3) Digital Financial Asset Trading Organizers are prohibited from trading Digital Financial Assets other than Digital Financial Assets in the Digital Financial Asset List as referred to in paragraph (2).

The provisions of Article 10 are amended to read as follows:

Article 10
(1) In establishing the Digital Financial Asset List as referred to in Article 9 paragraph (1), the Exchange is required to conduct an analysis of each Digital Financial Asset before it is established in the Digital Financial Asset List by meeting the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1). (2) In conducting analysis of Digital Financial Assets as referred to in paragraph (1), the Exchange is required to apply the principle of prudence and prioritize Consumer protection. (3) The Exchange is required to have guidelines for establishing the Digital Financial Asset List as referred to in Article 9 paragraph (1) which are part of the Exchange regulations and bylaws. (4) The guidelines for establishing the Digital Financial Asset List as referred to in paragraph (3) must contain at least:
a. general guidelines for the analysis of Digital Financial Asset suitability; and b. technical guidelines for the implementation of Digital Financial Asset analysis containing at least:

general principles; and
procedures for analyzing Digital Financial Assets.
(5) The Exchange is required to publish the Digital Financial Asset List as referred to in Article 9 paragraph (1) at the latest 1 (one) day after the Digital Financial Asset List is established on the official Exchange media.
The provisions of Article 11 are amended to read as follows:

Article 11
(1) Traders may submit proposals for the addition and/or deletion of Digital Financial Assets in the Digital Financial Asset List to the Exchange to be established in the Digital Financial Asset List. (2) Based on the proposal as referred to in paragraph (1), the Exchange is required to conduct analysis as referred to in Article 10 paragraph (1). (3) The mechanism for submitting proposals for the addition and/or deletion of Digital Financial Assets by Traders as referred to in paragraph (1) is set forth in the Exchange regulations and bylaws.

Paragraph 3 of Part Two of Chapter II is deleted.
Article 12 is deleted.
The title of Paragraph 4 of Part Two of Chapter II is changed to Part Four of Chapter II, which reads as follows:
Part Four
Evaluation of the Digital Financial Asset List
The provisions of Article 13 are amended to read as follows:

Article 13
(1) The Exchange is required to conduct an evaluation of Digital Financial Assets in the Digital Financial Asset List that has been established at least 1 (one) time in 3 (three) months and at any time when necessary. (2) The evaluation conducted by the Exchange as referred to in paragraph (1) is required to meet the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1) as well as the guidelines for establishing the Digital Financial Asset List as referred to in Article 10 paragraph (4). (3) The evaluation of Digital Financial Assets in the Digital Financial Asset List as referred to in paragraph (1) may consider proposals for the addition and/or deletion of Digital Financial Assets in the Digital Financial Asset List from Traders as referred to in Article 11 paragraph (1). (4) The results of the evaluation are required to be reported to the Financial Services Authority at the latest 5 (five) working days calculated from the establishment of the evaluation as referred to in paragraph (1). (5) In the event that based on the results of the evaluation of Digital Financial Assets in the Digital Financial Asset List as referred to in paragraph (1) there are Digital Financial Assets that:
a. do not meet the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1) as well as the guidelines for establishing the Digital Financial Asset List for Digital Financial Assets traded in the Digital Financial Asset Market as referred to in Article 10 paragraph (4); b. have certain conditions that have the potential to violate statutory regulations;
c. have the potential for violations in the application of Consumer protection; and/or
d. have other conditions based on the results of the Exchange evaluation, the Exchange is required to delete the Digital Financial Assets in question from the Digital Financial Asset List. (6) Provisions regarding the procedures and mechanisms for submitting the results of the evaluation of Digital Financial Assets in the Digital Financial Asset List as referred to in paragraph (4) are established by the Financial Services Authority.

The title of Paragraph 5 of Part Two of Chapter II is changed to Part Five of Chapter II, which reads as follows:
Part Five
Evaluation of Digital Financial Assets by the Financial Services Authority
The provisions of Article 14 are amended to read as follows:

Article 14
(1) The Financial Services Authority has the authority to conduct an evaluation of Digital Financial Assets in the Digital Financial Asset List.
(2) Based on the evaluation conducted by the Financial Services Authority as referred to in paragraph (1), the Financial Services Authority has the authority to prohibit trading of certain Digital Financial Assets in the Digital Financial Asset List. (3) In exercising the authority as referred to in paragraph (2), the Financial Services Authority orders:
a. the Exchange to delete certain Digital Financial Assets from the Digital Financial Asset List; and/or b. the Trader to stop trading certain Digital Financial Assets established in the Digital Financial Asset List.

The title of Paragraph 6 of Part Two of Chapter II is changed to Part Six of Chapter II, which reads as follows:
Part Six
Mechanism for Cessation and Settlement of Trading
The provisions of Article 15 are amended to read as follows:

Article 15
(1) Traders are required to stop trading certain Digital Financial Assets that:
a. are deleted from the Digital Financial Asset List as referred to in Article 13 paragraph (5); or b. are ordered to stop trading by the Financial Services Authority as referred to in Article 14 paragraph (3) letter b. (2) The cessation of trading of certain Digital Financial Assets by Traders as referred to in paragraph (1) is required to be carried out at the latest 3 (three) working days from the date of deletion as referred to in paragraph (1) letter a or the cessation order as referred to in paragraph (1) letter b. (3) Traders who carry out the cessation of trading of certain Digital Financial Assets as referred to in paragraph (1), within the time period as referred to in paragraph (2), may still trade certain Digital Financial Assets for the purpose of settlement. (4) After the cessation period for trading certain Digital Financial Assets as referred to in paragraph (2) expires, Traders are prohibited from facilitating trading of certain Digital Financial Assets to Consumers.

The provisions of Article 16 are amended to read as follows:

Article 16
(1) Traders are required to conduct settlement for certain Digital Financial Assets belonging to Consumers that are declared:
a. deleted from the Digital Financial Asset List; b. trading stopped by the Trader; or
c. trading stopped by the Trader upon order of the Financial Services Authority.
(2) The implementation of settlement by Traders as referred to in paragraph (1) is required to be carried out by:
a. requesting the Consumer to liquidate certain Digital Financial Assets owned by the Consumer; or b. transferring certain Digital Financial Assets belonging to the Consumer stored in the Trader's Wallet to the Consumer's Digital Financial Asset Wallet. (3) The method of settlement by Traders as referred to in paragraph (2) is carried out based on an agreement between the Trader and the Consumer. (4) Settlement by Traders as referred to in paragraph (1) is required to be implemented at the latest 30 (thirty) days from:
a. the date certain Digital Financial Assets are deleted from the Digital Financial Asset List; b. the date trading of certain Digital Financial Assets is stopped by the Trader; or
c. the date trading of certain Digital Financial Assets is stopped by the Trader upon order of the Financial Services Authority.
(5) The method of settlement as referred to in paragraph (2) is required to be communicated by the Trader to the Consumer and stated in the trading procedure documents. (6) Traders are required to store all certain Digital Financial Assets that have been deleted from the Digital Financial Asset List until the Trader carries out settlement to the Consumer as referred to in paragraph (1).

The title of Part Three of Chapter II is changed to Part Seven of Chapter II, which reads as follows:
Part Seven
Administrative Sanctions
The provisions of Article 17 are amended to read as follows:

Article 17
(1) Violations of the provisions as referred to in Article 9 paragraph (3), Article 10 paragraph (1), paragraph (2), paragraph (3), paragraph (5), Article 11 paragraph (2), Article 13 paragraph (1), paragraph (2), paragraph (4), paragraph (5), Article 15 paragraph (1), paragraph (2), paragraph (4), Article 16 paragraph (1), paragraph (2), paragraph (4), paragraph (5), and paragraph (6) are subject to administrative sanctions in the form of:
a. written warning; b. administrative fine;
c. temporary, partial, or total cessation of activities;
d. inclusion of Principal Parties in the list of tainted persons in the financial sector; and/or e. revocation of business license.
(2) Exchanges that do not meet the provisions as referred to in Article 10 paragraph (5) are subject to administrative sanctions in the form of an administrative fine of IDR 200,000.00 (two hundred thousand rupiah) per day with a maximum fine of IDR 2,000,000.00 (two million rupiah). (3) The imposition of administrative sanctions as referred to in paragraph (1) and paragraph (2) does not eliminate the obligations as referred to in Article 10 paragraph (5). (4) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without being preceded by the imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

The provisions of Article 19 are amended to read as follows:

Article 19
(1) Exchanges applying for a business license to the Financial Services Authority must meet the requirement of having paid-up capital of at least IDR 1,000,000,000,000.00 (one trillion rupiah). (2) The source of paid-up capital funds as referred to in paragraph (1) must not originate from:
a. TPPU, TPPT, and/or PPSPM activities; b. loans; and
c. other activities contrary to statutory regulations.

The provisions of Article 20 are amended to read as follows:

Article 20
(1) In addition to the capital requirements as referred to in Article 19 paragraph (1), Exchanges must meet the following requirements:
a. having at least:

1 (one) employee certified as a certified information systems auditor; and
1 (one) employee certified as a certified information systems security professional,
for the supervision and security of Digital Financial Asset transactions at Traders; b. having, mastering, and controlling a supervision and reporting system for the implementation of supervision and reporting on the organization of Digital Financial Asset trading conducted by Traders;
c. having Exchange regulations and bylaws;
d. having an Exchange committee; and e. registered as an Electronic System Organizer in accordance with statutory regulations concerning electronic system organizers in the private sector. (2) In the event that the Exchange does not have employees as referred to in paragraph (1) letter a, the Exchange may cooperate with:
a. institutions that have expert personnel; or b. expert personnel, who are certified as certified information systems auditor and certified information systems security professional for the purpose of supervision and security of Digital Financial Asset transactions at Traders. (3) The Exchange Committee as referred to in paragraph (1) letter d has duties of at least:
a. development of the Digital Financial Asset industry; b. providing recommendations on the evaluation of Digital Financial Assets in the Digital Financial Asset List; and
c. providing recommendations on the determination of reference prices for Digital Financial Asset derivatives.

(4) In the event that the Exchange conducts other Digital Financial Asset trading activities in the form of Digital Financial Asset derivatives as referred to in Article 3A paragraph (2), the Exchange must own, control, and manage the Digital Financial Asset derivatives trading system.

The explanation of Article 21 is amended as stated in the explanation.
Between Article 21 and Article 22, 1 (one) article is inserted, namely Article 21A, which reads as follows:

Article 21A
The requirements for the Exchange's supervision and reporting systems as referred to in Article 21 apply mutatis mutandis to the Digital Financial Asset derivatives trading system as referred to in Article 20 paragraph (4).

The provisions of Article 22 are amended to read as follows:

Article 22
(1) The Exchange's regulations and house rules as referred to in Article 20 paragraph (1) letter c must contain at least:
a. requirements to become an Exchange Member; b. rights and obligations of Exchange Members;
c. principles of guidelines for determining the List of Digital Financial Assets;
d. duties and responsibilities of the Exchange committee; e. requirements for the Trader's trading system; f. mechanisms for Digital Financial Asset transactions and reporting; g. supervision mechanisms for Digital Financial Asset trading; h. dispute resolution mechanisms;
i. determination and collection of membership fees and other fees for services provided to Exchange Members;
j. sanctions for violations of Exchange regulations and house rules; and k. mechanisms for resolving Digital Financial Assets deleted from the List of Digital Financial Assets.

(2) In the event that the Exchange conducts Digital Financial Asset derivatives trading as referred to in Article 3A paragraph (2), in addition to containing provisions as referred to in paragraph (1), the Exchange's regulations and house rules must also contain at least:
a. requirements, roles, and responsibilities of the Clearing and Guarantee Institution, Custodian, and Digital Financial Asset derivatives Trader; b. requirements for the Consumer reception system in Digital Financial Asset derivatives trading;
c. technical mechanisms for Digital Financial Asset derivatives trading;
d. supervision over Digital Financial Asset derivatives trading; e. methods and mechanisms for determining reference prices; f. methods and mechanisms for determining Margin for Consumers in Digital Financial Asset derivatives trading; and g. requirements as market maker and/or liquidity provider for Traders in Digital Financial Asset derivatives trading if there are market maker and/or liquidity provider roles.

(3) The Exchange's regulations and house rules as referred to in paragraph (1) and paragraph (2), including amendments thereto, must obtain prior approval from the Financial Services Authority before being established by the Exchange.

The title of Paragraph 4 of Part One of Chapter III is amended to read as follows:

Paragraph 4
Duties, Responsibilities, Tasks, Authority, and Activities of the Exchange

Between Article 24 and Article 25, 1 (one) article is inserted, namely Article 24A, which reads as follows:

Article 24A
The Exchange is required to:
a. maintain equity of at least 80% (eighty percent) of paid-up capital as referred to in Article 19 paragraph (1); b. ensure that in the implementation of Exchange activities, paid-up capital and additional paid-up capital meet the provisions as referred to in Article 19 paragraph (2); and
c. ensure that the provisions as referred to in Article 20, Article 21, and Article 21A are always fulfilled in the implementation of Exchange activities.

The provisions of Article 26 are amended to read as follows:

Article 26
(1) The Exchange carries out the duties:
a. providing reliable system facilities for the orderly, fair, and transparent reporting and supervision of Digital Financial Asset trading; b. supervising the Digital Financial Asset Market regarding all Digital Financial Asset trading transactions, including conducting audits of Exchange Members;
c. providing access to reliable and real-time supervision and reporting systems to the Financial Services Authority for supervision purposes;
d. taking steps to ensure the proper implementation of Digital Financial Asset trading mechanisms and reporting them to the Financial Services Authority; e. analyzing proposals for the addition or deletion of Digital Financial Assets in the List of Digital Financial Assets and submitting the analysis results to the Financial Services Authority; and f. evaluating Digital Financial Assets traded in the Digital Financial Asset Market.

(2) The Exchange is required to carry out the duties as referred to in paragraph (1) responsibly.

(3) In carrying out the duties as referred to in paragraph (1), the Exchange has the authority:
a. to accept or reject prospective Exchange Members; b. to determine and collect membership fees and other fees for services provided to Exchange Members, taking into account the principles of efficiency and fairness;
c. to determine the substance and reporting procedures jointly with the Clearing and Guarantee Institution regarding Digital Financial Asset transactions, financial reports, and/or other reports required for supervision that must be submitted by Traders;
d. to determine the List of Digital Financial Assets traded in the Digital Financial Asset Market; e. to determine complaint and dispute resolution mechanisms regarding Digital Financial Asset trading with Traders; f. to request confirmation or additional explanations regarding reports and information required from Traders; g. to take necessary actions to secure Digital Financial Asset transactions with Traders or Custodians, including preventing the possibility of manipulation; h. to impose sanctions or specific actions on Traders in the event of violations of statutory regulations; and
i. to submit recommendations to the Financial Services Authority for the temporary cessation of Digital Financial Asset trading, in the event of conditions threatening the organization of Digital Financial Asset trading in the Digital Financial Asset Market.

Between Article 26 and Article 27, 1 article is inserted, namely Article 26A, which reads as follows:

Article 26A
(1) In the event that the Exchange conducts Digital Financial Asset derivatives trading activities approved by the Financial Services Authority, the Exchange must first submit an application for approval to the Financial Services Authority, unless otherwise determined by the Financial Services Authority.

(2) The application for approval to conduct activities as referred to in paragraph (1) must contain at least:
a. a description of trading mechanisms, risk management, information technology infrastructure, and operations; b. Exchange regulations and house rules regarding Digital Financial Asset derivatives trading mechanisms;
c. an organizational structure showing the lines of responsibility from each function to the person in charge or board members overseeing Digital Financial Asset derivatives trading activities, along with a description of their duties;
d. proof of readiness of the Digital Financial Asset derivatives trading system as referred to in Article 21A; e. having standard operating procedures and a code of conduct for Digital Financial Asset derivatives trading; and f. reasons for conducting Digital Financial Asset derivatives trading.

(3) In the event that the Exchange conducts other activities in the form of Digital Financial Asset derivatives trading as referred to in paragraph (1), the Exchange is required to:
a. provide reliable trading system facilities for the orderly, fair, and transparent organization of trading and reporting on Digital Financial Asset derivatives trading; and b. provide access to reliable and real-time trading and reporting systems for Digital Financial Asset derivatives trading.

The provisions of Article 28 are amended to read as follows:

Article 28
(1) A Clearing and Guarantee Institution applying for a business license to the Financial Services Authority must meet the requirement of having paid-up capital of at least IDR 500,000,000,000.00 (five hundred billion rupiah).

(2) The source of funds for the paid-up capital as referred to in paragraph (1) must not come from:
a. AML, CFT, and/or PPTSP activities; b. loans; and
c. other activities contrary to statutory regulations.

(3) In addition to the capital requirements as referred to in paragraph (1), the Clearing and Guarantee Institution must meet the following requirements:
a. owning, controlling, and managing the transaction settlement guarantee system and being connected to the Exchange, Traders, and Custodians; b. having regulations and house rules of the Clearing and Guarantee Institution; and
c. being registered as an Electronic System Provider in accordance with statutory regulations regarding electronic system providers in the private sector.

The explanation of Article 29 is amended as stated in the explanation.
The provisions of Article 30 are amended to read as follows:

Article 30
(1) The regulations and house rules of the Clearing and Guarantee Institution as referred to in Article 28 paragraph (3) letter b must contain at least:
a. requirements to become a Clearing Member; b. rights and obligations of Clearing Members;
c. mechanisms for guaranteeing the settlement of Digital Financial Asset trading transactions;
d. dispute resolution mechanisms; e. determination and collection of membership fees and other fees for services provided to Clearing Members; f. sanctions for violations of the regulations and house rules of the Clearing and Guarantee Institution; and g. mechanisms for managing Consumer fund benefits.

(2) In the event that the Clearing and Settlement Institution supports Digital Financial Asset derivatives trading activities, in addition to containing provisions as referred to in paragraph (1), the regulations and house rules of the Clearing and Settlement Institution must also contain at least:
a. mechanisms for managing protection funds; and b. mechanisms for managing liquidity funds.

(3) The regulations and house rules of the Clearing and Guarantee Institution as referred to in paragraph (1) and paragraph (2), including amendments thereto, must obtain prior approval from the Financial Services Authority before being established by the Clearing and Guarantee Institution.

The title of Paragraph 4 of Part Two of Chapter III is amended to read as follows:

Paragraph 4
Duties, Responsibilities, Tasks, and Authority of the Clearing and Guarantee Institution

Between Article 32 and Article 33, 1 (one) article is inserted, namely Article 32A, which reads as follows:

Article 32A
The Clearing and Guarantee Institution is required to:
a. maintain equity of at least 80% (eighty percent) of paid-up capital as referred to in Article 28 paragraph (1); b. ensure that in the implementation of Clearing and Guarantee Institution activities, paid-up capital and additional paid-up capital meet the provisions as referred to in Article 28 paragraph (2); and
c. ensure that the provisions as referred to in Article 28 and Article 29 are always fulfilled in the implementation of Clearing and Guarantee Institution activities.

The provisions of Article 34 are amended to read as follows:

Article 34
(1) The Clearing and Guarantee Institution carries out the duties:
a. providing reliable system facilities for the guarantee and settlement of Digital Financial Asset trading transactions; b. guaranteeing the settlement of Digital Financial Asset trading transactions for funds stored in separate accounts at the Clearing and Guarantee Institution, running orderly, smoothly, and with full caution;
c. taking steps to ensure the proper settlement of Digital Financial Asset trading transactions and reporting them to the Financial Services Authority;
d. carrying out responsibility for funds stored in separate accounts at the Clearing and Guarantee Institution; e. providing facilities for real-time deposit and withdrawal of funds to Consumers; f. having cooperation agreements with payment service providers, in the event that Traders utilize payment services; g. ensuring the settlement of rights and obligations of Traders and Consumers in the event of breach of contract; h. cooperating with Custodians for the guarantee and settlement of Digital Financial Asset trading transactions;
i. supervising Consumer funds stored in accounts separate from Traders;
j. supervising Consumer and Trader funds stored in separate accounts at the Clearing and Guarantee Institution; k. having separate accounts from those used in Digital Financial Asset trading;
l. guaranteeing the confidentiality of financial position information related to Digital Financial Asset trading activities, except when such information is provided in the context of implementing statutory regulations;
m. preparing detailed and separate records and reports of all activities related to Digital Financial Asset trading; n. having a unit under the Board of Directors tasked with and functioning to handle the organization of clearing and guarantee and settlement of Digital Financial Asset trading transactions; o. documenting and storing well all data related to the organization of clearing and guarantee and settlement of Digital Financial Asset trading transactions; and p. knowing the source of funds for Consumer fund placements in accordance with relevant statutory regulations regarding AML, CFT, and PPTSP;

(2) The Clearing and Guarantee Institution is required to carry out the duties as referred to in paragraph (1) responsibly.

(3) In carrying out the duties as referred to in paragraph (1), the Clearing and Guarantee Institution has the authority:
a. to accept or reject prospective Clearing Members; b. to determine and collect membership fees and other fees for services provided to Clearing Members, taking into account the principles of efficiency and fairness;
c. to determine the substance and reporting procedures jointly with the Exchange regarding Digital Financial Asset transactions, financial reports, and/or other reports required for supervision that must be submitted by Traders;
d. to take necessary actions to secure the settlement of Digital Financial Asset transactions with Traders or Custodians, including preventing the possibility of manipulation; e. to receive transaction data from Traders in real-time; f. to receive records and/or change records regarding Digital Financial Asset ownership stored at the Custodian; g. to receive funds through payment channels provided by the Clearing and Guarantee Institution in an integrated manner; h. to receive trading transaction reports from the Exchange and Traders in real-time;
i. to ensure the correspondence of money value and the number of Digital Financial Assets between transaction records and the actual conditions recorded in separate accounts at commercial banks and the number of Digital Financial Assets stored at the Custodian;
j. to only accept guarantee and settlement for Digital Financial Asset transactions in the List of Digital Financial Assets; k. to monitor the activities and financial conditions of Traders;
l. to conduct routine or special audits of Traders; and
m. to impose sanctions in the form of temporary restrictions, suspension, and revocation of Trader membership that do not meet financial and reporting requirements, after prior consultation with the Financial Services Authority in accordance with statutory regulations in the financial services sector.

(4) In carrying out duties and exercising authority as referred to in paragraph (1) and paragraph (3), the Clearing and Guarantee Institution is required to separate Consumer funds from the assets of the Clearing and Guarantee Institution, including the separation of accounting and recording of the Clearing and Guarantee Institution.

Between Article 34 and Article 35, 1 (one) article is inserted, namely Article 34A, which reads as follows:

Article 34A
(1) In the event that the Clearing and Guarantee Institution supports the implementation of clearing and guarantee and settlement for Digital Financial Asset derivatives transactions as referred to in Article 30 paragraph (2), the Clearing and Guarantee Institution is required to provide written notification to the Financial Services Authority at the latest 3 (three) working days before the start of trading.

(2) The notification of the implementation of clearing and guarantee and settlement for Digital Financial Asset derivatives transactions as referred to in paragraph (1) must contain at least the following information:
a. a description of the clearing and guarantee and settlement system and/or facilities, risk management, information technology infrastructure, and operations; b. an organizational structure showing the lines of responsibility from each function to the person in charge or board members overseeing the implementation of clearing and guarantee and settlement for Digital Financial Asset derivatives transactions, along with a description of their duties;
c. proof of readiness of the system for implementing clearing and guarantee and settlement for Digital Financial Asset derivatives transactions;
d. a special account for implementing clearing and guarantee and settlement for Digital Financial Asset derivatives transactions; and e. standard operating procedures and code of conduct.

(3) Provisions regarding the procedures for notification as referred to in paragraph (1) and paragraph (2) are determined by the Financial Services Authority.

The provisions of Article 36 are amended to read as follows:

Article 36
(1) A Custodian applying for a business license to the Financial Services Authority must meet the requirement of having paid-up capital of at least IDR 250,000,000,000.00 (two hundred fifty billion rupiah).

(3) In addition to the capital requirements as referred to in paragraph (1), the Custodian must meet the following requirements:
a. having an organizational structure consisting of at least an information technology division, a legal division, an internal supervision division, and a Digital Financial Asset storage governance and risk management division; b. owning, controlling, and managing online storage systems and facilities used to facilitate the secure, reliable, and accountable storage of Digital Financial Assets, which are connected to the Clearing and Guarantee Institution and Traders;
c. having standard operating procedures at least regulating:

mechanisms for storing and recording Digital Financial Assets in cold storage and hot storage;
mechanisms for the entry and exit processes of Digital Financial Assets at the storage facility;
security surveillance mechanisms;
internal controls; and
mechanisms for Digital Financial Asset maintenance;
d. having at least:
1 (one) employee certified as a Certified Information Systems Auditor; and
1 (one) employee certified as a Certified Information Systems Security Professional,
for the supervision and security of Digital Financial Asset transactions with Traders; and e. being registered as an Electronic System Provider in accordance with statutory regulations regarding electronic system providers in the private sector.

(4) In the event that the Custodian does not have employees as referred to in paragraph (3) letter d, the Custodian may cooperate with:
a. institutions having expert personnel; or b. expert personnel, who are certified as Certified Information Systems Auditor and Certified Information Systems Security Professional for the supervision and security of Digital Financial Asset transactions with Traders.

The provisions of Article 37 are amended to read as follows:

Article 37
(1) The Custodian must meet the system and storage facility requirements as referred to in Article 36 paragraph (3) letter b at least:
a. accurate, current, secure, trusted, and compatible in system and application with the systems of Traders and the Clearing and Guarantee Institution; b. meeting specification and functional standards in accordance with functional standards as regulated in the regulations and house rules of the Clearing and Guarantee Institution;
c. having functions that can protect the security of storage and transaction transfers for each Consumer;
d. having a business continuity plan; e. having a disaster recovery center:

located in Indonesia with a location at least 20 (twenty) kilometers from the main server location; or
using adequate servers or cloud servers with international standard certifications related to information security management systems;
f. having system configurations with specifications:
ensuring maintained communication with systems at the Financial Services Authority, Traders, and the Clearing and Guarantee Institution in real-time in accordance with protocols determined by the Financial Services Authority, Traders, and the Clearing and Guarantee Institution;
having a good system security level to overcome disturbances from within and outside the system;
ensuring real-time recording, storage, and transmission of Digital Financial Assets with a layered system security level;
preventing the receipt and/or transmission of Digital Financial Assets from unclear sources or attempting to mix them;
having good technical security specifications for Digital Financial Assets with separation of media or storage facilities, consisting of at least hot storage, cold storage, multi-signature wallet, and smart contract wallet;
preventing the receipt and/or transmission of unknown Digital Financial Assets by authorizing Traders;
facilitating the storage of Digital Financial Asset types found in the List of Digital Financial Assets;
having an admin panel dashboard capable of reconciling Digital Financial Assets between Traders and Custodians with the obligation to apply at least 2 (two) factors of authenticity; and
using unique identification for each transaction;
g. meeting database requirements functioning to manage and store Digital Financial Asset transaction data:
storing transaction data for the last 10 (ten) consecutive years;
maintaining a record trail for the last 6 (six) months at minimum; and
after a period of 6 (six) months
as referred to in item 2 has ended, the record as referred to in item 2 must be copied and stored on data storage media outside the database system; h. infrastructure has good technical specifications to facilitate the use of systems and facilities for the storage of Digital Financial Assets online, with the provisions:
having backup infrastructure that is identically copied from the main infrastructure;
infrastructure including backup infrastructure is located in Indonesia;
and
supported by adequate facilities and infrastructure so as to guarantee
operational continuity.
i. has international standard certification related to information security management systems from an accredited institution;
j. has a risk mitigation mechanism to ensure the security of the Digital Financial Assets it stores; and k. has secured open application programming interface that has procedures. (2) In the event that servers or cloud servers as referred to in paragraph (1) letter e item 2 are provided by a third party, the third party has an official representative office in Indonesia. (3) Systems and storage facilities as referred to in paragraph (1) have been audited by an independent institution with competence in the field of information systems. (4) The Custody Operator adjusts or replaces systems and storage facilities in the event that based on the audit results of systems and storage facilities as referred to in paragraph (3) it is declared:
a. proven to be unsuitable both in systems and applications with the Clearing, Guarantee and Settlement Institution and/or Exchange; and/or b. does not meet the requirements as referred to in paragraph (1), regulations and exchange rules, as well as regulations and rules of the Clearing, Guarantee and Settlement Institution. (5) The adjustment or replacement as referred to in paragraph (4) is completed at most 3 (three) months after the systems and facilities are declared unsuitable and/or do not meet requirements based on audit results by an independent institution with competence in the field of information systems. (6) The Custody Operator is obligated at all times to ensure that the systems and storage facilities for Digital Financial Assets comply with the requirements as referred to in paragraph (1) after obtaining a business license from the Financial Services Authority. (7) The Custody Operator is obligated to submit approval to the Financial Services Authority to make changes to the systems and storage facilities for Digital Financial Assets. (8) The Custody Operator is obligated to notify the Exchange and the Financial Services Authority before making changes to the systems and storage facilities for Digital Financial Assets without submitting approval to the Financial Services Authority as referred to in paragraph (7) in the event there are matters that endanger the systems and storage facilities or other actions that can threaten the Digital Financial Asset storage.
The Title of Paragraph 4 of Part Three of Chapter III is amended so that it reads as follows:
Paragraph 4
Obligations, Duties, and Authority of Custody Operators
Between Article 39 and Article 40, 1 (one) article is inserted, namely Article 39A so that it reads as follows:
Article 39A
Custody Operators are obligated to:
a. maintain equity of at least 80% (eighty percent) of paid-up capital as referred to in Article 36 paragraph (1); b. ensure that in the implementation of Custody Operator activities, paid-up capital and additional paid-up capital meet the provisions as referred to in Article 36 paragraph (2); and
c. ensure that the provisions as referred to in Article 36 and Article 37 are always met in the implementation of Custody Operator activities.
The provisions of Article 40 are amended so that they read as follows:
Article 40
(1) Custody Operators carry out duties:
a. own, control, and manage facilities and infrastructure for the storage of Digital Financial Assets with layered security levels; b. ensure that storage operations run well and at all times update their security systems to guarantee the safe storage and transfer of Digital Financial Assets;
c. carry out necessary verification regarding the receipt and sending of Digital Financial Assets from and/or to Merchant Wallets;
d. store Digital Financial Assets placed by Merchants in separate data storage for each Merchant; e. issue proof of deposit and transfer of Digital Financial Assets; f. maintain the Digital Financial Assets they manage; g. conduct supervision and recording of Digital Financial Assets; h. provide data and information for routine or special audits conducted by the Financial Services Authority, Exchange, and/or Clearing, Guarantee and Settlement Institution;
i. run risk mitigation mechanisms to ensure the security of the Digital Financial Assets they store;
j. ensure that the process of transferring Digital Financial Assets and its recording corresponds to the transactions that occurred; k. provide safe, reliable, trustworthy, and connected storage places and systems with the Clearing, Guarantee and Settlement Institution;
l. be responsible for the loss of Consumer-owned Digital Financial Assets stored; and
m. record Digital Financial Assets separately for each Merchant; (2) Custody Operators are obligated to carry out the duties as referred to in paragraph (1) responsibly.

(3) In carrying out duties as referred to in paragraph (1), Custody Operators have the authority:
a. to charge storage fees; and b. to refuse to store Digital Financial Assets originating from suspicious sources or Digital Financial Assets that are not included in the List of Digital Financial Assets. (4) Custody Operators store Digital Financial Assets that are in the List of Digital Financial Assets. (5) Custody Operators are responsible for Consumer-owned Digital Financial Assets they manage. (6) Custody Operators are obligated to separate Consumer-owned Digital Financial Assets from those of the Custody Operator, including in the Custody Operator's bookkeeping and recording. (7) Custody Operators are obligated to report the list of parties included as controllers and beneficial owners to the Financial Services Authority. (8) Controllers as referred to in paragraph (7) include:
a. controlling shareholders; b. members of the Board of Commissioners;
c. members of the Board of Directors;
d. corporate executive officials; and e. other controllers.
(9) Controllers and beneficial owners as referred to in paragraph (7) become parties who share responsibility in the event of violations and/or losses due to violations or errors in management as a Custody Operator.
47. The provisions of Article 45 are amended so that they read as follows:
Article 45
(1) Merchants applying for a business license to the Financial Services Authority must meet the requirements of having paid-up capital of at least IDR 100,000,000,000.00 (one hundred billion rupiah). (2) The source of paid-up capital funds as referred to in paragraph (1) does not come from:
a. ML, TF, and/or PPTSP activities; b. loans; and
c. other activities that contradict provisions of legislation.
(3) The Financial Services Authority has the authority to request an increase in capital size as referred to in paragraph (1) to Merchants by considering:

a. market dominance; b. the number of Digital Financial Asset Consumers;
c. transaction volume; and
d. interconnection with other market players that can have systemic impact.
(4) In addition to capital requirements as referred to in paragraph (1), Merchants must meet the requirements:
a. having an organizational structure consisting of at least an information technology division, audit division, legal division, Consumer complaint division, client support division, as well as accounting and finance division; b. owning, controlling, and managing online trading systems and facilities used to facilitate the organization of Digital Financial Asset Market trading connected to the Exchange and the Clearing, Guarantee and Settlement Institution;
c. having trading procedures that contain at least:

definitions and terms;
Consumer registration process;
statements and guarantees;
obligations and responsibilities;
data updates;
procedures for transaction activities, including buy/sell transactions, deposits, withdrawals, sending Digital Financial Assets to other Wallets, and other activities that have received approval from the Financial Services Authority;
transaction fees and withdrawal limits;
transaction security;
Consumer complaint services;
Consumer dispute resolution;
implementation of AML, CFT, and PPTSP programs in the financial services sector;
submission of terms and conditions in the event the Merchant takes a position for itself; and
insolvency conditions;
d. having standard operating procedures that at least regulate:
marketing and Consumer acceptance;
transaction execution;
internal control and supervision;
Consumer dispute resolution;
and
implementation of AML, CFT, and PPTSP programs in the financial services sector;
e. having at least 1 (one) employee certified as a Certified Information Systems Security Professional;

f. having prospective members of the Board of Directors, members of the Board of Commissioners, shareholders, and/or controllers who must pass the competency and propriety assessment conducted by the Financial Services Authority; and g. registered as an Electronic System Provider in accordance with provisions of legislation regarding electronic system providers in the private sector. (5) In the event that a Merchant does not have employees as referred to in paragraph (4) letter e, the Merchant may cooperate with:
a. institutions that have expert personnel; or b. expert personnel, who are certified as Certified Information Systems Security Professionals.
(6) In the event that a Merchant takes a position for itself as referred to in paragraph (4) letter c item 12, the Merchant is obligated to meet the provisions:
a. acting as a market maker or liquidity provider in transactions; b. giving priority to Consumers in taking buy or sell positions;
c. using funds or Digital Financial Assets belonging to the Merchant itself, placing funds in separate accounts at the Clearing, Guarantee and Settlement Institution, and placing Digital Financial Assets at the Custody Operator;
d. prohibited from using funds or Digital Financial Assets belonging to Consumers; e. submitting the position-taking mechanism to the Financial Services Authority, Exchange, Clearing, Guarantee and Settlement Institution, and Consumers; and f. maintaining separate records.
48. The Explanation of Article 46 is amended as stated in the explanation.
49. The provisions of Article 50 are amended so that they read as follows:
Article 50
(1) Merchants are obligated to meet the provisions:
a. submitting approval requests to the Financial Services Authority whenever there are changes in management, share ownership, systems, and trading procedures owned or other changes;

b. providing and/or opening access to all systems used to the Financial Services Authority for supervision with read-only access rights;
c. participating in necessary education for the development of Digital Financial Asset trading;
d. reporting the list of parties included as controllers and beneficial owners to the Financial Services Authority; e. submitting periodic and ad-hoc reports on the implementation of Digital Financial Asset trading; f. presenting electronic records of transactions and buy/sell orders made by Consumers in the Merchant's trading system that can be directly accessed by Consumers; g. guaranteeing that orders submitted by Consumers are recorded in the Merchant's trading system order book in real-time and that the content corresponds to the Consumer's order mandate; h. providing a slipperiness note feature regarding notifications of significant price movements of Digital Financial Assets;
i. providing the same features in online trading systems and facilities regarding transaction execution for all types of Digital Financial Assets;
j. organizing literacy and education activities in the form of seminars, promotions, workshops, training, or similar activities related to Digital Financial Asset Market trading for the public; k. implementing AML, CFT, and PPTSP programs in accordance with Financial Services Authority Regulations and provisions of legislation regarding the implementation of AML, CFT, and PPTSP programs;
l. having an office or domicile in the territory of the Unitary State of the Republic of Indonesia as stated in the company's articles of association, which is a physical office that serves as the Merchant's headquarters and is not a shared office, shared workspace, or virtual office;
m. the number of Consumer-owned Digital Financial Assets recorded with the Merchant must correspond to the number of Digital Financial Assets stored by the Merchant; n. ensuring separation between Consumer-owned Digital Financial Assets and Merchant-owned Digital Financial Assets, including in the Merchant's recording and bookkeeping;

o. maintaining equity of at least IDR 50,000,000,000.00 (fifty billion rupiah) of paid-up capital as referred to in Article 45 paragraph (1); p. ensuring that the source of paid-up capital funds and additional paid-up capital meet the provisions as referred to in Article 45 paragraph (2); and q. ensuring that the provisions as referred to in Article 45 are always met in the implementation of Merchant activities. (2) Controllers as referred to in paragraph (1) letter d include:
a. controlling shareholders; b. members of the Board of Commissioners;
c. members of the Board of Directors;
d. corporate executive officials; and e. other controllers.
(3) Controllers and beneficial owners as referred to in paragraph (1) letter d become parties who share responsibility in the event of violations and/or losses due to violations or errors in management as a Merchant.
50. The provisions of Article 51 are amended so that they read as follows:
Article 51
(1) The scope of Merchant activities in Digital Financial Asset trading includes:
a. buy and/or sell between Digital Financial Assets and Rupiah currency; b. exchange between one or more types of Digital Financial Assets;
c. storage of Consumer-owned Digital Financial Assets; and
d. transfer or movement of Digital Financial Assets between Wallets.
(2) Merchants may conduct buy and/or sell activities of Digital Financial Asset derivatives on the mandate of Consumers traded on an Exchange that has received approval from the Financial Services Authority. (3) Merchant activities as referred to in paragraph (2) are conducted without needing prior approval from the Financial Services Authority and are preceded by a cooperation agreement between the Merchant and the Exchange; (4) In the event that a Merchant conducts activities other than those referred to in paragraph (1) and paragraph (2), the Merchant must first submit an approval request to the Financial Services Authority.

(5) Activities as referred to in paragraph (1), paragraph (2), and paragraph (4) must be regulated in the Merchant's trading procedures.
(6) Trading procedures as referred to in paragraph (5), including amendments, must receive prior approval from the Exchange before receiving approval from the Financial Services Authority. (7) Activities as referred to in paragraph (1), paragraph (2), and paragraph (4), including changes and developments, must undergo assessment and risk evaluation, including ML, TF, and PPTSP risks.
51. Between Article 51 and Article 52, 1 (one) article is inserted, namely Article 51A so that it reads as follows:
Article 51A
(1) In the event that a Merchant conducts buy and/or sell activities of Digital Financial Asset derivatives on the mandate of Consumers as referred to in Article 51 paragraph (2), the Merchant is obligated to submit written notification to the Financial Services Authority at most 7 (seven) working days before the start date of trading; (2) Notification of buy and/or sell of Digital Financial Asset derivatives as referred to in paragraph (1) contains at least information:
a. description of marketing and trading mechanisms, risk management, information technology infrastructure, and operations; and b. having standard operating procedures and a code of ethics.
52. The provisions of Article 52 are amended so that they read as follows:
Article 52
(1) In carrying out the scope of activities as referred to in Article 51 paragraph (1), paragraph (2), and paragraph (4), Merchants are prohibited from:
a. conducting other business activities other than those stated in Article 51 paragraph (1), paragraph (2), and paragraph (4); b. providing access or cooperating with other parties who will act as agents;
c. providing access or cooperating with other parties conducting supporting activities to facilitate transactions related to Digital Financial Assets; and

and d. trading Digital Financial Assets issued by themselves and/or affiliated parties of the Merchant.
(2) Merchants are prohibited from having receivables with affiliated parties.
(3) Affiliated parties as referred to in paragraph (1) letter d and paragraph (2) have:
a. family relationships due to marriage and descent up to the second degree, both horizontally and vertically; b. relationships between the party and employees, Directors, or Commissioners of that party;
c. relationships between 2 (two) companies that have one or more members of the Board of Directors or members of the Board of Commissioners in common;
d. relationships between a company and parties, directly or indirectly, that control or are controlled by that company; e. relationships between 2 (two) companies controlled by the same party, directly or indirectly; or f. relationships between a company and major shareholders. (4) Control over companies owned by affiliated parties as referred to in paragraph (3) letter d and letter e is done by:
a. owning at least 20% (twenty percent) of shares individually or jointly; b. directly and/or indirectly managing and/or influencing company policy;
c. having option rights or other rights to own shares that if exercised will cause the party to own and/or control at least 20% (twenty percent) of the company's shares, either individually or jointly; and/or
d. having the authority to appoint, approve, and/or dismiss members of the company's Board of Directors and/or members of the Board of Commissioners. (5) In the event that a Merchant provides access or cooperates with other parties conducting supporting activities as referred to in paragraph (1) letter c, the Merchant must first obtain approval from the Financial Services Authority. (6) Approval as referred to in paragraph (5) can only be given to a Merchant after meeting the requirements established by the Financial Services Authority.

The provisions of paragraph (1) of Article 54 are amended so that they read as follows:
Article 54
(1) Violations of the provisions as referred to in Article 18 paragraph (3), Article 21 paragraph (6), paragraph (7), Article 21A, Article 22 paragraph (3), Article 24 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (6), Article 24A, Article 26 paragraph (2), Article 26A paragraph (1), paragraph (3), Article 29 paragraph (7), paragraph (8), Article 30 paragraph (3), Article 32 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (6), Article 32A, Article 34 paragraph (2), paragraph (4), Article 34A paragraph (1), Article 37 paragraph (6), paragraph (7), paragraph (8), Article 39, Article 39A, Article 40 paragraph (2), paragraph (6), paragraph (7), Article 41 paragraph (1), paragraph (2), paragraph (4), paragraph (5), Article 42 paragraph (2), Article 43, Article 45 paragraph (6), Article 46 paragraph (6), paragraph (7), Article 47, Article 48 paragraph (2), Article 49, Article 50 paragraph (1), Article 51 paragraph (4), paragraph (5), paragraph (6), paragraph (7), Article 51A paragraph (1), Article 52 paragraph (1), paragraph (2), and paragraph (5), are subject to administrative sanctions in the form of:
a. written warning; b. temporary suspension, partial or full cessation of activities including implementation of cooperation;
c. dismissal and/or replacement of management;
d. listing of Principal Parties in the blacklist of persons with bad records in the financial sector; and/or e. revocation of business license.
(2) Administrative sanctions as referred to in paragraph (1) letter b, letter c, letter d, and letter e may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a.
The provisions of Article 56 are amended so that they read as follows:
Article 56
(1) The Financial Services Authority provides approval or rejection of business license applications submitted by applicants who are Exchanges, Clearing, Guarantee and Settlement Institutions, Custody Operators, and Merchants at most 40 (forty) working days after the complete licensing application documents are received. (2) To provide approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts:
a. research and analysis of application documents; b. competency and propriety assessment;

b. operational readiness research including information technology systems used; and d. other analyses based on the Financial Services Authority's considerations. (3) To support the implementation of research, analysis, and assessment as referred to in paragraph (2), the Financial Services Authority may request the applicant to complete and adjust documents if based on the Financial Services Authority's assessment the application documents are incomplete or do not comply with Financial Services Authority Regulations. (4) Applicants must submit the completion, adjustment, and/or additional documents and/or information as referred to in paragraph (3) to the Financial Services Authority at most 10 (ten) working days from the date of notification from the Financial Services Authority or other timeframes established by the Financial Services Authority. (5) In the event that the applicant does not complete, adjust, and/or provide additional documents and/or information as referred to in paragraph (4), the applicant is deemed to have cancelled the business license application. (6) In the event that the business license application as referred to in paragraph (1) is rejected, the Financial Services Authority submits a written notification accompanied by reasons for rejection.
55. Between Article 56 and Article 57, 1 (one) article is inserted, namely Article 56A so that it reads as follows:
Article 56A
(1) Digital Financial Asset Trading Organizers are obligated to submit an application for registration as an Electronic System Provider to the competent government agency in the field of communication and digital at most 30 (thirty) calendar days from the date of issuance of the business license by the Financial Services Authority. (2) The application for registration as referred to in paragraph (1) is copied to the Financial Services Authority. (3) Digital Financial Asset Trading Organizers are prohibited from conducting business activities before being registered as an Electronic System Provider with the competent government agency in the field of communication and digital. (4) Digital Financial Asset Trading Organizers must obtain a registration certificate as an Electronic System Provider within the period

time 60 (sixty) calendar days counted from the issuance of the business license by the Financial Services Authority.

(5) Digital Financial Asset Trading Organizers must submit a copy of the registration certificate as an Electronic System Organizer to the Financial Services Authority no later than 7 (seven) calendar days counted from the date of the registration certificate as an Electronic System Organizer.

(6) Digital Financial Asset Trading Organizers must carry out business activities no later than 30 (thirty) calendar days counted from the date of registration as an Electronic System Organizer from the competent agency.

(7) The business activities of Traders as referred to in paragraph (6) must at least cover activities as referred to in Article 51 paragraph (1) letter a.

(8) Based on certain considerations, the Financial Services Authority may extend the time period as referred to in paragraph (4) and paragraph (6).

(9) In the event that Digital Financial Asset Trading Organizers do not meet the provisions as referred to in paragraph (4), paragraph (6), and/or paragraph (8), the Financial Services Authority may cancel the business license that has been issued.

(10) The Financial Services Authority conveys notification of the cancellation of the business license as referred to in paragraph (9).

(11) Violations of the provisions as referred to in paragraph (1) are subject to administrative sanctions in the form of:

a. written warning; b. administrative fine;
c. temporary suspension, partial or total cessation of activities;
d. inclusion of Principal Parties in the list of disreputable persons in the financial sector; and/or e. revocation of the business license.

(12) Administrative sanctions as referred to in paragraph (11) letters b, c, d, and e, may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (11) letter a.

The Explanation of Article 82 is amended as stated in the explanation.
The provisions of Article 83 are amended to read as follows:

Article 83

(1) In the process of receiving prospective Consumers as referred to in Article 80 paragraph (1), Traders must have an online consumer reception system that guarantees the confidentiality of every data and information of prospective Consumers.

(2) The filled data contained in the online consumer reception system as referred to in paragraph (1) must be used by Traders as a guide to conduct customer due diligence or enhanced due diligence for Consumers with high risk.

(3) The online consumer reception system as referred to in paragraph (1) must be integrated with the online trading system and facilities owned by the Trader as referred to in Article 45 paragraph (4) letter b.

(4) The online consumer reception system as referred to in paragraph (1) must at least contain the following stages:

a. filling in data or identity of prospective Consumers; b. presentation of Trader profile documents at least containing:

Trader website address information;
Trader office address;
Trader management structure;
Licensing number from the Financial Services Authority;
Contact phone number;
Bank account number separated from the Trader that has been approved by the Financial Services Authority; and
Trader email address;
c. presentation of the list of Digital Financial Assets traded;
d. presentation of trading risk information for Digital Financial Assets; e. presentation of trading procedures that are read, understood, and approved by prospective Consumers; and f. presentation of the agreement between the Trader and Consumer whose substance states that the Consumer registration process has been conducted and officially accepted as a Consumer, at least containing:
information regarding Consumer profile;
active complaint hotline; and
applicable terms and conditions.

(5) The online consumer reception system as referred to in paragraph (1) must be able to store and provide a record of every stage of online consumer reception.

(6) All stages of consumer reception as referred to in paragraph (4) can only be conducted and filled in by the prospective Consumer concerned with truthful conditions.

(7) Traders are prohibited from filling in and/or assisting prospective Consumers in filling in the online consumer reception system.

(8) The online consumer reception system as referred to in paragraph (1) must be audited by an independent institution competent in the field of information systems, before being submitted to the Financial Services Authority for approval.

(9) In the event that Traders conduct buy and/or sell activities of Digital Financial Asset derivatives on behalf of Consumers as referred to in Article 51 paragraph (2), Traders must:

a. have a consumer reception system that can assess that the Consumer has understood every risk of Digital Financial Asset derivative products in accordance with regulations and exchange rules; and b. obtain a statement from the Consumer stating that the Consumer has understood every risk of Digital Financial Asset derivative products.

The provisions of Article 85 are amended to read as follows:

Article 85

(1) Consumers who conduct Digital Financial Asset trading through Traders must first place:

a. funds used for the implementation of transactions in a separate account in the name of the Clearing, Guarantee, and Settlement Institution for the benefit of each Consumer; and/or b. Digital Financial Assets used for the implementation of transactions in the Trader's Wallet,

before trading is conducted.

(2) The placement of Digital Financial Assets as referred to in paragraph (1) letter b is conducted by applying the travel rule principle.

(3) The Clearing, Guarantee, and Settlement Institution must carry out activities as referred to in paragraph (1) letter a transparently.

The provisions of Article 86 are amended to read as follows:

Article 86

(1) The placement of Consumer funds in a separate account in the name of the Clearing, Guarantee, and Settlement Institution as referred to in Article 85 paragraph (1) letter a, is conducted through bank account transfers or electronic money transfers.

(2) Bank account transfers as referred to in paragraph (1) can use virtual accounts opened by the Clearing, Guarantee, and Settlement Institution for each Consumer.

(3) Bank account transfers or through electronic money as referred to in paragraph (1) can use payment service providers that have obtained licenses from competent agencies or authorities in the payment system.

(4) The use of electronic money by payment service providers in the Digital Financial Asset Market trading transaction process is conducted in accordance with applicable legislation in the financial sector and payment system.

(5) The placement of Consumer funds as referred to in paragraph (1) uses the Rupiah currency.

(6) In the placement of Consumer funds in separate accounts as referred to in paragraph (1), the Clearing, Guarantee, and Settlement Institution is prohibited from:

a. accepting cash deposits, both initial deposits and additional deposits, from Consumers; and b. accepting funds from parties whose identities differ from the Consumers registered with the Trader.

(7) Electronic money transfers as referred to in paragraph (1) apply only to 1 (one) account and for 1 (one) phone number registered with the Trader.

The provisions of Article 87 are amended to read as follows:

Article 87

(1) Separate accounts as referred to in Article 85 paragraph (1) letter a can only be used by the Clearing, Guarantee, and Settlement Institution after obtaining approval from the Financial Services Authority.

(2) Separate accounts as referred to in paragraph (1) can only be opened at general banks that have obtained business licenses from the Financial Services Authority.

Between Article 87 and Article 88, 1 (one) article is inserted, namely Article 87A, so that it reads as follows:

Article 87A

(1) The Clearing, Guarantee, and Settlement Institution, and the Digital Asset Custodian, in conducting Digital Financial Asset derivative trading as referred to in Article 3A paragraph (2), must have mechanisms to place Margin in special accounts.

(2) In the event that Margin as referred to in paragraph (1) is in the form of Digital Financial Assets, Digital Financial Asset Trading Organizers must have mechanisms to place Digital Financial Assets in special Wallets at the Digital Asset Custodian.

(3) In the event that Margin as referred to in paragraph (1) is other than Digital Financial Assets, Digital Financial Asset Trading Organizers must place such Margin in special storage facilities.

The provisions of Article 88 are deleted.
The provisions of Article 89 are amended to read as follows:

Article 89

General banks cooperating with the Clearing, Guarantee, and Settlement Institution must meet minimum criteria:

a. providing facility separation of company codes for each Trader in 1 (one) general bank; b. providing information to the Clearing, Guarantee, and Settlement Institution regarding:

account number;
name of the Consumer account owner; and
Consumer account owner's national identity number,

in accordance with applicable legislation;
c. real-time fund settlement for each Consumer who makes deposits and/or withdrawals; and
d. issuing virtual account numbers in the form of open payment and close payment.

The provisions of Article 95 are amended to read as follows:

Article 95

(1) Withdrawal of Digital Financial Assets by Consumers from Traders can only be conducted if, based on the verification results as referred to in Article 94 paragraph (3), there is correspondence between the Digital Financial Asset withdrawal request and the balance or ownership records of Digital Financial Assets.

(2) Withdrawal of Digital Financial Assets by Consumers can only be conducted if the Consumer identity stated in the consumer reception system corresponds to:

a. the identity of the party making the withdrawal; b. the identity of the party receiving the withdrawal; or
c. the receiving Wallet.

(3) In the event that the identity of the Consumer making the withdrawal does not correspond to the identity of the party receiving the withdrawal as referred to in paragraph (2) letter b and/or the receiving Wallet as referred to in paragraph (2) letter c, before conducting Digital Financial Asset withdrawal, the Trader must:

a. verify the identity of the party receiving the withdrawal and/or the receiving Wallet; and b. ensure that the identity of the party receiving the withdrawal and/or the receiving Wallet is clear and recorded in the consumer reception system.

(4) Identification and verification as referred to in paragraph (3) are conducted by applying the travel rule principle.

(5) Fund withdrawal by Consumers can only be conducted by the Clearing, Guarantee, and Settlement Institution through the Trader's trading system via transfer from the Clearing, Guarantee, and Settlement Institution's separate account to the bank account in the name of the Consumer registered in the Consumer account opening application.

The Explanation of Article 96 is amended as stated in the explanation.
The provisions of paragraph (1) of Article 101 are amended to read as follows:

Article 101

(1) Violations of the provisions as referred to in Article 79, Article 80 paragraph (1), paragraph (2), paragraph (3), Article 81 paragraph (1), paragraph (5), paragraph (6), paragraph (7), Article 82 paragraph (1), paragraph (2), Article 83 paragraph (1), paragraph (3), paragraph (7), paragraph (8), paragraph (9), Article 84 paragraph (2), Article 85 paragraph (3), Article 86 paragraph (6), Article 87A, Article 88, Article 90 paragraph (3), paragraph (4), paragraph (7), Article 91 paragraph (1), paragraph (2), paragraph (5), paragraph (6), paragraph (7), Article 92, Article 93 paragraph (1), paragraph (2), Article 94 paragraph (2), paragraph (3), Article 96, Article 97 paragraph (1), Article 98 paragraph (1), Article 99, Article 100 paragraph (1), paragraph (3), paragraph (5), and paragraph (6), are subject to administrative sanctions in the form of:

a. written warning; b. temporary suspension, partial or total cessation of activities;
c. inclusion of Principal Parties in the list of disreputable persons in the financial sector; and/or
d. revocation of the business license.

(2) Administrative sanctions as referred to in paragraph (1) letters b, c, and d can be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a.

The title of Chapter VIII is amended to read as follows:

CHAPTER VIII
SUPPORTING ACTIVITIES

The provisions of Article 102 are amended to read as follows:

Article 102

(1) Digital Financial Asset Markets can be supported by supporting activities.

(2) Supporting activities as referred to in paragraph (1) include:

a. connector services related to payment service providers; and b. other supporting activities,

which obtain approval from the Financial Services Authority.

(3) Digital Financial Asset Trading Organizers are prohibited from:

a. cooperating with supporting activities that have not obtained approval from the Financial Services Authority; and/or b. conducting supporting activities as referred to in paragraph (2).

Part Two of Chapter VIII is deleted.
The Explanation of Article 103 is amended as stated in the explanation.
Article 104 is deleted.
The provisions of Article 105 are amended to read as follows:

Article 105

Payment service providers as referred to in Article 102 paragraph (2) letter a must meet the following provisions:

a. granting access rights to the Financial Services Authority to conduct supervision; b. having user access configurations that can be accessed by the Financial Services Authority and/or competent institutions to conduct transaction monitoring in accordance with applicable legislation;
c. being able to limit certain payment channel options that can be adjusted to needs and applicable legislation;
d. implementing the AML, CFT, and PPTSPM programs in the financial services sector; e. guaranteeing the confidentiality of information related to supporting activities conducted, except where such information is provided in the implementation of applicable legislation; f. having standard operating procedures at least regulating:

implementation of AML, CFT, and PPTSPM programs in the financial services sector;
features and service functions;
protection of user data and information access, and its security; and
risk management, internal control, and supervision; and
g. submitting reports periodically and at any time.
The provisions of Article 108 are amended to read as follows:

Article 108

(1) Periodic reports as referred to in Article 107 paragraph (1) letter a consist of:

a. monthly reports; b. quarterly reports; and
c. annual reports.

(2) Submission of periodic reports to the Financial Services Authority as referred to in paragraph (1) must be implemented:

a. monthly reports as referred to in paragraph (1) letter a submitted no later than 10 (ten) working days after the reporting period ends; b. quarterly reports as referred to in paragraph (1) letter b submitted no later than 15 (fifteen) working days after the reporting period ends; and
c. annual reports as referred to in paragraph (1) letter c submitted no later than April 30 of the following year.

(3) Annual financial reports of Digital Financial Asset Trading Organizers are prepared based on accounting standards applicable in Indonesia and audited by public accountants registered with the Financial Services Authority.

(4) Annual financial reports of Digital Financial Asset Trading Organizers must be published to the public.

(5) In the event that the report submission deadline falls on a holiday, the report submission deadline as referred to in paragraph (2) is on the first working day following the holiday.

The provisions of Article 109 are amended to read as follows:

Article 109

(1) Digital Financial Asset Trading Organizers that submit monthly, quarterly, and/or annual reports after the submission period as referred to in Article 108 paragraph (2) letters a, b, and c up to a maximum of 30 (thirty) days after the end of such submission period, are declared late in submitting reports.

(2) Digital Financial Asset Trading Organizers that do not submit reports until the end of the period as referred to in paragraph (1) are declared not to have submitted reports.

(3) Provisions regarding the scope, procedures, and mechanisms for submitting periodic reports of Digital Financial Asset Trading Organizers are determined by the Financial Services Authority.

The provisions of Article 114 are amended to read as follows:

Article 114

(1) The Financial Services Authority conducts supervision over Digital Financial Asset Trading Organizers and supporting activities in the Digital Financial Asset Market.

(2) Supervision as referred to in paragraph (1) is conducted by the Financial Services Authority:

a. directly; and/or b. indirectly.

The provisions of Article 115 are amended to read as follows:

Article 115

(1) Direct supervision as referred to in Article 114 paragraph (2) letter a is conducted through examinations:

a. periodically; and b. at any time.

(2) The scope of examination as referred to in paragraph (1) letter a must at least include:

a. trading organization; b. governance; and
c. compliance with applicable legislation.

(3) In the implementation of direct supervision as referred to in paragraph (1), Digital Financial Asset Trading Organizers and supporting activities as referred to in Article 114 paragraph (1) must provide:

a. explanations and data; b. books;
c. documents;
d. access to physical facilities related to business activities; and/or e. other matters required,

upon request by the Financial Services Authority.

The provisions of Article 116 are amended to read as follows:

Article 116

Indirect supervision as referred to in Article 114 paragraph (2) letter b is conducted through:

a. research; b. analysis; and
c. evaluation,

over reports, data, and information from Digital Financial Asset Trading Organizers and supporting activities as referred to in Article 114 paragraph (1).

The provisions of Article 118 are amended to read as follows:

Article 118

(1) Digital Financial Asset Trading Organizers and supporting activities in the Digital Financial Asset Market submit approval requests to the Financial Services Authority with a letter format for approval requests signed by Board of Directors members stated in the Appendix in Part N which is an inseparable part of this Financial Services Authority Regulation.

(2) Approval requests as referred to in paragraph (1) include:

a. changes to the exchange's supervision and reporting system as referred to in Article 21 paragraph (7); b. exchange regulations and rules as referred to in Article 22 paragraph (3);
c. changes to the Clearing, Guarantee, and Settlement Institution's transaction settlement guarantee system as referred to in Article 29 paragraph (8);
d. Clearing, Guarantee, and Settlement Institution regulations and rules as referred to in Article 30 paragraph (3); e. changes to the Digital Asset Custodian's storage system and facilities as referred to in Article 37 paragraph (7); f. changes to the online trading system and facilities as referred to in Article 46 paragraph (7); g. trading procedures and changes to Trader trading procedures as referred to in Article 50 paragraph (1) letter a; h. Trader activities as referred to in Article 51 paragraph (4);
i. granting access or cooperation with other parties conducting supporting activities as referred to in Article 52 paragraph (5);
j. supporting activities as referred to in Article 102 paragraph (2); k. changes to the exchange's Digital Financial Asset derivative trading system as referred to in Article 21A; and
l. execution of Digital Financial Asset derivative trading by the exchange as referred to in Article 26A.

(3) In the event of approval requests as referred to in paragraph (2) letters a, c, e, f, and k, the applicant attaches the audit or examination results by an independent institution competent in the field of information systems and the system infrastructure readiness form stated in the Appendix in Part K which is an inseparable part of this Financial Services Authority Regulation.

(4) In the event of approval requests as referred to in paragraph (2) letters b, d, and g, the applicant attaches the regulations, rules, or procedures documents concerned.

(5) In the event of approval requests as referred to in paragraph (2) letters h, j, and l, the applicant attaches an explanation of the proposed activities.

(6) In the event of approval requests as referred to in paragraph (2) letter i, the applicant attaches an explanation of the proposed granting of access or cooperation accompanied by cooperation agreement documents.

(7) The Financial Services Authority conveys approval or rejection of the request as referred to in paragraph (1) no later than 20 (twenty) working days counted from the date the documents are received completely.

(8) To provide approval or rejection as referred to in paragraph (7), the Financial Services Authority conducts research and analysis of the request documents.

(9) To support the implementation of research and analysis as referred to in paragraph (8), based on certain considerations, the Financial Services Authority may request additional documents and/or information from the applicant.

(10) The applicant submits additional documents and/or information as referred to in paragraph (9) to the Financial Services Authority no later than 10 (ten) working days counted from the date of notification from the Financial Services Authority.

Between the provisions of Article 129 and Article 130, 1 (one) article is inserted, namely Article 129A, so that it reads as follows:

Article 129A

Based on certain considerations, the Financial Services Authority is authorized to conduct testing in the testing room/innovation development (sandbox) regarding Digital Financial Asset derivative trading activities as referred to in Article 3A paragraph (2).

The provisions of Article 130 are amended to read as follows:

Article 130

(1) At the time this Financial Services Authority Regulation takes effect, licensing, product registration approval, instruments, and/or activities, and decisions and/or determinations related to Crypto Assets that have been issued by Bappebti before the effectiveness of this Financial Services Authority Regulation are declared to remain valid.

(2) When this Financial Services Authority Regulation takes effect, licenses, approvals, product or instrument registrations, and other decisions and/or determinations related to Crypto Assets that are in the process of being resolved by Bappebti based on legislation in the commodity futures trading sector shall have their resolution continued by the Financial Services Authority in accordance with this Financial Services Authority Regulation.

(3) When this Financial Services Authority Regulation takes effect, for parties whose resolution is continued by the Financial Services Authority as referred to in paragraph (2) who do not apply for a business license to the Financial Services Authority, the licenses, approvals, and other decisions and/or determinations related to Crypto Assets from Bappebti are declared invalid, and the provisions of Article 57 regarding applications for cessation of business activities and the provisions of Article 100 regarding the settlement of Consumer rights and obligations shall apply mutatis mutandis.

(4) When this Financial Services Authority Regulation takes effect, for parties whose resolution is continued by the Financial Services Authority as referred to in paragraph (2), in the event that the Financial Services Authority does not grant a license and/or approval based on its assessment, the licenses, approvals, and other decisions and/or determinations related to Crypto Assets from Bappebti are declared invalid, and the provisions of Article 100 regarding the settlement of Consumer rights and obligations shall apply mutatis mutandis.

The provisions of Part L and Part M of the Annex to Financial Services Authority Regulation Number 27 of 2024 concerning the Organization of Digital Financial Asset Trading Including Crypto Assets are deleted.

Article II

When this Financial Services Authority Regulation takes effect, licenses, approvals, product, instrument, and/or activity registrations, and other decisions and/or determinations related to Digital Financial Asset derivatives as referred to in Article 3A paragraph (2) that have been issued by Bappebti prior to the effectiveness of this Financial Services Authority Regulation are declared to remain valid.
When this Financial Services Authority Regulation takes effect, licenses, approvals, product or instrument registrations, and other decisions and/or determinations related to Digital Financial Asset derivatives as referred to in Article 3A paragraph (2) that are in the process of being resolved by Bappebti based on legislation in the commodity futures trading sector shall have their resolution continued by the Financial Services Authority in accordance with this Financial Services Authority Regulation.
When this Financial Services Authority Regulation takes effect, all licensing processes currently being conducted by the Financial Services Authority are subject to the provisions of this Financial Services Authority Regulation.
When this Financial Services Authority Regulation takes effect, the adjustment of ownership, control, and system management obligations for Digital Financial Asset Trading Organizers as referred to in Article 20, Article 28, Article 36, and Article 40, and Article 45 shall be completed within a maximum of 12 (twelve) months calculated from the effectiveness of this Financial Services Authority Regulation and may be extended based on specific considerations of the Financial Services Authority.
When this Financial Services Authority Regulation takes effect, the Consumer fund placement mechanism as referred to in Article 85 and Article 86 shall be adjusted within a maximum of 12 (twelve) months calculated from the effectiveness of this Financial Services Authority Regulation and may be extended based on specific considerations of the Financial Services Authority.
When this Financial Services Authority Regulation takes effect, the rules and regulations of the Exchange and the rules and regulations of the Clearing, Guarantee, and Settlement Institution related to Crypto Asset futures trading that have been approved by Bappebti are declared to remain valid.
When this Financial Services Authority Regulation takes effect, adjustments to:
a. Exchange rules and regulations as referred to in Article 22 paragraph (2); and b. Clearing, Guarantee, and Settlement Institution rules and regulations as referred to in Article 30 paragraph (1) and paragraph (2), shall be carried out within a maximum of 3 (three) months calculated from the effectiveness of this Financial Services Authority Regulation.
When this Financial Services Authority Regulation takes effect:
a. Exchanges that have conducted Digital Financial Asset derivative trading at the time this Financial Services Authority Regulation takes effect are declared to have obtained approval to conduct Digital Financial Asset derivative trading as referred to in Article 26A paragraph (1). b. Clearing, Guarantee, and Settlement Institutions that have conducted and provided systems and/or facilities for the execution of clearing and guarantee settlement of Digital Financial Asset derivative transactions at the time this Financial Services Authority Regulation takes effect are declared to have submitted notification for the execution of clearing and guarantee settlement of Digital Financial Asset derivative transactions as referred to in Article 34A paragraph (1).
c. Traders who have an affiliation relationship with other parties that have conducted buy and/or sell activities of Digital Financial Asset derivatives on behalf of Consumers at the time this Financial Services Authority Regulation takes effect are declared to have submitted notification to carry out buy and/or sell activities of Digital Financial Asset derivatives on behalf of Consumers as referred to in Article 51A paragraph (1).
When this Financial Services Authority Regulation takes effect, parties who do not have a business license from the Financial Services Authority as a Trader and have conducted buy and/or sell activities of Digital Financial Asset derivatives on behalf of Consumers must transfer all forms of buy and/or sell activities of Digital Financial Asset derivatives on behalf of Consumers to a Trader no later than January 9, 2026.
When this Financial Services Authority Regulation takes effect, the parties referred to in item 9 may only conduct Digital Financial Asset derivative trading for the purpose of settlement up to January 9, 2026.
When this Financial Services Authority Regulation takes effect, Digital Financial Asset Trading Organizers submit daily reports as regulated in Financial Services Authority Circular Letter Number 20/SEOJK.07/2024 concerning the Organization of Digital Financial Asset Trading including Crypto Assets as part of the monthly report.
This Financial Services Authority Regulation takes effect upon being promulgated.

In order that everyone may know it, it is ordered to promulgate this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on October 31, 2025

CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

MAHENDRA SIREGAR

Promulgated in Jakarta on [Date]

MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER [Number]

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 23 OF 2025
CONCERNING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 27 OF 2024 CONCERNING THE ORGANIZATION OF DIGITAL FINANCIAL ASSET TRADING INCLUDING CRYPTO ASSETS

I. GENERAL

In its development, Digital Financial Assets have experienced positive development and have the potential to support the development of the financial services sector. This is seen from the increasing use of Digital Financial Assets, especially Crypto Assets, as an investment instrument for the Indonesian people. Meanwhile, the complexity and risks of Digital Financial Assets including Crypto Assets are matters that need to be considered in order to achieve healthy growth of the financial services sector while prioritizing Consumer protection.

Along with market development, there are other products and/or activities, including derivatives over Crypto Assets. This development impacts the need to strengthen the role and expand the scope of Digital Financial Asset Trading Organizers to conduct Digital Financial Asset derivative trading.

The strengthening of the role and expansion of the scope mentioned above provides opportunities for Digital Financial Asset Trading Organizers to conduct Digital Financial Asset derivative trading by meeting the requirements and mechanisms regulated in this Financial Services Authority Regulation.

In this regard, this Financial Services Authority Regulation adopts a regulatory and supervisory framework with standards in the financial services sector and international best practices. To accommodate this, this Financial Services Authority Regulation regulates the adjustment of the Digital Financial Asset trading mechanism and the Digital Financial Asset derivative trading mechanism for Digital Financial Asset Trading Organizers.

In relation to this, it is necessary to amend the Financial Services Authority Regulation regarding the expansion of the types of Digital Financial Assets, the notification mechanism for Digital Financial Asset trading, the expansion of the role and scope of Digital Financial Asset Trading Organizers including Crypto Assets, the mechanism and procedures for organizing Digital Financial Asset derivative trading, the control and management of the trading organizer's system, the adjustment of reports for Digital Financial Asset Trading Organizers, the adjustment of the Consumer fund placement mechanism, the adjustment of supporting activities, and the transition mechanism.

II. ARTICLE BY ARTICLE

Article I

Item 1
Article 1
Clearly stated.

Item 2
Article 3A
Clearly stated.

Item 3
Clearly stated.

Item 4
Clearly stated.

Item 5
Article 4
Paragraph (1)
Letter a
Item 1
The term "distributed ledger technology" known as distributed ledger technology (DLT) is a technology that enables the operation and use of distributed ledgers, including blockchain or similar technologies.

Item 2
Digital Financial Assets that underlie are known as the term underlying.
Digital Financial Assets referring to the underlying include products such as Crypto Asset futures contracts.

Letter b
Financial assets recorded electronically by financial service institutions include:

bank account balances on websites and/or mobile banking applications; and
securities stored and administered by the Depository and Clearing Institution in the Capital Market sector.

Letter c
Clearly stated.

Letter d
Other criteria may include criteria for Digital Financial Assets that may emerge in the future due to, among other things, technological development.

Paragraph (2)
Offering of Digital Financial Assets includes, among other things, the offering of Crypto Assets and/or tokenization offerings.

Item 6
Article 5
Deleted.

Item 7
Article 6
Deleted.

Item 8
Article 7
Deleted.

Item 9
Clearly stated.

Item 10
Paragraph 1
Deleted.

Item 11
Clearly stated.

Item 12
Article 9
Clearly stated.

Item 13
Article 10
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Official media of the Exchange include websites.

Item 14
Article 11
Clearly stated.

Item 15
Paragraph 3
Deleted.

Item 16
Article 12
Deleted.

Item 17
Clearly stated.

Item 18
Article 13
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Letter a
Clearly stated.

Letter b
Specific conditions that have the potential to violate legislation include, among other things, security vulnerabilities, cyber attacks, security audit failures, fraudulent activities and market manipulation, submission of incomplete information related to Crypto Assets, and use and/or trading that violates or has the potential to violate propriety and customs in society along with the legislation governing them.

Letter c
Potential violations of Consumer protection application are a consequence of specific conditions as referred to in explanation letter b that impact Consumers.

Letter d
Clearly stated.

Paragraph (6)
Clearly stated.

Item 19
Clearly stated.

Item 20
Article 14
Paragraph (1)
Clearly stated.

Paragraph (2)
Prohibitions may be permanent or temporary.

Paragraph (3)
Clearly stated.

Item 21
Clearly stated.

Item 22
Article 15
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Traders may still settle certain Digital Financial Asset trades with the purpose of settlement being the delivery of certain Digital Financial Assets to the Consumer's personal Wallet, the sale of certain Digital Financial Assets to other Traders, or the sale of Digital Financial Assets to other parties such as global Virtual Asset Service Providers (VASP). Example:
Coin A at the Trader is halted from trading by the OJK on September 1, 2025, the trader may still trade Coin A to other traders or global traders for settlement purposes until September 4, 2025.

Paragraph (4)
Clearly stated.

Item 23
Article 16
Clearly stated.

Item 24
Clearly stated.

Item 25
Article 17
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
The term "clean record list" refers to a list of failures based on the mechanism and procedures for re-evaluation of Principal Parties.

Letter e
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Item 26
Article 19
Clearly stated.

Item 27
Article 20
Paragraph (1)
Letter a
Clearly stated.

Letter b
The term "own" means having full legal rights to the system in accordance with legislation.
The term "control" means having the right or authority to utilize the system.
The term "manage" means having the right or authority to regulate, direct, manage, and limit the system.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Item 28
Article 21
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Infrastructure to facilitate the use of systems and/or supervisory and reporting facilities in the form of servers or cloud servers.

Letter h
International standard certification related to information security management systems is currently known as the ISO 27001 certificate issued by a certification body recognized by the government agency handling information security affairs.

Letter i
Securing open application programming interfaces that have procedures including encryption/decryption processes, internet protocol whitelists, tunnels, and certificates.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Item 29
Article 21A
Clearly stated.

Item 30
Article 22
Paragraph (1)
Clearly stated.

Paragraph (2)
Digital Financial Asset derivative trading includes, among other things, trading of contracts having Digital Financial Assets as the underlying.

Letter a
Clearly stated.

Letter b
Consumer acceptance systems include knowledge test mechanisms and their implementation together with the Trader, containing among other things:

learning modules for prospective consumers of Digital Financial Asset derivative trading before taking the knowledge test;
format of materials in the knowledge test;
determination of the knowledge test passing grade; and
integrity and technical guidelines for Traders in conducting knowledge tests for prospective Consumers on the Trader's website and/or application connected to the Exchange's Digital Financial Asset derivative trading system.

Letter c
Technical mechanisms for Digital Financial Asset derivative trading include, among other things:

transaction rules and mechanisms;
mark price calculation;
funding rate calculation; and
product specifications (including leverage).

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Margin determination includes, among other things, cross-margin or isolated.

Letter g
The term "market maker" refers to a party that continuously places buy and/or sell orders in Digital Financial Asset derivative trading.
The term "liquidity provider" refers to a party that offers sell and buy demand on every trading day of Digital Financial Assets to support the creation of liquidity in Digital Financial Asset derivative trading.

Paragraph (3)
Clearly stated.

Item 31
Clearly stated.

Item 32
Article 24A
Clearly stated.

Item 33
Article 26
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Situations threatening the organization of trading include, among other things, systemic cyber attacks on the majority of Traders.

Item 34
Article 26A
Paragraph (1)
Digital Financial Asset derivative trading includes, among other things, trading of contracts having Digital Financial Assets as the underlying.

Paragraph (2)
Applications for approval to conduct activities may be submitted simultaneously with business license applications.

Paragraph (3)
Clearly stated.

Item 35
Article 28
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
See explanation of Item 27 Article 20 paragraph (1) letter b.

Letter b
Clearly stated.

Letter c
Clearly stated.

Item 36
Article 29
Paragraph (1)
Clearly stated.

Paragraph (2)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
See explanation of Article 21 paragraph (1) letter g.

Letter h
See explanation of Article 21 paragraph (1) letter h.

Letter i
See explanation of Article 21 paragraph (1) letter i.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Item 37
Article 30
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
The term mechanism for managing Consumer fund benefits includes, among other things, the management of Consumer funds placed at Financial Service Institutions that generate specific benefits such as interest income.

Paragraph (2)
Letter a
The mechanism for managing protection funds is the activity of arranging and managing funds for trading guarantees and is not a fund-raising activity.

Letter b
The mechanism for managing bridging funds is the activity of arranging and managing funds for trading and is not a fund-raising activity.

Paragraph (3)
Clearly stated.

Item 38
Clearly stated.

Item 39
Article 32A
Clearly stated.

Item 40
Article 34
Clearly stated.

Item 41
Article 34A
Paragraph (1)
Digital Financial Asset derivative transactions include, among other things, trading transactions of contracts having Digital Financial Assets as the underlying.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Item 42
Article 36
Clearly stated.

Item 43
Article 37
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
See explanation of Article 21 paragraph (1) letter g.

Letter i
See explanation of Article 21 paragraph (1) letter h.

Letter j
Risk mitigation mechanisms to ensure the security of Digital Financial Assets include, among other things, cooperation agreements with insurance companies.

Letter k
See explanation of Article 21 paragraph (1) letter i.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Item 44
Clearly stated.

Item 45
Article 39A
Clearly stated.

Item 46
Article 40
Paragraph (1)
Letter a
The term "own" means having full legal rights to facilities and infrastructure in accordance with legislation.
The term "control" means having the right or authority to utilize facilities and infrastructure.
The term "manage" means having the right or authority to regulate, direct, manage, and limit facilities and infrastructure.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
Clearly stated.

Letter j
Clearly stated.

Letter k
Clearly stated.

Letter l
Clearly stated.

Letter m
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Paragraph (9)
Clearly stated.

Item 47
Article 45
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Letter a
Clearly stated.

Letter b
See explanation of Item 27 Article 20 paragraph (1) letter b.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Letter a
See explanation of Item 30 Article 22 paragraph (2) letter g.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
The term "separate recording" refers to the recording of Digital Financial Asset trading transactions conducted by the Trader for the Trader's own account, not to facilitate Consumers.

Item 48
Article 46
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
Clearly stated.

Letter e
Clearly stated.

Letter f
Clearly stated.

Letter g
Clearly stated.

Letter h
Clearly stated.

Letter i
See explanation of Item 28 Article 21 paragraph (1) letter g.

Letter j
See explanation of Item 28 Article 21 paragraph (1) letter h.

Letter k
See explanation of Item 28 Article 21 paragraph (1) letter i.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Item 49
Article 50
Clearly stated.

Item 50
Article 51
Clearly stated.

Item 51
Article 51A
Clearly stated.

Item 52
Article 52
Clearly stated.

Item 53
Article 54
Paragraph (1)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
See explanation of Item 25 Article 17 paragraph (1) letter d.

Letter e
Clearly stated.

Paragraph (2)
Clearly stated.

Item 54
Article 56
Clearly stated.

Item 55
Article 56A
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Paragraph (9)
Clearly stated.

Paragraph (10)
Clearly stated.

Paragraph (11)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Clearly stated.

Letter d
See explanation of Item 25 Article 17 paragraph (1) letter d.

Letter e
Clearly stated.

Paragraph (12)
Clearly stated.

Item 56
Article 82
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
See explanation of Item 28 Article 21 paragraph (1) letter h.

Letter b
Clearly stated.

Paragraph (4)
Letter a
Clearly stated.

Letter b
Clearly stated.

Letter c
Other activities and licensing services include, among other things, staking or other innovations.

Item 57
Article 83
Paragraph (1)
Clearly stated.

Paragraph (2)
Clearly stated.

Paragraph (3)
Clearly stated.

Paragraph (4)
Clearly stated.

Paragraph (5)
Clearly stated.

Paragraph (6)
Clearly stated.

Paragraph (7)
Clearly stated.

Paragraph (8)
Clearly stated.

Paragraph (9)
Letter a
Consumer acceptance systems that can assess that Consumers have understood every risk of Digital Financial Asset derivative products include product knowledge test simulations.

Letter b
Consumer statements are in the form of written consent, video recordings, or other forms whose truthfulness can be verified.
Number 58
Article 85
Paragraph (1)
Is clear enough.
Paragraph (2)
See the explanation of Article 80 paragraph (8).
Paragraph (3)
Transparency includes, among other things, providing information on fund receipts to Traders.
Number 59
Article 86
Is clear enough.
Number 60
Article 87
Is clear enough.
Number 61
Article 87A
Paragraph (1)
Margin is in the form of Digital Financial Assets and/or cash.
Paragraph (2)
Is clear enough.
Paragraph (3)
Special storage locations for Margin, in the form of Rupiah cash, are stored in a general bank that has obtained a business license from the Financial Services Authority with a special account. Number 62
Article 88
Deleted.
Number 63
Article 89
Letter a
Is clear enough.
Letter b
Regulatory provisions include, among other things, provisions on bank secrecy and personal data protection.
Letter c
Is clear enough.
Letter d
Is clear enough.

Number 64
Article 95
Paragraph (1)
Is clear enough.
Paragraph (2)
Is clear enough.
Paragraph (3)
Is clear enough.
Paragraph (4)
See the explanation of Article 80 paragraph (8).
Paragraph (5)
Is clear enough.
Number 65
Article 96
Paragraph (1)
The application of the travel rule principle can be carried out through cooperation with third parties.
Paragraph (2)
Is clear enough.
Number 66
Article 101
Paragraph (1)
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
See the explanation of Number 25 Article 17 paragraph (1) letter d.
Letter d
Is clear enough.
Paragraph (2)
Is clear enough.
Number 67
Is clear enough.
Number 68
Article 102
Paragraph (1)
Is clear enough.
Paragraph (2)
Is clear enough.
Paragraph (3)
Letter a
Is clear enough.
Letter b
Supporting activities include that Traders are not allowed to carry out activities as payment service providers.
Number 69
Part Two
Deleted.

Number 70
Article 103
Letter a
Is clear enough.
Letter b
Is clear enough.
Letter c
Is clear enough.
Letter d
See the explanation of Number 28 Article 21 paragraph (1) letter h.
Number 71
Article 104
Deleted.
Number 72
Article 105
Is clear enough.
Number 73
Article 108
Is clear enough.
Number 74
Article 109
Paragraph (1)
Example:
If the reporting period for October 2024 falls on October 31, 2024, then the deadline for submitting that monthly report is at most 10 (ten) working days after the reporting period, namely on October 14, 2024. Monthly reports submitted within a period of 30 working days after October 14, 2024, then the Digital Financial Asset Trading Organizer is declared late in submitting the report. Paragraph (2) Example:
If the reporting period for October 2024 falls on October 31, 2024, then the deadline for submitting that monthly report is at most 10 (ten) working days after the reporting period, namely on October 14, 2024. Monthly reports not submitted within a period of 30 working days after October 14, 2024, then the Digital Financial Asset Trading Organizer is declared not to have submitted the report. Paragraph (3) Is clear enough. Number 75
Article 114
Is clear enough.

Number 76
Article 115
Is clear enough.
Number 77
Article 116
Is clear enough.
Number 78
Article 118
Is clear enough.
Number 79
Article 129A
Is clear enough.
Number 80
Article 130
Is clear enough.
Number 81
Appendix Part L and Part M
Deleted.
Article II
Number 1
Is clear enough.
Number 2
Is clear enough.
Number 3
Is clear enough.
Number 4
Is clear enough.
Number 5
Is clear enough.
Number 6
Is clear enough.
Number 7
Before the exchange regulations and rules regarding the trading of Digital Financial Asset derivatives come into effect, Traders who have already notified to carry out the activity of selling and/or buying Digital Financial Asset derivatives on behalf of Consumers as referred to in Article 51A paragraph (1) are subject to the provisions of futures brokers in the exchange regulations and rules and the clearing and guaranteeing institution regulations and rules regarding the trading of Crypto Assets that are in effect. Number 8 Is clear enough. Number 9 Is clear enough. Number 10 Is clear enough. Number 11 Is clear enough.

Number 12
Is clear enough.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER ⸙ ---

Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets

Lineage: In force

Timeline