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

EXTRACT
REGULATION OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 27 OF 2024 CONCERNING THE ORGANIZATION OF DIGITAL FINANCIAL ASSET TRADING INCLUDING CRYPTO ASSETS BY THE GRACE OF GOD ALMIGHTY THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that in order to support the development of the financial services sector and implement the authority for regulation and supervision as referred to in Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, the Financial Services Authority has the authority to regulate digital financial assets and crypto assets; b. that based on the provisions of Article 312 paragraph (1) of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, upon the commencement of the aforementioned Law, the transfer of duties for regulation and supervision of digital financial asset activities from the Commodity Futures Trading Regulatory Agency to the financial sector authority must be completed fully within a maximum period of 24 (twenty-four) months;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Organization of Digital Financial Asset Trading Including Crypto Assets;
Recalling: 1. 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);
2. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector
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(State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845); DECIDING:
Determining: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE ORGANIZATION OF DIGITAL FINANCIAL ASSET TRADING INCLUDING CRYPTO ASSETS.
CHAPTER I
GENERAL PROVISIONS
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, duty, 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 carry out 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 ledgers such as blockchain to verify its transactions and ensure the security and validity of stored information, is not guaranteed by central authorities such as central banks but issued by private parties, can be traded, stored, and moved or transferred electronically, and can be in the form of digital coins, tokens, or other asset representations that include backed crypto-assets and unbacked crypto-assets.
Digital Financial Asset Exchange Organizer including Crypto Asset, 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 reports on Digital Financial Asset trading.
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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 the regulations and rules of the Exchange.
Clearing, Guarantee, and Settlement Institution for Digital Financial Asset Trading including Crypto Asset, hereinafter referred to as Clearing and Settlement Institution, is a business entity that provides settlement services for Digital Financial Asset trading transactions and guarantees the settlement of Digital Financial Asset trading transactions.
Clearing and Settlement Institution Member for Digital Financial Asset Trading, hereinafter referred to as Clearing Member, is an Exchange Member who receives rights from the Clearing and Settlement Institution to obtain settlement services for Digital Financial Asset trading transactions and guarantees the settlement of Digital Financial Asset trading transactions.
Digital Financial Asset Storage Facility Manager including Crypto Asset, 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 perform 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 Digital Financial Asset trading, 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 trading of Digital Financial Assets, which is organized using electronic facilities owned by the organizer of Digital Financial Asset trading.
Crypto Asset List is a list of Crypto Assets determined by the Exchange to be 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 determined 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 managing the company for the interests of the company, in accordance with the purpose and objectives of the company and representing the company, both inside and outside court, in accordance with the articles of association for companies in the form of limited liability companies 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 laws concerning the prevention and eradication of money laundering crimes.
Terrorism Financing Crime, hereinafter abbreviated as TPPT, is TPPT as referred to in laws 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 Proliferation Financing of Weapons of Mass Destruction, hereinafter abbreviated as APU, PPT, and PPPSPM, are efforts to prevent and eradicate TPPU, TPPT, and/or PPSPM.
Article 2
(1) The organization of Digital Financial Asset trading activities is carried out by:
a. Exchange; b. Clearing and Settlement Institution;
c. Storage Facility Manager;
d. Trader; and e. other parties determined by the Financial Services Authority.
(2) Traders as referred to in paragraph (1) letter d are declared as ITSK Organizers and Digital Financial Assets and Crypto Assets. (3) Digital Financial Asset Trading Organizers as referred to in paragraph (1) must obtain a business license from the Financial Services Authority.
Article 3
(1) Digital Financial Asset Trading Organizers conduct Digital Financial Asset trading regularly, fairly, transparently, and efficiently. (2) In conducting Digital Financial Asset trading as referred to in paragraph (1), Digital Financial Asset Trading Organizers must apply:
a. good governance principles; https://jdih.ojk.go.id/

b. risk management;
c. market integrity;
d. information system security and reliability, including cyber resilience; e. Consumer Protection; f. prevention of TPPU, TPPT, and PPSPM; g. personal data protection; and h. fulfillment of statutory provisions.
CHAPTER II
DIGITAL FINANCIAL ASSETS TRADED IN THE DIGITAL FINANCIAL ASSET MARKET
Part One
Digital Financial Assets Traded in the Digital Financial Asset Market Paragraph 1 Criteria for Digital Financial Assets Traded in the Digital Financial Asset Market
Article 4
(1) Digital Financial Assets that can be traded in the Digital Financial Asset Market must meet the criteria:
a. issued, stored, transferred, and/or traded using distributed ledger technology; 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 provisions; and
d. other criteria determined by the Financial Services Authority.
(2) This Financial Services Authority Regulation does not regulate the initial offering of Digital Financial Assets.
Paragraph 2
Evaluation of Digital Financial Assets by the Financial Services Authority
Article 5
(1) The Financial Services Authority has the authority to evaluate Digital Financial Assets traded in the Digital Financial Asset Market. (2) Based on the evaluation conducted by the Financial Services Authority as referred to in paragraph (1), the Financial Services Authority has the authority:
a. to prohibit trading of certain Digital Financial Assets in the Digital Financial Asset Market; and/or b. to order Traders to stop trading certain Digital Financial Assets. https://jdih.ojk.go.id/

Paragraph 3
Mechanism for Stopping and Settling Digital Financial Asset Trading
Article 6
(1) Traders must stop trading Digital Financial Assets ordered to be stopped by the Financial Services Authority.
(2) The stopping of Digital Financial Asset trading by Traders as referred to in paragraph (1) must be done no later than 3 (three) working days from the date of the stopping order as referred to in Article 5 paragraph (2) letter b. (3) After the stopping period as referred to in paragraph (2) expires, Traders are prohibited from facilitating Digital Financial Asset trading to Consumers.
Article 7
(1) Traders must settle Digital Financial Assets belonging to Consumers that are declared:
a. stopped trading by the Trader; or b. stopped trading by the Trader upon order of the Financial Services Authority.
(2) Settlement by Traders as referred to in paragraph (1) must be done by:
a. requesting Consumers to liquidate the Digital Financial Assets owned by the Consumers; or b. transferring Digital Financial Assets belonging to Consumers stored in the Trader's Wallet to the Consumer's Wallet. (3) The settlement method by Traders as referred to in paragraph (2) is carried out based on agreement between the Trader and the Consumer. (4) Settlement by Traders as referred to in paragraph (1) must be implemented no later than 30 (thirty) days from the date of the Digital Financial Asset trading stopping order as referred to in Article 5 paragraph (2) letter b. (5) The settlement method as referred to in paragraph (2) must be communicated by the Trader to the Consumer and included in the trading procedure document. (6) Traders must store all Digital Financial Assets whose trading has been stopped until the Trader performs settlement to the Consumer as referred to in paragraph (1). https://jdih.ojk.go.id/

Part Two
Crypto Assets Traded in the Digital Financial Asset Market Paragraph 1 Criteria for Crypto Assets Traded in the Digital Financial Asset Market
Article 8
(1) In addition to meeting the Digital Financial Asset criteria as referred to in Article 4 paragraph (1), Crypto Assets traded in the Digital Financial Asset Market must meet the criteria:
a. as a primary digital representation of value; b. using distributed ledger technology accessible to the public;
c. having utility and/or supported by assets;
d. being traceable or not having features to obscure or hide ownership and transaction data; and e. having been assessed using methods established in the regulations and rules of the Exchange. (2) The method in paragraph (1) letter e considers at least:
a. the market capitalization value of the Crypto Asset; b. the average daily trading value;
c. traded in large Trader transactions regulated and supervised by competent authorities in the jurisdiction where the Trader is licensed;
d. background regarding the issuer, developer, and/or other parties related to the Crypto Asset, unless the Crypto Asset is issued anonymously; e. availability of disclosure of information related to the Crypto Asset that is accurate and not misleading; f. security and reliability of distributed ledger infrastructure or similar technology; g. the magnitude of utility or availability of assets supporting the Crypto Asset; h. ownership concentration;
i. legal risks related to the Crypto Asset;
j. application of good governance; k. aspects of Consumer Protection and personal data protection;
l. potential economic benefits;
m. risk assessment of the Crypto Asset, including TPPU, TPPT, and PPSPM risks; and n. other considerations determined by the Financial Services Authority. https://jdih.ojk.go.id/

Paragraph 2
Mechanism for Determining Crypto Assets Traded in the Digital Financial Asset Market
Article 9
(1) The Exchange determines the Crypto Asset List.
(2) Digital Financial Asset Trading Organizers are prohibited from trading Crypto Assets other than Crypto Assets in the Crypto Asset List as referred to in paragraph (1).
Article 10
(1) In determining the Crypto Asset List as referred to in Article 9 paragraph (1), the Exchange must analyze each Crypto Asset before it is established in the Crypto Asset List by meeting the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1). (2) In analyzing Crypto Assets as referred to in paragraph (1), the Exchange must apply prudent principles and prioritize Consumer Protection. (3) The Exchange must have guidelines for determining the Crypto Asset List as referred to in Article 9 paragraph (1) which are reported to the Financial Services Authority. (4) The guidelines for determining the Crypto Asset List as referred to in paragraph (3) contain at least:
a. general guidelines for analyzing Crypto Asset suitability; and b. technical guidelines for implementing Crypto Asset analysis containing at least:

general principles; and
procedures for Crypto Asset analysis.
(5) The Exchange must publish the Crypto Asset List as referred to in Article 9 paragraph (1) no later than 1 (one) day after the Crypto Asset List is established on the official media of the Exchange.
Article 11
(1) Traders may submit proposals for adding and/or reducing Crypto Assets in the Crypto Asset List to the Exchange for establishment in the Crypto Asset List. (2) Proposals as referred to in paragraph (1) must first be analyzed by the Exchange as referred to in Article 10 paragraph (1). (3) The mechanism for submitting proposals for adding and/or reducing Crypto Assets by Traders as referred to in paragraph (1) is stipulated in the regulations and rules of the Exchange. https://jdih.ojk.go.id/

Paragraph 3
Notification of Crypto Asset Trading by Traders
Article 12
(1) Traders who will trade specific Crypto Assets listed in the Crypto Asset List must submit written notification to the Financial Services Authority no later than 7 (seven) working days before the start date of trading the specified Crypto Assets. (2) Traders who will stop trading specific Crypto Assets listed in the Crypto Asset List must first submit written notification to the Financial Services Authority no later than 10 (ten) working days before the date of stopping trading the specified Crypto Assets. (3) Notification of stopping trading specific Crypto Assets as referred to in paragraph (2) must contain at least the following information:
a. reasons for stopping; b. mitigation plans;
c. number of Consumers and number of Crypto Assets owned as of the date of notification of stopping Crypto Asset trading; and
d. total value of Crypto Assets as of the date of notification of stopping Crypto Asset trading in Rupiah.
(4) Further provisions regarding the procedure for written notification of Crypto Asset trading as referred to in paragraph (1) and paragraph (2) are determined by the Financial Services Authority. Paragraph 4 Evaluation of the Crypto Asset List
Article 13
(1) The Exchange must evaluate Crypto Assets in the Crypto Asset List that have been established at least once every 3 (three) months and/or ad hoc. (2) Evaluations conducted as referred to in paragraph (1) must meet the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1) as well as the guidelines for determining the Crypto Asset List as referred to in Article 10 paragraph (3). (3) Evaluation of Crypto Assets in the Crypto Asset List as referred to in paragraph (1) may consider proposals for adding and/or reducing Crypto Assets in the Crypto Asset List from Traders as referred to in Article 11 paragraph (1). (4) Evaluation results must be reported to the Financial Services Authority no later than 5 (five) working days since the evaluation was conducted as referred to in paragraph (1). (5) In the event that based on the evaluation results of Crypto Assets in the Crypto Asset List as referred to in paragraph (1) there are Crypto Assets that:
a. do not meet the criteria as referred to in Article 4 paragraph (1) and Article 8 paragraph (1) and the guidelines for determining the Crypto Asset List for Crypto Assets traded in the Digital Financial Asset Market as referred to in Article 10 paragraph (3); b. have certain conditions that potentially violate statutory provisions;
c. have potential violations in the application of Consumer Protection; and/or
d. have other conditions based on the Exchange's evaluation results, The Exchange must remove the specified Crypto Assets from the Crypto Asset List. (6) Further provisions regarding the procedure and mechanism for submitting evaluation results of Crypto Assets in the Crypto Asset List as referred to in paragraph (4) are determined by the Financial Services Authority. Paragraph 5 Evaluation of Crypto Assets by the Financial Services Authority
Article 14
(1) The Financial Services Authority has the authority to evaluate Crypto Assets in the Crypto 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 specific Crypto Assets in the Crypto Asset List announced on the official media of the Financial Services Authority. (3) In exercising the authority as referred to in paragraph (2), the Financial Services Authority has the authority:
a. to order the Exchange to remove specific Crypto Assets from the Crypto Asset List; and/or b. to order Traders to stop trading specific Crypto Assets established in the Crypto Asset List. Paragraph 6 Mechanism for Stopping and Settling Trading
Article 15
(1) Traders must stop trading specific Crypto Assets that:
a. are declared removed from the Crypto 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) Stopping trading of specific Crypto Assets by Traders as referred to in paragraph (1) must be done no later than 3 (three) working days from the date of removal as referred to in paragraph (1) letter a or the stopping order as referred to in paragraph (1) letter b. (3) After the stopping period for specific Crypto Assets as referred to in paragraph (2) expires, Traders are prohibited from facilitating trading of specific Crypto Assets to Consumers.
Article 16
(1) Traders must settle specific Crypto Assets belonging to Consumers that are declared:
a. removed from the Crypto Asset List; b. stopped trading by the Trader; or
c. stopped trading by the Trader upon order of the Financial Services Authority.
(2) Implementation of settlement by Traders as referred to in paragraph (1) must be done by:
a. requesting Consumers to liquidate specific Crypto Assets owned by the Consumers; or b. transferring specific Crypto Assets belonging to Consumers stored in the Trader's Wallet to the Consumer's Crypto Asset Wallet. (3) The settlement method by Traders as referred to in paragraph (2) is carried out based on agreement between the Trader and the Consumer. (4) Settlement by Traders as referred to in paragraph (1) must be implemented no later than 30 (thirty) days from:
a. the date specific Crypto Assets are removed from the Crypto Asset List; b. the date trading of specific Crypto Assets is stopped by the Trader; or
c. the date trading of specific Crypto Assets is stopped by the Trader upon order of the Financial Services Authority.
(5) The settlement method as referred to in paragraph (2) must be communicated by the Trader to the Consumer and included in the trading procedure document. (6) Traders must store all specific Crypto Assets that have been removed from the Crypto Asset List until the Trader performs settlement to the Consumer as referred to in paragraph (1).
Part Three
Administrative Sanctions
Article 17
(1) Violations against the provisions as referred to in Article 6, Article 7 paragraph (1), paragraph (2), paragraph (4), paragraph (5), paragraph (6), Article 9 paragraph (2), Article 10 paragraph (1), paragraph (2), paragraph (3), paragraph (5), Article 11 paragraph (2), Article 12 paragraph (1), paragraph (2), Article 13 paragraph (1), paragraph (2), paragraph (4), paragraph https://jdih.ojk.go.id/

(5), Article 15, Article 16 paragraph (1), paragraph (2), paragraph (4), paragraph (5), and paragraph (6) are subject to administrative sanctions consisting of:
a. written warning; b. administrative fine;
c. temporary suspension, partial or total, of activities;
d. listing of the Principal Party in the list of persons with bad reputation 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) and Traders that do not meet the provisions as referred to in Article 12 paragraph (1) and paragraph (2) are subject to administrative sanctions in the form of an administrative fine of Rp 200,000.00 (two hundred thousand rupiah) per day with a maximum fine of Rp2,000,000.00 (two million rupiah). (3) 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. (4) The imposition of administrative sanctions as referred to in paragraph (1) does not eliminate the obligations as referred to in Article 10 paragraph (5) as well as Article 12 paragraph (1) and paragraph (2).

CHAPTER III
INSTITUTIONAL ORGANIZATION OF DIGITAL FINANCIAL ASSET TRADING ORGANIZERS

First Section
Exchange

Paragraph 1
Legal Entity of the Exchange

Article 18
(1) The legal entity of the Exchange shall be in the form of a limited liability company.
(2) The Exchange as referred to in paragraph (1) shall be established by at least 11 (eleven) limited liability companies.
(3) Limited liability companies that own an Exchange are prohibited from having affiliate relationships.
(4) Affiliate relationships as referred to in paragraph (3) are exempted for affiliate relationships arising from ownership or capital participation by the State of the Republic of Indonesia. (5) Limited liability companies that own an Exchanges as referred to in paragraph (2) must predominantly conduct activities in the field of Digital Financial Assets for at least 3 (three) years.

Paragraph 2
Exchange Requirements

Article 19
(1) Exchanges applying for a business license to the Financial Services Authority must meet the requirements of having paid-up capital of at least Rp1,000,000,000,000.00 (one trillion rupiah). (2) Exchanges are required to maintain equity of at least 80% (eighty percent) of the paid-up capital as referred to in paragraph (1). (3) The source of paid-up capital funds as referred to in paragraph (1) is prohibited from originating from:
a. ML/TF/FC activities; b. loans; and
c. other activities that contradict the provisions of legislation.

Article 20
(1) In addition to the capital requirements as referred to in Article 19 paragraph (1), Exchanges must meet the following requirements:
a. have 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. have a supervision and reporting system for the implementation of supervision and reporting regarding the organization of Digital Financial Asset trading conducted by Traders;
c. have Exchange regulations and bylaws; and
d. have a Digital Financial Asset Market Committee.
(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 supervision and security of Digital Financial Asset transactions at Traders.

Article 21
(1) Exchanges must meet the requirements for the supervision and reporting system as referred to in Article 20 paragraph (1) letter b at least:
a. accurate, current, secure, trusted, online, real-time, and compatible in system and application with the Clearing, Guarantee and Settlement Institution and Traders; b. have functions that can protect access to profile, financial, and transaction data of each Consumer;
c. have a business continuity plan;
d. have a disaster recovery center:

located in Indonesia with a location at least 20 (twenty) kilometers away from the main server location; or
using servers or cloud servers that are adequate and have international standard certification related to information security management systems;
e. have system configuration with specifications:
ensuring maintenance of communication with systems at the Financial Services Authority, the Clearing, Guarantee and Settlement Institution, and Traders in real-time according to protocols determined by the Financial Services Authority, Exchanges, and the Clearing, Guarantee and Settlement Institution; and
having a good system security level to overcome disturbances from within and outside the system;
f. meet database requirements that function to manage and store transaction data, supervision data, and Digital Financial Asset reporting:
store transaction data as well as supervision and reporting data for the last 10 (ten) consecutive years;
maintain transaction records including prices, quotes, balances, and Consumer transaction mutations with a time duration of at least the last 6 (six) months; and
after the 6 (six) month period as referred to in item 2 expires, the transaction records as referred to in item 2 must be copied and stored on data storage media outside the supervision and reporting system database;
g. the infrastructure used has good technical specifications to facilitate the use of systems and/or online supervision and reporting facilities, 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;
h. have international standard certification related to information security management systems from an accredited institution; and
i. have open application programming interface security that has procedures.
(2) In the event that servers or cloud servers as referred to in paragraph (1) letter d item 2 are provided by third parties, the third party has an official representative office in Indonesia. (3) The supervision and reporting system as referred to in paragraph (1) has been audited by an independent institution with competence in the field of information systems. (4) Exchanges adjust or replace the supervision and reporting system in the event that based on the results of the supervision and reporting system audit as referred to in paragraph (3) it is declared:
a. proven to be unsuitable both in system and application with the systems of the Clearing, Guarantee and Settlement Institution and/or Traders; and/or b. does not meet the requirements as referred to in paragraph (1). (5) Adjustments or replacements as referred to in paragraph (4) must be completed within a maximum of 3 (three) months after the system is declared unsuitable and/or does not meet the requirements based on audit results by an independent institution with competence in the field of information systems. (6) Exchanges are required to ensure at all times that the supervision and reporting system complies with the requirements as referred to in paragraph (1) after obtaining a business license from the Financial Services Authority. (7) Changes to the transaction supervision and reporting system must first obtain approval from the Financial Services Authority.

Article 22
(1) Exchange regulations and bylaws as referred to in Article 20 paragraph (1) letter c must at least contain:
a. requirements to become Exchange Members; b. rights and obligations of Exchange Members;
c. principles of guidelines for setting the Crypto Asset List;
d. duties and responsibilities of the Digital Financial Asset Exchange Committee; e. Trader trading system requirements; f. Digital Financial Asset transaction and reporting mechanisms; g. supervision mechanisms for Digital Financial Asset trading; h. dispute resolution mechanisms;
i. determination and collection of membership fees and other costs for services provided to Exchange Members; and
j. sanctions for violations of Exchange regulations and bylaws.
(2) Exchange regulations and bylaws as referred to in paragraph (1), including amendments, must obtain prior approval from the Financial Services Authority.

Paragraph 3
Corporate Bodies

Article 23
(1) Exchange shares may only be owned by:
a. Exchange Members; b. limited liability companies; and/or
c. individuals.
(2) Ownership of Exchange shares by each shareholder as referred to in paragraph (1) is at most 20% (twenty percent) of the paid-up capital. (3) The maximum share ownership limit as referred to in paragraph (2) also applies to ownership based on interconnection between shareholders. (4) In the event that limited liability companies as referred to in paragraph (1) letter b have foreign capital ownership, each limited liability company is only allowed to own Exchange shares of at most 10% (ten percent) of all Exchange shares. (5) The total number of shares of limited liability companies with foreign capital ownership as referred to in paragraph (4) is at most 40% (forty percent) of all Exchange shares.

Article 24
(1) Exchanges are required to have Board of Directors members of at least 3 (three) people and at most 7 (seven) people.
(2) Exchanges are required to have Board of Commissioners members of at least 2 (two) people and at most equal to the number of Board of Directors members. (3) Exchange Board of Directors members are prohibited from holding concurrent positions as Board of Commissioners members, Board of Directors members, or employees at other companies except at companies, organizations, or institutions that are non-profit. (4) Candidates for Board of Commissioners and Board of Directors members of Exchanges must be submitted to the Financial Services Authority to obtain approval. (5) Board of Commissioners and Board of Directors members are appointed for a term of office of at most 5 (five) years and may be re-elected for 1 (one) term of office. (6) In the event of changes to Board of Commissioners and Board of Directors members, Exchanges are required to submit candidates for Board of Commissioners and Board of Directors members to the Financial Services Authority to obtain approval.

Paragraph 4
Responsibilities, Duties, and Authority of Exchanges

Article 25
Exchanges are responsible for supervising the implementation of Digital Financial Asset trading transactions to ensure they run regularly, fairly, and transparently.

Article 26
(1) Exchanges are required to carry out the following duties:
a. providing reliable system facilities for the organization of regular, 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 on 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 implementation of Digital Financial Asset trading mechanisms properly and reporting them to the Financial Services Authority; e. conducting analysis on proposals for the addition or reduction of Crypto Assets in the Crypto Asset List and submitting the results of the analysis to the Financial Services Authority; and f. evaluating Digital Financial Assets traded in the Digital Financial Asset Market. (2) In carrying out duties as referred to in paragraph (1), Exchanges have the authority:
a. to accept or reject candidate Exchange Members; b. to determine and collect membership fees and other costs 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, Guarantee and Settlement Institution regarding Digital Financial Asset transactions, financial, and/or other reports required for supervision that must be submitted by Traders;
d. to determine the Crypto Asset List traded in the Digital Financial Asset Market; e. to determine complaint and dispute resolution mechanisms related to Digital Financial Asset trading at 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 at Traders or Storage Facility Managers, including preventing the possibility of manipulation; h. to impose sanctions or specific actions on Traders in the event of violations of legislation; and
i. to submit recommendations to the Financial Services Authority for the temporary suspension of Digital Financial Asset trading, in the event of circumstances that threaten the organization of Digital Financial Asset trading in the Digital Financial Asset Market.

Second Section
Clearing, Guarantee and Settlement Institution

Paragraph 1
Legal Entity of the Clearing, Guarantee and Settlement Institution

Article 27
The legal entity of the Clearing, Guarantee and Settlement Institution shall be in the form of a limited liability company.

Paragraph 2
Requirements for the Clearing, Guarantee and Settlement Institution

Article 28
(1) The Clearing, Guarantee and Settlement Institution applying for a business license to the Financial Services Authority must meet the requirements of having paid-up capital of at least Rp500,000,000,000.00 (five hundred billion rupiah). (2) The Clearing, Guarantee and Settlement Institution is required to maintain equity of at least 80% (eighty percent) of the paid-up capital as referred to in paragraph (1). (3) The source of paid-up capital funds as referred to in paragraph (1) is prohibited from originating from:
a. ML/TF/FC activities; b. loans; and
c. other activities that contradict the provisions of legislation.
(4) In addition to the capital requirements as referred to in paragraph (1), the Clearing, Guarantee and Settlement Institution must meet the requirements:
a. to have a trusted transaction settlement guarantee system, and connected with Exchanges, Traders, and Storage Facility Managers; and b. to have regulations and bylaws of the Clearing, Guarantee and Settlement Institution.

Article 29
(1) The transaction settlement guarantee system owned by the Clearing, Guarantee and Settlement Institution as referred to in Article 28 paragraph (4) letter a must have supervision functions, transaction settlement, transaction settlement guarantee, and ensure good validation of balance and fund mutations of Consumers and Digital Financial Assets owned by Consumers, which are located at Traders and Storage Facility Managers for transaction settlement. (2) The Clearing, Guarantee and Settlement Institution must meet the requirements for the transaction settlement guarantee system as referred to in paragraph (1) at least:
a. accurate, current, secure, trusted, online, real-time, and compatible in system and application with the systems of Exchanges, Storage Facility Managers, and Traders; b. have functions that can protect access to profile, financial, and transaction data of each Consumer;
c. have a business continuity plan;
d. have a disaster recovery center:

located in Indonesia with a location at least 20 (twenty) kilometers away from the main server location; or
using servers or cloud servers that are adequate and have international standard certification related to information security management systems;
e. have system configuration with specifications:
ensuring maintenance of communication with systems at the Financial Services Authority, Exchanges, Storage Facility Managers, and Traders in real-time according to protocols determined by the Financial Services Authority, Exchanges, and the Clearing, Guarantee and Settlement Institution; and
having a good system security level to overcome disturbances from within and outside the system;
f. meet database requirements that function to manage and store transaction data, guarantee data, and Digital Financial Asset trading settlement:
store transaction data as well as guarantee and settlement data for the last 10 (ten) consecutive years;
maintain records of transaction prices, financial data, guarantee and settlement data that occurred, fund balances and Digital Financial Assets, and Consumer transaction mutations with a time duration of at least the last 6 (six) months; and
after the 6 (six) month period as referred to in item 2 expires, the records as referred to in item 2 must be copied and stored on data storage media outside the guarantee and settlement system database;
g. the infrastructure used has good technical specifications to facilitate the use of systems and/or online guarantee and settlement facilities, 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;
h. have international standard certification related to information security management systems from an accredited institution; and
i. have open application programming interface security that has procedures.
(3) In the event that servers or cloud servers as referred to in paragraph (2) letter d item 2 are provided by third parties, the third party has an official representative office in Indonesia. (4) The transaction settlement guarantee system has been audited by an independent institution with competence in the field of information systems. (5) The Clearing, Guarantee and Settlement Institution adjusts or replaces the transaction settlement guarantee system in the event that based on the results of the supervision and reporting system audit as referred to in paragraph (4) it is declared:
a. proven to be unsuitable both in system and application with the systems of Exchanges, Storage Facility Managers, and/or Traders; and/or b. does not meet the requirements as referred to in paragraph (1). (6) Adjustments or replacements as referred to in paragraph (5) must be completed within a maximum of 3 (three) months after the system is declared unsuitable and/or does not meet the requirements based on audit results by an independent institution with competence in the field of information systems. (7) The Clearing, Guarantee and Settlement Institution is required to ensure at all times that the transaction settlement guarantee system complies with the requirements as referred to in paragraph (2) after obtaining a business license from the Financial Services Authority. (8) Changes to the transaction settlement guarantee system must first obtain approval from the Financial Services Authority.

Article 30
(1) Regulations and bylaws of the Clearing, Guarantee and Settlement Institution as referred to in Article 28 paragraph (4) letter b must at least contain:
a. requirements to become Clearing Members; b. rights and obligations of Clearing Members;
c. mechanisms for guaranteeing settlement of Digital Financial Asset trading transactions;
d. dispute resolution mechanisms; e. determination and collection of membership fees and other costs for services provided to Clearing Members; and f. sanctions for violations of regulations and bylaws of the Clearing, Guarantee and Settlement Institution. (2) Regulations and bylaws of the Clearing, Guarantee and Settlement Institution as referred to in paragraph (1), including amendments, must obtain prior approval from the Financial Services Authority.

Paragraph 3
Corporate Bodies

Article 31
(1) Shares of the Clearing, Guarantee and Settlement Institution may only be owned by:
a. individuals; b. Exchanges;
c. Exchange Members;
d. limited liability companies; and/or e. the State of the Republic of Indonesia.
(2) In the event that limited liability companies as referred to in paragraph (1) letter d have foreign capital ownership, each limited liability company is only allowed to own shares of the Clearing, Guarantee and Settlement Institution of at most 10% (ten percent) of all shares of the Clearing, Guarantee and Settlement Institution. (3) The total number of shares of limited liability companies with foreign capital ownership as referred to in paragraph (2) is at most 40% (forty percent) of all shares of the Clearing, Guarantee and Settlement Institution.

Article 32
(1) The Clearing, Guarantee and Settlement Institution is required to have Board of Directors members of at least 3 (three) people and at most 7 (seven) people. (2) The Clearing, Guarantee and Settlement Institution is required to have Board of Commissioners members of at least 2 (two) people and at most equal to the number of Board of Directors members. (3) Board of Directors members of the Clearing, Guarantee and Settlement Institution are prohibited from holding concurrent positions as Board of Commissioners members, Board of Directors members, or employees at other companies except at companies, organizations, or institutions that are non-profit. (4) Candidates for Board of Commissioners and Board of Directors members of the Clearing, Guarantee and Settlement Institution must be submitted to the Financial Services Authority to obtain approval. (5) Board of Commissioners and Board of Directors members are appointed for a term of office of at most 5 (five) years and may be re-elected for 1 (one) term of office. (6) In the event of changes to Board of Commissioners and Board of Directors members, the Clearing, Guarantee and Settlement Institution is required to submit candidates for Board of Commissioners and Board of Directors members to the Financial Services Authority to obtain approval.

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

Article 33
The Clearing, Guarantee and Settlement Institution is responsible for carrying out clearing and transaction settlement guarantee for Digital Financial Assets to ensure they run regularly, fairly, transparently, and efficiently.

Article 34
(1) The Clearing, Guarantee and Settlement Institution is required to carry out the following duties:
a. providing reliable system facilities for the guarantee and settlement of Digital Financial Asset trading transactions; b. carrying out guarantee and settlement of Digital Financial Asset trading transactions for funds stored in separate accounts at the Clearing, Guarantee and Settlement Institution to run regularly, smoothly, and with full caution;
c. taking steps to ensure the implementation of Digital Financial Asset trading transaction settlement properly and reporting it to the Financial Services Authority;
d. carrying out responsibilities for funds stored in separate accounts at the Clearing, Guarantee and Settlement Institution; e. providing facilities for real-time fund receipt and withdrawal 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. cooperate with the Digital Asset Storage Facility Operator to guarantee the settlement of Digital Financial Asset trading transactions;

i. supervise Consumer funds stored in accounts separate from the Trader;

j. supervise Consumer and Trader funds stored in separate accounts at the Clearing and Guarantee Settlement Institution;

k. maintain a separate account from the account used in Digital Financial Asset trading;

l. guarantee the confidentiality of financial position information related to Digital Financial Asset trading activities, except when such information is provided in accordance with applicable legislation;

m. prepare detailed and separate records and reports of all activities related to Digital Financial Asset trading;

n. have a unit under the Board of Directors responsible for and functioning to manage the clearing and guarantee settlement of Digital Financial Asset trading transactions;

o. properly document and store all data related to the management of clearing and guarantee settlement of Digital Financial Asset trading transactions; and

p. know the source of funds for the placement of Consumer funds to comply with applicable legislation regarding TPPU, TPPT, and PPSPM.

(2) In carrying out the duties as referred to in paragraph (1), the Clearing and Guarantee Settlement Institution has the authority to:

a. accept or reject prospective Clearing Members;

b. determine and collect membership fees and other fees for services provided to Clearing Members, taking into account the principles of efficiency and fairness;

c. determine the substance and procedures for reporting together with the Exchange regarding Digital Financial Asset transactions, financial reports, and/or other reports required for supervision that must be submitted by Traders;

d. take necessary actions to secure the settlement of Digital Financial Asset transactions at Traders or Digital Asset Storage Facility Operators, including preventing the possibility of manipulation;

e. recommend Digital Asset Storage Facility Operators to manage Digital Asset storage facilities to conduct storage, maintenance, supervision, and/or delivery of Digital Financial Assets to obtain licensing from the Financial Services Authority;

f. recommend systems or mechanisms for Digital Asset storage by Digital Asset Storage Facility Operators to the Financial Services Authority to obtain approval;

g. receive transaction data from Traders in real-time;

h. receive records and/or change records of Digital Financial Asset ownership stored at Digital Asset Storage Facility Operators;

i. receive funds from Traders through payment channels provided by the Clearing and Guarantee Settlement Institution in an integrated manner;

j. receive trading transaction reports from the Exchange and Traders in real-time;

k. ensure the correspondence between the monetary value and the amount of Digital Financial Assets, between transaction records and the actual conditions recorded in separate accounts at deposit banks and the amount of Digital Financial Assets stored at Digital Asset Storage Facility Operators;

l. only accept guarantee settlement for Crypto Asset transactions that have been designated by the Exchange in the Crypto Asset List;

m. monitor the activities and financial conditions of Traders;

n. conduct routine or special audits of Traders; and

o. impose sanctions in the form of temporary restrictions, suspension, and revocation of Trader membership that do not meet financial and reporting requirements, after first consulting with the Financial Services Authority in accordance with applicable legislation in the financial services sector.

(3) In carrying out the duties and exercising the authority as referred to in paragraph (1) and paragraph (2), the Clearing and Guarantee Settlement Institution must ensure the separation between Consumer funds and the assets of the Clearing and Guarantee Institution, including the separation of accounting and recording of the Clearing and Guarantee Institution.

Third Section
Digital Asset Storage Facility Operators

Paragraph 1
Legal Entity of Digital Asset Storage Facility Operators

Article 35
The legal entity of Digital Asset Storage Facility Operators is in the form of a limited liability company.

Paragraph 2
Requirements for Digital Asset Storage Facility Operators

Article 36
(1) Digital Asset Storage Facility Operators applying for business licenses from 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).

(2) Digital Asset Storage Facility Operators must maintain equity of at least 80% (eighty percent) of the paid-up capital as referred to in paragraph (1).

(3) The source of paid-up capital funds as referred to in paragraph (1) is prohibited from originating from:

a. TPPU, TPPT, and/or PPSPM activities;

b. loans; and

c. other activities that contradict applicable legislation.

(4) In addition to capital requirements as referred to in paragraph (1), Digital Asset Storage Facility Operators must meet the following requirements:

a. have an organizational structure consisting of at least an information technology division, legal division, internal supervision division, and digital asset storage governance and risk management division;

b. have 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 Settlement Institution and Traders;

c. obtain recommendations from the Clearing and Guarantee Settlement Institution;

d. have 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 of Digital Financial Assets at the storage facility;
security surveillance mechanisms;
internal controls; and
mechanisms for maintaining Digital Financial Assets;

e. have 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.

(5) In the event that Digital Asset Storage Facility Operators do not have employees as referred to in paragraph (4) letter e, Digital Asset Storage Facility Operators may cooperate with:

a. institutions that have expert personnel; or

b. experts,

who are certified as certified information systems auditor and certified information systems security professional for the supervision and security of Digital Financial Asset transactions at Traders.

Article 37
(1) Digital Asset Storage Facility Operators must meet system and storage facility requirements as referred to in Article 36 paragraph (4) letter b at least:

a. accurate, current, secure, trusted, and compatible in systems and applications with Trader and Clearing and Guarantee Settlement Institution systems;

b. meet specification standards and functions in accordance with functional standards as regulated in the regulations and rules of the Clearing and Guarantee Settlement Institution;

c. have functions that can protect the security of storage and transaction transfers for each Consumer;

d. have a business continuity plan;

e. have a disaster recovery center:

located in Indonesia at a location at least 20 (twenty) kilometers from the main server location; or
using servers or cloud servers that are adequate and have international standard certifications related to information security management systems.

f. have system configurations with specifications:

guaranteeing maintained communication with systems at the Financial Services Authority, Traders, and the Clearing and Guarantee Settlement Institution in real-time in accordance with protocols determined by the Financial Services Authority, Traders, and the Clearing and Guarantee Settlement Institution;
having good system security levels to overcome internal and external system disturbances;
guaranteeing real-time recording, storage, and transmission of Digital Financial Assets with layered system security levels;
preventing the receipt and/or transmission of Digital Financial Assets from unclear sources or attempting to mix them;
having good technical specifications for securing Digital Financial Assets with separation of media or storage facilities, at least consisting of hot storage, cold storage, multi-signature wallets, and smart contract wallets;
preventing the receipt and/or transmission of unknown Digital Financial Assets by implementing authorization measures for Traders;
facilitating the storage of Digital Financial Asset types contained in the Crypto Asset List;
having an admin panel dashboard capable of reconciling Digital Financial Assets between Traders and Digital Asset Storage Facility Operators with the obligation to apply at least 2 (two) factors of authenticity; and
using unique identification for each transaction;

g. meet database requirements that function to manage and store Digital Financial Asset transaction data:

store transaction data for at least the last 10 (ten) consecutive years;
maintain records for at least the last 6 (six) months; and
after the 6 (six) month period as referred to in item 2 ends, the records as referred to in item 2 must be copied and stored on data storage media outside the system storage database;

h. infrastructure has good technical specifications to facilitate the use of online Digital Financial Asset storage systems and facilities, with the provisions:

having backup infrastructure copied identically from the main infrastructure;
infrastructure including backup infrastructure is located in Indonesia; and
supported by adequate facilities and infrastructure to guarantee operational continuity.

i. have international standard certifications related to information security management systems from accredited institutions;

j. have risk mitigation mechanisms to guarantee the security of Digital Financial Assets stored; and

k. have secured open application programming interface with established procedures.

(2) In the event that servers or cloud servers as referred to in paragraph (1) letter e item 2 are provided by third parties, the third parties have official representative offices in Indonesia.

(3) The systems and storage facilities as referred to in paragraph (1) have been audited by independent institutions with competence in the field of information systems.

(4) Digital Asset Storage Facility Operators adjust or replace 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 stated:

a. proven to be inconsistent in systems and applications with the Clearing and Guarantee Settlement Institution and/or Trader systems; and/or

b. do not meet the requirements as referred to in paragraph (1), Exchange regulations and rules, and Clearing and Guarantee Settlement Institution regulations and rules.

(5) Adjustments or replacements as referred to in paragraph (4) must be completed within at most 3 (three) months after the systems and facilities are declared inconsistent and/or do not meet the requirements based on audit results by independent institutions with competence in the field of information systems.

(6) Digital Asset Storage Facility Operators are prohibited from making changes to Digital Financial Asset storage systems and facilities that have been approved by the Financial Services Authority without submitting change approvals to the Financial Services Authority, except in cases that endanger the storage systems and facilities or other actions that may threaten Digital Financial Asset storage facilities.

(7) Digital Asset Storage Facility Operators must at all times ensure that Digital Financial Asset storage systems and facilities meet the requirements as referred to in paragraph (1) after obtaining business licenses from the Financial Services Authority.

(8) Digital Asset Storage Facility Operators must report matters that endanger storage systems and facilities or threaten Digital Financial Asset storage facilities to the Exchange and the Financial Services Authority before taking necessary actions to secure Digital Financial Asset storage systems and facilities.

Paragraph 3
Corporate Organization

Article 38
Digital Asset Storage Facility Operators may be established and owned by:

a. Indonesian citizens;

b. Indonesian legal entities;

c. foreign citizens; and/or

d. foreign legal entities.

Article 39
(1) Digital Asset Storage Facility Operators must have at least 3 (three) and at most 7 (seven) Board of Directors members.

(2) Digital Asset Storage Facility Operators must have at least 1 (one) and at most the same number as the Board of Directors members of the Board of Commissioners.

(3) Board of Directors members of Digital Asset Storage Facility Operators are prohibited from holding concurrent positions as Board of Commissioners members, Board of Directors members, or employees at other companies engaged in Digital Financial Asset Trading.

(4) Candidates for Board of Commissioners and Board of Directors members of Digital Asset Storage Facility Operators must be submitted to the Financial Services Authority for approval.

(5) In the event of changes to Board of Commissioners and Board of Directors members, Digital Asset Storage Facility Operators must submit candidate Board of Commissioners and Board of Directors members to the Financial Services Authority for approval.

Paragraph 4
Duties and Authority of Digital Asset Storage Facility Operators

Article 40
(1) Digital Asset Storage Facility Operators must carry out the following duties:

a. prepare facilities and infrastructure for storing Digital Financial Assets with layered security levels;

b. ensure that storage operations run well and continuously update security systems to guarantee secure storage and transfer of Digital Financial Assets;

c. conduct necessary verifications for the receipt and transmission of Digital Financial Assets from and/or to Trader Wallets;

d. store Digital Financial Assets placed by Traders in separate data storage for each Trader;

e. issue storage and delivery receipts for Digital Financial Assets;

f. maintain Digital Financial Assets managed by them;

g. supervise and record Digital Financial Assets;

h. provide data and information for routine or special audits conducted by the Financial Services Authority, the Exchange, and/or the Clearing and Guarantee Settlement Institution;

i. implement risk mitigation mechanisms to guarantee the security of stored Digital Financial Assets;

j. ensure that the transfer of Digital Financial Assets and their recording correspond to the transactions that occurred;

k. provide secure, reliable, trusted storage facilities and systems connected to the Clearing and Guarantee Settlement Institution;

l. be responsible for the loss of Consumer-owned Digital Financial Assets stored; and

m. record Digital Financial Assets separately for each Trader.

(2) In carrying out the duties as referred to in paragraph (1), Digital Asset Storage Facility Operators have the authority to:

a. charge storage fees; and

b. refuse to store Digital Financial Assets from suspicious sources or Crypto Assets not included in the Crypto Asset List.

(3) Digital Asset Storage Facility Operators store Crypto Assets contained in the Crypto Asset List.

(4) Digital Asset Storage Facility Operators are responsible for Consumer-owned Digital Financial Assets they manage.

(5) Digital Asset Storage Facility Operators must ensure the separation between Consumer-owned Digital Financial Assets and Digital Asset Storage Facility Operator-owned assets, including in the accounting and recording of Digital Asset Storage Facility Operators.

(6) Digital Asset Storage Facility Operators must report lists of parties included as controllers and beneficial owners to the Financial Services Authority.

(7) Controllers as referred to in paragraph (6) include:

a. controlling shareholders;

b. Board of Commissioners members;

c. Board of Directors members;

d. corporate executive officials; and

e. other controllers.

(8) Controllers and beneficial owners as referred to in paragraph (6) are parties who share responsibility in the event of violations and/or losses due to violations or errors in management as Digital Asset Storage Facility Operators.

Paragraph 5
Storage Governance and Security of Digital Financial Assets

Article 41
(1) In formulating and implementing standard operating procedures as referred to in Article 36 paragraph (4) letter d, Digital Asset Storage Facility Operators must apply Digital Financial Asset storage governance on cold Wallets and hot Wallets, with the provisions:

a. Digital Financial Assets of each Trader are stored in separate accounts or media at the storage facility;

b. have storage capacity supporting Digital Financial Assets in various types of blockchain protocols, considering communication connection security;

c. have support teams that can serve Traders 24 hours a day, 7 days a week;

d. establish access control limits for each person who can access Wallets and standard operating procedures regarding risk mitigation;

e. have audit trails of events and transactions that can be audited periodically or at any time to ensure validity; and

f. storage of Digital Financial Assets including Crypto Assets in hot Wallets and cold Wallets is done by placing private keys in hardware security modules that meet federal information processing standard standards with a reference of at least level 3 (three).

(2) Digital Asset Storage Facility Operators must equip hardware security modules as referred to in paragraph (1) letter f with middleware to measure workflows and policy engines securely.

(3) Validation and authorization mechanisms for management on cold Wallets and hot Wallets meet at least the following provisions:

a. validation and authorization mechanisms for hot Wallets and cold Wallets are performed in layers using at least multiple signatures and 2 (two) factors of authenticity;

b. establish roles and access control limits for each Digital Asset Storage Facility Operator employee who can access Wallets or hardware security module infrastructure and its support; and

c. authorization uses an approval system that meets quorum (M out of N) and involves at least 3 (three) individuals and must be an odd number, with at least 1 (one) individual from the Board of Directors.

(4) Digital Asset Storage Facility Operators must ensure that human resources managing and supervising Digital Financial Asset storage meet the following provisions:

a. identification and monitoring of employee profiles have been conducted through deep screening of human resources, performed through methods:

interviews and identity verification; and
more in-depth research on Parties who have physical access to the storage facility;

b. have undergone initial identification training within a certain period;

c. make agreements regarding data confidentiality, both while employees are still active and when they no longer work at Digital Asset Storage Facility Operators; and

d. have at least 2 (two) years of experience in the information technology field and other fields, as evidenced by proof of work in that field.

(5) Digital Asset Storage Facility Operators must ensure that technical standards for facilities used as storage rooms for Digital Financial Assets in cold Wallets meet the following provisions:

a. located in storage rooms located in data centers or other places with optimal security standards;

b. apply layered protection at minimum using nano ledgers equipped with multi-party computing techniques;

c. use ledgers as hardware devices on cold Wallets;

d. place ledgers and/or cold Wallets at minimum in safes with good security levels;

e. in the event that Digital Asset Storage Facility Operators use safes as storage for Digital Financial Assets, the safes must have air gap features with hardware devices that are never connected to the internet;

f. have storage standards resistant to disasters;

g. store cold Wallets in secret locations;

h. equip storage facilities with surveillance cameras capable of monitoring all sides of the area 24 hours a day, 7 days a week, and directly connected to the Exchange and the Clearing and Guarantee Settlement Institution; and

i. do not place cold Wallets in the same location as other cold Wallets functioning as backups.

Article 42
(1) Digital Asset Storage Facility Operators must apply security governance for the transfer of Digital Financial Assets from cold Wallets to hot Wallets or vice versa, with the provisions:

a. standard operating procedures for the transfer of Digital Financial Assets consist of:

https://jdih.ojk.go.id/

determine the role and limits of access control for each employee of the Digital Financial Asset Custodian who is permitted to access the Wallet or hardware security module infrastructure and its support;
maintain a record of events and transactions that can be audited periodically or at any time to ensure their validity;
synchronize the transfer of Digital Financial Assets from the Trader to the Digital Financial Asset Custodian or vice versa, which is carried out using a system through an application programming interface within the specified timeframe to maintain the stability of the composition of Digital Financial Assets regulated in the Digital Financial Asset trading mechanism; and
activities as referred to in item 3 are carried out automatically through a system using a virtual private network, without manual intervention from personnel to reduce the daily operational burden of the Trader or the Digital Financial Asset Custodian.
b. validation and authorization mechanisms for the transfer of Digital Financial Assets consist of:
validation and authorization mechanisms are carried out in layers using at least a multiple signature method and 2 (two) factors of authenticity;
authorization uses an approval system that meets a quorum (M out of N) and a system involving at least 3 (three) individuals and must be an odd number, with at least 1 (one) individual from the Board of Directors; and
Wallets that are the destination for deposits or intermediaries must already be on the whitelist address in the transfer process.
(2) The Digital Financial Asset Custodian is required to ensure that human resources carrying out management and supervision over the transfer of Digital Financial Assets meet the following provisions:
a. identification and monitoring of employee profiles have been conducted with in-depth screening of human resources, carried out through methods:
interviews and identity verification; and
deeper investigation into parties who have physical access to the storage location;
b. have undergone initial identification training within a certain period; https://jdih.ojk.go.id/

c. make agreements regarding data confidentiality both while workers are still actively working and when they are no longer working at the Digital Financial Asset Custodian; and
d. have experience in the field of information technology and other fields for at least 2 (two) years by showing proof of employment in that field.
Article 43
The Digital Financial Asset Custodian is required to have a Digital Financial Asset storage system supported by:
a. the determination of encryption for the transmission of Digital Financial Assets from the Trader to the Digital Financial Asset Custodian; b. Trader whitelist addresses; and
c. a service level agreement regarding the timeliness of the Digital Financial Asset withdrawal process from the Digital Financial Asset Custodian to the Trader.
Fourth Section
Trader
Paragraph 1
Legal Entity of the Trader
Article 44
The legal entity of the Trader is in the form of a limited liability company.
Paragraph 2
Trader Requirements
Article 45
(1) Traders applying for a business license to the Financial Services Authority must meet the requirement of having paid-up capital of at least Rp100,000,000,000.00 (one hundred billion rupiah). (2) Traders are required to maintain equity of at least Rp50,000,000,000.00 (fifty billion rupiah). (3) The source of paid-up capital funds as referred to in paragraph (1) is prohibited from originating from:
a. money laundering, terrorism financing, and/or proliferation financing of weapons of mass destruction activities; b. loans; and
c. other activities that contradict provisions of legislation.
(4) The Financial Services Authority has the authority to request an increase in the capital size as referred to in paragraph (1) and the equity size as referred to in paragraph (2) from the Trader 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 a systemic impact.
(5) In addition to the capital requirements as referred to in paragraph (1), Traders must meet the following requirements:
https://jdih.ojk.go.id/

a. have an organizational structure consisting of at least an information technology division, an audit division, a legal division, a Consumer complaint division, a client support division, and an accounting and finance division; b. have an online trading system and facilities used to facilitate the organization of the Digital Financial Asset Market trading, which is connected to the Exchange and the Clearing, Guaranteeing, and Settlement Institution;
c. have trading procedures containing at least:

definitions and terms;
Consumer registration process;
statements and guarantees;
obligations and responsibilities;
data encryption;
transaction activity procedures, including buy/sell transactions, deposits, withdrawals, transmission of Digital Financial Assets to other Wallets, and other activities that have received approval from the Financial Services Authority;
transaction costs and withdrawal limits;
transaction security;
Consumer complaint services;
Consumer dispute resolution;
implementation of AML, CFT, and Proliferation Financing programs in the financial services sector;
submission of terms and conditions when the Trader takes a position for itself; and
force majeure conditions;
d. have standard operating procedures at least regulating:
marketing and Consumer acceptance;
transaction execution;
internal control and supervision;
Consumer dispute resolution; and
implementation of AML, CFT, and Proliferation Financing programs in the financial services sector;
e. have at least 1 (one) employee certified as a Certified Information Systems Security Professional; f. have candidates for the Board of Directors, Board of Commissioners, shareholders, and/or controllers who must pass the competence and propriety assessment conducted by the Financial Services Authority. (6) In the event that the Trader does not have employees as referred to in paragraph (5) letter e, the Trader may cooperate with:
institutions that have expert personnel; or
experts,
who are certified as Certified Information Systems Security Professionals. https://jdih.ojk.go.id/

(7) In the event that the Trader takes a position for itself as referred to in paragraph (5) letter c item 12, the Trader is required to meet the following provisions:
a. act as a market maker or liquidity provider in transactions; b. give priority to Consumers in taking buy or sell positions;
c. use the Trader's own funds or Digital Financial Assets, place funds in a separate account at the Clearing, Guaranteeing, and Settlement Institution, and place Digital Financial Assets at the Digital Financial Asset Custodian;
d. be prohibited from using Consumers' funds or Digital Financial Assets; e. submit the position-taking mechanism to the Financial Services Authority, the Exchange, the Clearing, Guaranteeing, and Settlement Institution, and Consumers; and f. maintain separate records.
Article 46
(1) Traders must meet the online trading system and facility requirements as referred to in Article 45 paragraph (5) letter b at least:
a. accurate, current, safe, trusted, online and real-time, and compatible in system and application with the Exchange and Clearing, Guaranteeing, and Settlement Institution systems; b. meet specification standards and functions in accordance with functional standards as regulated in Exchange regulations and bylaws and Clearing, Guaranteeing, and Settlement Institution regulations and bylaws;
c. have available features and functions that meet all provisions in Exchange regulations and bylaws and Clearing, Guaranteeing, and Settlement Institution regulations and bylaws;
d. have functions that can protect access to financial data and transaction data of each Consumer; e. have a business continuity plan; f. have a disaster recovery center:

located in Indonesia with a location at most 20 (twenty) kilometers from the main server location; or
using adequate servers or cloud servers with international standard certification related to information security management systems.
g. have system configuration with specifications:
ensuring maintenance of communication with systems at the Financial Services Authority, Exchange, Clearing, Guaranteeing, and Settlement Institution, and Digital Financial Asset Custodian in real-time according to protocols determined by the Financial Services Authority, Exchange, and Clearing, Guaranteeing, and Settlement Institution; and
having good system security levels to overcome internal and external system disturbances;
h. meet database requirements that function to manage and store Digital Financial Asset transaction data, with criteria:
storing transaction data and financial data for the last 10 (ten) consecutive years;
maintaining records of transaction prices that occurred, balances, and Consumer transaction mutations for a duration of at least the last 6 (six) months; and
after a 6 (six) month period, the records as referred to in item 2 must be copied and stored to data storage media outside the trading system database;
i. infrastructure has good technical specifications to facilitate the use of online Digital Financial Asset trading systems and facilities, with provisions:
having backup infrastructure copied identically from the main infrastructure.
infrastructure including backup infrastructure is located in Indonesia.
supported by adequate facilities and infrastructure to guarantee operational continuity.
j. have international standard certification related to information security management systems from an accredited institution; k. have secured open application programming interface with established procedures. (2) In the event that servers or cloud servers as referred to in paragraph (1) letter f item 2 are provided by third parties, the third party has an official representative office in Indonesia. (3) The online trading systems and facilities as referred to in Article 45 paragraph (5) letter b have been audited by an independent institution with competence in the field of information systems. (4) Traders adjust or replace online trading systems and facilities in the event that based on the audit results of the online trading systems and facilities as referred to in paragraph (3) it is determined:
a. proven to be unsuitable both in system and application with Exchange, Clearing, Guaranteeing, and Settlement Institution, and/or Digital Financial Asset Custodian systems; and/or b. do not meet the requirements as regulated in paragraph (1), Exchange regulations and bylaws, https://jdih.ojk.go.id/

and/or Clearing, Guaranteeing, and Settlement Institution regulations and bylaws.
(5) Adjustments or replacements as referred to in paragraph (4) must be completed within a maximum of 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) Traders are required at all times to ensure that trading systems and facilities comply with the requirements as referred to in paragraph (1) after obtaining a business license from the Financial Services Authority. (7) Changes to trading systems and facilities must first obtain approval from the Financial Services Authority.
Article 47
(1) In the event that the Trader acts as a market maker or liquidity provider, the Trader is required to report this to the Financial Services Authority. (2) In the event that the Trader uses a market maker or liquidity provider, the Trader is required to have a cooperation agreement and report it to the Financial Services Authority. Paragraph 3 Corporate Organization
Article 48
(1) Traders may be founded and owned by:
a. Indonesian citizens; b. Indonesian legal entities;
c. foreign citizens; and/or
d. foreign legal entities.
(2) Share ownership of the Trader by Indonesian citizens and/or Indonesian legal entities as referred to in paragraph (1) letters a and b in shares of other Traders is at most 20% (twenty percent) and must be reported to the Financial Services Authority. (3) Share ownership of the Trader by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letters c and d that have the same business model or activities as the Trader, can only be conducted in 1 (one) Trader.
Article 49
(1) Traders are required to have at least 3 (three) Board of Directors members with a majority of Board of Directors members being Indonesian citizens and domiciled in Indonesia. (2) Traders are required to have at least 2 (two) Board of Commissioners members and at most the same number as the Board of Directors members. (3) Traders are required to have a President Director who is an Indonesian citizen. https://jdih.ojk.go.id/

(4) Board of Directors or Board of Commissioners members of the Trader who are foreign citizens and domiciled in Indonesia must have permanent or temporary residence permits and submit such documents to the Financial Services Authority. (5) Trader Board of Directors members are prohibited from holding concurrent positions as Board of Commissioners members, Board of Directors members, or employees at other companies operating in the Digital Financial Asset Trading field. (6) In the event of changes to Board of Commissioners and Board of Directors members, the Trader is required to submit candidates for Board of Commissioners and Board of Directors members of the Trader to the Financial Services Authority to obtain approval. Paragraph 4 Trader Obligations
Article 50
(1) Traders are required to meet the following provisions:
a. submit approval requests to the Financial Services Authority whenever there are changes in management, share ownership, systems, and trading procedures owned or other changes; b. provide and/or open access to all systems used to the Financial Services Authority for supervision with read-only access rights;
c. participate in necessary education for the development of Digital Financial Asset trading;
d. report the list of parties included as controllers and beneficial owners to the Financial Services Authority; e. submit periodic and ad hoc reports on the implementation of Digital Financial Asset trading; f. present electronic records of transactions and buy/sell orders made by Consumers in the Trader's trading system that can be directly accessed by Consumers; g. guarantee that orders submitted by Consumers are recorded in the Trader's trading system order book in real-time and the content matches the Consumer's order mandate; h. provide slippage features related to notifications of significant movements in Digital Financial Asset prices;
i. provide the same features in online trading systems and facilities regarding transaction execution for all types of Digital Financial Assets;
j. organize 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. implement AML, CFT, and Proliferation Financing programs in accordance with Financial Services Authority Regulations and legislation provisions regarding the implementation of AML, CFT, and Proliferation Financing programs;
l. have an office or domicile in the Unitary State of the Republic of Indonesia mentioned in the company's articles of association, which is a physical office serving as the Trader's headquarters and is not a shared office, co-working space, or virtual office;
m. the amount of Digital Financial Assets belonging to Consumers recorded at the Trader must match the amount of Digital Financial Assets stored by the Trader; and n. ensure separation between Consumers' Digital Financial Assets and the Trader's Digital Financial Assets, including in the Trader's recording and bookkeeping. (2) Controllers as referred to in paragraph (1) letter d include:
a. controlling shareholders; b. Board of Commissioners members;
c. Board of Directors members;
d. corporate executive officials; and e. other controllers.
(3) Controllers and beneficial owners as referred to in paragraph (1) letter d become parties jointly responsible in the event of violations and/or losses due to violations or errors in management as a Trader. Paragraph 5 Scope of Trader Activities
Article 51
(1) The scope of Trader activities in Digital Financial Asset trading includes:
a. buying and/or selling between Digital Financial Assets and Rupiah currency; b. exchange between one or more types of Digital Financial Assets;
c. storage of Consumers' Digital Financial Assets; and
d. transfer or movement of Digital Financial Assets between Wallets.
(2) In the event that the Trader conducts activities other than those referred to in paragraph (1), the Trader must first submit an approval request to the Financial Services Authority. (3) Activities as referred to in paragraph (1) and paragraph (2) must be regulated in the Trader's trading procedures. https://jdih.ojk.go.id/

(4) Trading procedures as referred to in paragraph (3), including amendments, must first obtain approval from the Exchange before obtaining approval from the Financial Services Authority. (5) Activities as referred to in paragraph (1) and paragraph (2), including changes and developments, must be studied and assessed for risk, including money laundering, terrorism financing, and proliferation financing of weapons of mass destruction risks.
Article 52
(1) In carrying out the scope of activities as referred to in Article 51 paragraph (1) and paragraph (2), Traders are prohibited from:
a. conducting other business activities other than those listed in Article 51 paragraph (1) and paragraph (2); 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
d. marketing Digital Financial Assets issued by themselves and/or affiliated parties of the Trader.
(2) Traders are prohibited from having receivables with affiliated parties.
(3) Affiliated parties as referred to in 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 common Board of Directors or Board of Commissioners members;
d. relationships between the company and parties, directly or indirectly, that control or are controlled by the company; e. relationships between 2 (two) companies controlled by the same party, directly or indirectly; or f. relationships between the company and major shareholders. (4) Control over companies owned by affiliated parties as referred to in paragraph (3) letters d and e is carried out 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, individually or jointly; and/or
d. having the authority to appoint, approve, and/or dismiss the company's Board of Directors members and/or Board of Commissioners members. (5) In the event that the Trader provides access or cooperates with other parties conducting supporting activities as referred to in paragraph (1) letter c, the Trader must first obtain approval from the Financial Services Authority. (6) Approval as referred to in paragraph (5) can only be given to the Trader after meeting requirements established by the Financial Services Authority.
Article 53
Traders in carrying out Digital Financial Asset trading activities have the authority:
a. to accept or reject prospective Consumers based on customer due diligence results conducted in accordance with legislation provisions; and b. to set and charge fees for each transaction made by Consumers, taking into account the principles of efficiency and fairness. Fifth Section Administrative Sanctions
Article 54
(1) Violations of provisions as referred to in Article 18 paragraph (3), Article 19 paragraph (2), paragraph (3), Article 21 paragraph (6), paragraph (7), Article 22 paragraph (2), Article 24 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (6), Article 26 paragraph (1), Article 28 paragraph (2), paragraph (3), Article 29 paragraph (7), paragraph (8), Article 30 paragraph (2), Article 32 paragraph (1), paragraph (2), paragraph (3), paragraph (4), paragraph (6), Article 34 paragraph (1), paragraph (3), Article 36 paragraph (2), paragraph (3), Article 37 paragraph (6), paragraph (7), paragraph (8), Article 39, Article 40 paragraph (1), paragraph (5), paragraph (6), Article 41 paragraph (1), paragraph (2), paragraph (4), paragraph (5), Article 42 paragraph (2), Article 43, Article 45 paragraph (2), paragraph (3), paragraph (7), Article 46 paragraph (6), paragraph (7), Article 47, Article 48 paragraph (2), Article 49, Article 50 paragraph (1), Article 51 paragraph (2), paragraph (3), paragraph (4), paragraph (5), Article 52 paragraph (1), paragraph (2), and paragraph (5), shall be subject to administrative sanctions in the form of:
a. written warning; b. temporary suspension, partial, or full cessation of activities including cooperation implementation;
c. dismissal and/or replacement of management;
https://jdih.ojk.go.id/

d. listing of the Principal Party in the list of tainted persons in the financial sector; and/or e. revocation of business license. (2) Administrative sanctions as referred to in paragraph (1) 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 (1) letter a.
CHAPTER IV
LICENSING OF DIGITAL FINANCIAL ASSET TRADING ORGANIZERS First Section Licensing of Digital Financial Asset Trading Organizers
Article 55
(1) Digital Financial Asset Trading Organizers may conduct business after obtaining a business license from the Financial Services Authority. (2) Applications to obtain a business license as referred to in paragraph (1) are submitted in writing by members of the Board of Directors of prospective Digital Financial Asset Trading Organizers to the Financial Services Authority by submitting document requirements listed in the Appendix in Section A which is an integral part of this Financial Services Authority Regulation. (3) Business license applications as referred to in paragraph (2) are submitted through the Financial Services Authority licensing system.
Article 56
(1) Approval or rejection of business license applications submitted by applicants who are Exchanges, Clearing, Guaranteeing, and Settlement Institutions, Digital Financial Asset Custodians, and Traders, shall be given by the Financial Services Authority within a maximum of 40 (forty) working days after complete licensing document applications 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. competence and propriety assessment;
c. operational readiness research including information technology systems used; and
d. other analyses based on Financial Services Authority considerations.
(3) To support the implementation of research, analysis, and assessment as referred to in paragraph (2), based on specific considerations, the Financial Services Authority may request additional documents and/or information from the applicant. https://jdih.ojk.go.id/

(4) The Applicant submits additional documents and/or information as referred to in paragraph (3) to the Financial Services Authority no later than 10 (ten) working days from the date of notification from the Financial Services Authority.

Second Section
Cessation of Activities and Revocation of Business Licenses

Article 57
(1) A Digital Financial Asset Trading Organizer that will cease business activities must submit a written application for cessation of business activities to the Financial Services Authority by attaching documents:
a. minutes of the General Meeting of Shareholders regarding the plan to cease business activities; b. reasons for cessation;
c. a plan to settle all obligations; and
d. the latest financial report.
(2) The minutes of the General Meeting of Shareholders as referred to in paragraph (1) letter a must at least contain a decision approving the plan to cease business activities and an order to the Board of Directors to settle the obligations of the Digital Financial Asset Trading Organizer. (3) Based on the application as referred to in paragraph (1), the Financial Services Authority issues a letter of cessation of business activities requiring the Digital Financial Asset Trading Organizer to:
a. cease all business activities; b. announce the cessation of business activities as a Digital Financial Asset Trading Organizer and the plan to settle obligations in:

1 (one) daily newspaper with national circulation;
the official portal or website of the Digital Financial Asset Trading Organizer; and
the official social media account of the Digital Financial Asset Trading Organizer,
no later than 10 (ten) working days from the date of issuance of the cessation of business activities letter;
c. immediately settle all obligations of the Digital Financial Asset Trading Organizer; and
d. appoint a public accounting firm to verify the settlement of the obligations of the Digital Financial Asset Trading Organizer. (4) In the event that all obligations of the Digital Financial Asset Trading Organizer as referred to in paragraph (3) have been settled, the Digital Financial Asset Trading Organizer submits a written application for revocation of the business license to the Financial Services Authority accompanied by a report containing at least:
a. implementation of the cessation of business activities; b. implementation of the announcement of the cessation of business activities;
c. implementation of the settlement of obligations;
d. report of verification results from the public accounting firm regarding the settlement of obligations; and e. a statement letter from shareholders that the steps to settle the obligations of the Digital Financial Asset Trading Organizer have been completed and that if there are claims in the future, they become the responsibility of the shareholders. (5) Based on the application for revocation of the business license as referred to in paragraph (4), the Financial Services Authority issues a decision on the revocation of the business license of the Digital Financial Asset Trading Organizer.

Article 58
The Financial Services Authority has the authority to revoke the business license of the Digital Financial Asset Trading Organizer by issuing a decision on the revocation of the business license, in the event:
a. the Digital Financial Asset Trading Organizer violates provisions in this Financial Services Authority Regulation with sanctions in the form of revocation of the business license; and/or b. there is a court decision that has acquired permanent legal force.

Article 59
If there are obligations of the Digital Financial Asset Trading Organizer that have not been settled after the date of the decision on revocation of the business license as referred to in Article 58, all obligations become the responsibility of the shareholders of the Digital Financial Asset Trading Organizer.

CHAPTER V
ASSESSMENT OF COMPETENCE AND PROPRIETY

Article 60
(1) Principal Parties of Exchanges, Clearing and Guarantee Institutions, Custody Administrators, and Traders, include:
a. controlling shareholders; b. members of the Board of Directors; and
c. members of the Board of Commissioners.
(2) Candidate Principal Parties as referred to in paragraph (1) must obtain approval from the Financial Services Authority before carrying out actions, duties, and functions as Principal Parties. (3) To grant approval as referred to in paragraph (2), the Financial Services Authority conducts an assessment of competence and propriety for candidate Principal Parties in Digital Financial Asset trading. (4) The assessment of competence and propriety as referred to in paragraph (3) is carried out in accordance with the Financial Services Authority Regulation regarding the assessment of competence and propriety for Principal Parties of financial service institutions. (5) Principal Parties of Exchanges, Clearing and Guarantee Institutions, Custody Administrators, and/or Traders who violate provisions as referred to in paragraph (2) are subject to administrative sanctions in the form of:
a. written warnings; b. temporary cessation, partial, or total cessation of activities including the implementation of cooperation;
c. dismissal and/or replacement of management;
d. listing of Principal Parties in the list of persons with bad reputation in the financial sector; and/or e. revocation of business licenses. (6) Administrative sanctions as referred to in paragraph (5) letters b, c, d, and e may be imposed with or without being preceded by the imposition of an administrative sanction in the form of a written warning as referred to in paragraph (5) letter a. (7) Further provisions regarding the assessment of competence and propriety for Principal Parties are established by the Financial Services Authority.

Article 61
(1) In the event that Principal Parties as referred to in Article 60 paragraph (1) are indicated to be involved and/or responsible for issues regarding integrity, financial feasibility, financial reputation, and/or competence, the Financial Services Authority conducts a re-assessment of the Principal Parties in question. (2) The re-assessment of Principal Parties as referred to in paragraph (1) is carried out in accordance with the Financial Services Authority Regulation regarding re-assessment for Principal Parties of financial service institutions. (3) Further provisions regarding re-assessment of Principal Parties are established by the Financial Services Authority.

CHAPTER VI
GOVERNANCE

First Section
Governance Principles at Digital Financial Asset Trading Organizers

Article 62
(1) Digital Financial Asset Trading Organizers are required to apply good governance principles in all their business activities at all levels or tiers of the organization. (2) The application of good governance as referred to in paragraph (1) must at least cover the principles:
a. openness; b. accountability;
c. responsibility;
d. independence; and e. fairness.
(3) The application of good governance principles as referred to in paragraph (1) must at least be manifested in the form of:
a. shareholder commitment; b. implementation of duties and responsibilities of the Board of Directors and Board of Commissioners;
c. internal control;
d. avoidance of conflicts of interest; and e. business plans, according to the risks, size, and complexity of the Digital Financial Asset Trading Organizer. (4) The application of good governance principles as referred to in paragraph (3) must be codified in guidelines and established by the Board of Directors and Board of Commissioners. (5) Traders and Custody Administrators are prohibited from being controlled, directly or indirectly, by individuals who:
a. are not competent to perform legal acts; b. do not have good ethics and morals;
c. do not have knowledge related to Digital Financial Asset trading;
d. have previously been declared bankrupt or have been directors or commissioners declared guilty of causing a company to be declared bankrupt within the last 5 (five) years; e. have previously been sentenced for proven criminal acts in the economic or financial sector; and/or f. have previously been sentenced with a penalty threat of more than 5 (five) years.

Second Section
Shareholder Commitments

Article 63
(1) Shareholders of Digital Financial Asset Trading Organizers are required to meet integrity and financial feasibility requirements. (2) Fulfillment of integrity and financial feasibility requirements as referred to in paragraph (1) is carried out through an assessment of competence and propriety by the Financial Services Authority. (3) Shareholders of Digital Financial Asset Trading Organizers are prohibited from intervening in the implementation of business activities and/or operations of the Digital Financial Asset Trading Organizer. (4) Shareholders of Digital Financial Asset Trading Organizers who serve as members of the Board of Directors of the Digital Financial Asset Trading Organizer must prioritize the interests of the Digital Financial Asset Trading Organizer.

Third Section
Implementation of Duties and Responsibilities of the Board of Directors and Board of Commissioners

Paragraph 1
Implementation of Duties and Responsibilities of the Board of Directors

Article 64
(1) The Board of Directors of Digital Financial Asset Trading Organizers is tasked with managing and is responsible for the administration of the company for the benefit of the company in accordance with the purposes and objectives established in the articles of association. (2) The duties and responsibilities for the administration of the company as referred to in paragraph (1) are carried out in accordance with the authority of the Board of Directors of Digital Financial Asset Trading Organizers regulated in statutory provisions and the articles of association. (3) Each member of the Board of Directors of Digital Financial Asset Trading Organizers must carry out the administration of the company as referred to in paragraph (1) with good faith, prudence, and full responsibility.

Article 65
(1) The Board of Directors of Digital Financial Asset Trading Organizers must ensure the implementation of good governance principles as referred to in Article 62 paragraph (2). (2) The Board of Directors of Digital Financial Asset Trading Organizers must follow up on audit findings and recommendations from:
a. compliance, risk management, and internal audit functions; b. external audit findings;
c. results of supervision by the Board of Commissioners; and
d. results of supervision by the Financial Services Authority.

Paragraph 2
Implementation of Duties and Responsibilities of the Board of Commissioners

Article 66
(1) The Board of Commissioners of Digital Financial Asset Trading Organizers is tasked and responsible for supervising the policy of administration, the course of administration of the Digital Financial Asset Trading Organizer, and providing advice to the Board of Directors of Digital Financial Asset Trading Organizers. (2) In the event that the Board of Commissioners of Digital Financial Asset Trading Organizers participates in making decisions regarding matters established in the articles of association or statutory provisions, such decision-making is carried out in their function as supervisors and advisors to the Board of Directors of Digital Financial Asset Trading Organizers. (3) The Board of Commissioners of Digital Financial Asset Trading Organizers must supervise the implementation of good governance principles as referred to in Article 62 paragraph (2). (4) The Board of Commissioners of Digital Financial Asset Trading Organizers must carry out duties and responsibilities as referred to in paragraph (1) independently.

Article 67
(1) The Board of Commissioners of Digital Financial Asset Trading Organizers must supervise the follow-up by the Board of Directors of Digital Financial Asset Trading Organizers regarding audit findings and recommendations from:
a. compliance, risk management, and internal audit functions; b. external audit findings;
c. results of supervision by the Board of Commissioners of Digital Financial Asset Trading Organizers; and
d. results of supervision by the Financial Services Authority.
(2) The Board of Commissioners of Digital Financial Asset Trading Organizers must report to the Financial Services Authority if they know of indications of violations of statutory provisions in the financial service sector that can endanger the continuity of Digital Financial Asset trading activities, committed by members of the Board of Commissioners, members of the Board of Directors, and/or employees, no later than 3 (three) working days from when the indication of violation is known. (3) The Board of Commissioners of Digital Financial Asset Trading Organizers must hold Board of Commissioners meetings by inviting the Board of Directors to discuss indications of violations of statutory provisions in the financial service sector as referred to in paragraph (2).

Paragraph 3
Prohibitions for the Board of Directors and Board of Commissioners

Article 68
Members of the Board of Directors and members of the Board of Commissioners of Digital Financial Asset Trading Organizers are prohibited from:
a. abusing their authority for personal, family, and/or third-party interests; and b. taking and/or receiving personal benefits from Digital Financial Asset trading organization activities, directly or indirectly, other than lawful income.

Fourth Section
Internal Control

Paragraph 1
Implementation of Internal Control at Digital Financial Asset Trading Organizers

Article 69
(1) Digital Financial Asset Trading Organizers are required to implement internal control in carrying out their business activities. (2) In implementing internal control as referred to in paragraph (1), Digital Financial Asset Trading Organizers must establish functions:
a. compliance and internal audit; and b. risk management.

Article 70
(1) Employees at Digital Financial Asset Trading Organizers who carry out each function as referred to in Article 69 paragraph (2) are prohibited from holding concurrent positions to carry out other functions unless otherwise regulated in statutory provisions. (2) Employees at Digital Financial Asset Trading Organizers as referred to in paragraph (1) must carry out their duties and responsibilities independently.

Paragraph 2
Implementation of Compliance and Internal Audit Functions

Article 71
The implementation of compliance and internal audit functions as referred to in Article 69 paragraph (2) letter a must at least include:
a. acting as a liaison officer with the Financial Services Authority; b. formulation of compliance policies and internal audit policies;
c. testing, evaluation, and recommendations regarding the conformity of policies, provisions, systems, and procedures owned by Digital Financial Asset Trading Organizers with statutory provisions at least 1 (one) time in 1 (one) year or at more frequent intervals in the event of changes in factors significantly affecting business activities;
d. formulation and implementation of adequate audit programs for all work units, the implementation of which considers the risk level of each work unit; and e. monitoring, identification, measurement, and follow-up regarding matters related to compliance and internal audit that require the attention of the Board of Directors.

Paragraph 3
Implementation of Risk Management Functions

Article 72
(1) The implementation of risk management functions as referred to in Article 69 paragraph (2) letter b must at least include:
a. formulation of risk management policies; b. testing, evaluation, and objective recommendations for improvement regarding the implementation of risk management policies, at least 1 (one) time in 1 (one) year or at more frequent intervals in the event of changes in factors significantly affecting business activities;
c. monitoring, identification, measurement, and follow-up regarding matters related to risk management that require the attention of the Board of Directors; and
d. independent evaluation regarding risk management principles, at least identification and risk mitigation.
(2) Risk management policies as referred to in paragraph (1) letter a must at least contain:
a. comprehensive risk management strategy and framework; b. risk identification;
c. risk measurement, monitoring, and control; and
d. risk mitigation.

Article 73
(1) Practitioners of compliance and internal audit functions and risk management functions are responsible to the Board of Directors members who oversee the respective functions. (2) Reports on the implementation of compliance and internal audit functions and risk management functions are submitted to the Board of Directors members who oversee the respective functions and copied to the Board of Commissioners. (3) Reports on the implementation of compliance and internal audit functions and risk management functions as referred to in paragraph (2) are carried out at least 1 (one) time in 1 (one) year.

Fifth Section
Business Plans

Article 74
(1) Digital Financial Asset Trading Organizers are required to have realistic, measurable, and sustainable business plans.
(2) Business plans as referred to in paragraph (1) must be formulated by the Board of Directors and approved by the Board of Commissioners or the General Meeting of Shareholders as determined in the articles of association. (3) Business plans as referred to in paragraph (1) must at least contain:
a. determination of objectives of the Digital Financial Asset Trading Organizer to be achieved within a 1 (one) year period; b. strategies to achieve the objectives of the Digital Financial Asset Trading Organizer; and
c. 1 (one) year financial projections.
(4) Business plans of Traders, in addition to meeting the provisions as referred to in paragraph (3), must at least contain:
a. products, activities, and services to be offered; b. target number of Consumers; and
c. target value and trading volume.
(5) Business plans as referred to in paragraph (3) must be formulated by meeting:
a. the strategic plan of the Digital Financial Asset Trading Organizer; b. internal and external factors that can affect the continuity of business activities of the Digital Financial Asset Trading Organizer;
c. the principle of prudence; and
d. the implementation of risk management.

Article 75
(1) The Board of Directors of Digital Financial Asset Trading Organizers is responsible for the implementation of business plans and the socialization of business plans to all employees. (2) The Board of Commissioners of Digital Financial Asset Trading Organizers is responsible for supervising the implementation of business plans.

Article 76
(1) Digital Financial Asset Trading Organizers are required to submit business plans to the Financial Services Authority as referred to in Article 74 paragraph (1) no later than November 30 before the year the business plan begins. (2) In the event that the deadline for submission of business plans as referred to in paragraph (1) falls on a holiday, the deadline for submission of business plans as referred to in paragraph (1) is on the next working day. (3) The Financial Services Authority may request Digital Financial Asset Trading Organizers to make adjustments if the submitted business plan is assessed as not fully meeting provisions related to Digital Financial Asset trading activities. (4) Digital Financial Asset Trading Organizers are required to submit adjustments to business plans as referred to in paragraph (3) to the Financial Services Authority no later than 15 (fifteen) working days after the date of the letter from the Financial Services Authority. (5) Digital Financial Asset Trading Organizers may only make changes to business plans 1 (one) time, no later than the last working day in June of the current year, unless otherwise determined upon request from the Financial Services Authority. (6) Changes to business plans as referred to in paragraph (5) must be submitted to the Financial Services Authority no later than 30 (thirty) working days before the implementation of the relevant business plan. (7) Digital Financial Asset Trading Organizers are required to submit realization of business plans quarterly to the Financial Services Authority. (8) Further provisions regarding business plans of Digital Financial Asset Trading Organizers are established by the Financial Services Authority.

Sixth Section
Conflicts of Interest

Paragraph 1
Conflict of Interest Handling Policies for Digital Financial Asset Trading Organizers

Article 77
(1) Members of the Board of Directors, members of the Board of Commissioners, and employees of Digital Financial Asset Trading Organizers must avoid all forms of conflicts of interest in the implementation of Digital Financial Asset trading organization duties. (2) Digital Financial Asset Trading Organizers must have and apply conflict of interest handling policies. (3) Conflict of interest handling policies as referred to in paragraph (2) must at least contain:
a. definition of conflict of interest; b. identification of matters constituting conflicts of interest;
c. procedures or mechanisms for handling conflicts of interest;
d. decision-making in the event of conflicts of interest; e. written reporting and/or disclosure if having or potentially having conflicts of interest; and f. administration and documentation of conflicts of interest.

Seventh Section
Administrative Sanctions

Article 78
(1) Violations of provisions as referred to in Article 62 paragraph (1), paragraph (4), paragraph (5), Article 63 paragraph (1), paragraph (3), paragraph (4), Article 64 paragraph (3), Article 65, Article 66 paragraph (3), paragraph (4), Article 67, Article 68, Article 69, Article 70, Article 74 paragraph (1), paragraph (2), Article 76 paragraph (1), paragraph (4), paragraph (6), paragraph (7), and Article 77 paragraph (2) are subject to administrative sanctions in the form of:
a. written warnings; b. administrative fines;
c. temporary cessation, partial, or total cessation of activities;
d. listing of Principal Parties in the list of persons with bad reputation in the financial sector; and/or e. revocation of business licenses. (2) Digital Financial Asset Trading Organizers that do not meet provisions as referred to in Article 76 paragraph (1), paragraph (4), and paragraph (6) are subject to administrative sanctions in the form of fines of Rp200,000.00 (two hundred thousand rupiah) per day of delay. (3) In the event that Digital Financial Asset Trading Organizers do not submit business plans within a period of 7 (seven) days from the deadline for submission of reports as referred to in Article 76 paragraph (1), paragraph (4), and paragraph (6), they are subject to administrative sanctions for failure to submit reports in the amount of Rp2,000,000.00 (two million rupiah). (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 an administrative sanction in the form of a written warning as referred to in paragraph (1) letter a. (5) The imposition of administrative sanctions as referred to in paragraph (1) letters a, b, c, and d does not eliminate the obligation to submit business plans for Digital Financial Asset Trading Organizers that have not submitted the relevant business plans.

CHAPTER VII
ORGANIZATION OF DIGITAL FINANCIAL ASSET TRADING

First Section
Digital Financial Asset Trading

Article 79
Digital Financial Asset Trading Organizers are required to trade Digital Financial Assets in accordance with the trading mechanisms regulated in this Financial Services Authority Regulation.

Paragraph 1
Consumer Acceptance and Implementation of AML, CFT, and PPPSPM Programs

Article 80
(1) In the acceptance of prospective Consumers, Traders must create an agreement containing at least:
a. the Trader's profile; b. a statement of risk; and
c. trading procedures.
(2) The statement of risk as referred to in paragraph (1) letter b must contain at least information regarding:
a. price fluctuation risk; b. system failure; and
c. other related risks.
(3) The agreement as referred to in paragraph (1) must be conveyed to the Consumer through media that has been agreed upon.
(4) Prospective Consumers must agree to every information and statement in the agreement as referred to in paragraph (1) to be accepted as a Consumer, provided it does not conflict with applicable legislation. (5) Consumers as referred to in paragraph (4) consist of:
a. individuals who are Indonesian citizens or foreign citizens; and b. non-individuals who are business entities or legal entities. (6) Requirements to become an individual Consumer as referred to in paragraph (5) letter a include at least:
a. being 17 (seventeen) years of age or older; b. possessing an Identity Card for Indonesian citizens;
c. possessing a passport, identity card issued by the Consumer's country of origin, permanent residence permit card, or limited residence permit card for foreign citizens; and
d. using funds or Digital Financial Assets owned by themselves and not funds or Digital Financial Assets sourced from or owned by others, proceeds of crime including Money Laundering, Proliferation Financing, and PPPSPM. (7) Requirements to become a non-individual Consumer as referred to in paragraph (5) letter b include at least:
a. possessing business permits from the competent ministry/agency; b. having a domicile/headquarters within the territory of the Unitary State of the Republic of Indonesia;
c. solely for investment purposes, and not as a means for payment or wealth transfer, proven by a statement letter made and signed by the authorized representative based on a power of attorney; and
d. using funds or Digital Financial Assets sourced from their own wealth and not funds or Digital Financial Assets sourced from or owned by others, collected from the public, and proceeds of crime including Money Laundering, Proliferation Financing, and PPPSPM, proven by a statement letter made and signed by the authorized representative based on a power of attorney. (8) Acceptance of non-individual Consumers as referred to in paragraph (5) letter b can only be conducted by Traders that have trading systems and facilities implementing the principles of transaction identification and monitoring and the travel rule principle in an integrated manner.

Article 81
(1) In the process of accepting prospective Consumers, Traders must conduct identification and verification of prospective Consumers to ensure the truthfulness and completeness of filled Consumer data and the background or profile of the Consumer. (2) Traders may only open 1 (one) account for each Consumer with the same identity. (3) Consumer accounts as referred to in paragraph (2) may only be used if the Consumer has passed the identification and verification process in accordance with the implementation of the AML, CFT, and PPPSPM programs in the financial services sector. (4) Identification and verification of prospective Consumers by Traders is conducted based on regulatory technology, with qualification criteria using face recognition with liveness features integrated with biometric data. (5) To support identification and verification, Traders must be connected to the population administrative data owned by the ministry in charge of domestic affairs. (6) In the event that Traders accept non-individual Consumers as referred to in Article 80 paragraph (5) letter b, Traders must conduct identification and verification of beneficial owners, fund owners, and managers. (7) Traders must implement AML, CFT, and PPPSPM programs for all Consumers during the Consumer acceptance process, while being a Consumer, transaction monitoring, and the periodic process of assessing Consumer risk.

Article 82
(1) In implementing AML, CFT, and PPPSPM programs and verifying Consumer data, Traders must have a cooperation agreement to obtain access rights and utilize population data based on identity numbers with the ministry in charge of domestic affairs. (2) To obtain access rights and utilize population data based on the population identification number as referred to in paragraph (1), Traders must submit a letter requesting a recommendation for cooperation to utilize population data with the ministry in charge of domestic affairs to the Financial Services Authority. (3) The Financial Services Authority may issue a cooperation recommendation to obtain access rights and utilize population data based on the population identification number with the ministry in charge of domestic affairs as referred to in paragraph (2) with the provisions:
a. the applicant has international standard certification related to information security management systems; and b. is licensed as a Trader. (4) The Financial Services Authority is authorized to restrict the activities of Traders who do not yet have a cooperation agreement with the ministry in charge of domestic affairs as referred to in paragraph (1), with the following restriction provisions:
a. the type of Consumer is only individuals; b. the maximum amount of funds and Digital Financial Assets placed by each Consumer is at most Rp25,000,000.00 (twenty-five million rupiah); and
c. service activities and other licensing.

Article 83
(1) In the process of accepting prospective Consumers as referred to in Article 80 paragraph (1), Traders must have an online Consumer acceptance system that guarantees the confidentiality of every data and information of prospective Consumers. (2) The filled data contained in the online Consumer acceptance system as referred to in paragraph (1) must be usable by Traders as a guide to conduct customer due diligence or enhanced due diligence for Consumers with high risk. (3) The online Consumer acceptance system as referred to in paragraph (1) must be integrated with the online trading systems and facilities owned by the Trader as referred to in Article 45 paragraph (5) letter b. (4) The online Consumer acceptance system as referred to in paragraph (1) must contain at least the following stages:
a. filling in data or identity of prospective Consumers; b. presentation of the Trader's profile documents containing at least:

the Trader's website address information;
the Trader's office address;
the Trader's management structure;
the licensing number from the Financial Services Authority;
a reachable telephone number;
a separate bank account number for the Trader approved by the Financial Services Authority; and
the Trader's 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 agreed to by prospective Consumers; and f. presentation of the agreement between the Trader and the Consumer whose substance states that the Consumer registration process has been conducted and officially accepted as a Consumer, containing at least:
information regarding the Consumer's profile;
an active complaint hotline; and
applicable terms and conditions.
(5) The online Consumer acceptance system as referred to in paragraph (1) must be able to store and provide a record of every stage of online Consumer acceptance. (6) All stages of Consumer acceptance as referred to in paragraph (4) may only be conducted and filled in by the prospective Consumer concerned with the actual situation. (7) Traders are prohibited from filling in and/or assisting prospective Consumers in filling in the online Consumer acceptance system. (8) The online Consumer acceptance system as referred to in paragraph (1) must be audited by an independent institution competent in information systems, before being submitted to the Financial Services Authority for approval.

Article 84
(1) Traders must provide facilities to prospective Consumers to create passwords for their transaction accounts.
(2) Passwords for transaction accounts as referred to in paragraph (1) are confidential and prohibited from being controlled, given, or used by parties other than the Consumer concerned. (3) Prospective Consumers who have been accepted as Consumers and have created passwords for their transaction accounts are fully responsible for the security of the use of those transaction accounts.

Paragraph 2
Placement of Funds and Digital Financial Assets

Article 85
(1) Consumers who trade Digital Financial Assets through Traders must first place:
a. funds used for transaction execution in a separate account under the name of the Trader for the benefit of the Clearing, Guarantee, and Settlement Institution; and/or b. Digital Financial Assets used for transaction execution in the Trader's Wallet. (2) The placement of Digital Financial Assets as referred to in paragraph (1) letter b is conducted by applying the travel rule principle.

Article 86
(1) The placement of Consumer funds in a separate account from the Trader as referred to in Article 85 paragraph (1) letter a is conducted through bank account transfers or through electronic money. (2) Bank account transfers as referred to in paragraph (1) may use virtual accounts opened by the Trader for each Consumer. (3) Bank account transfers or through electronic money as referred to in paragraph (1) may use payment service providers that have obtained licenses from competent institutions or authorities in the payment system. (4) The use of electronic money by payment service providers in the transaction process of the Digital Financial Asset Market 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), Traders are prohibited from:
a. accepting cash deposits, whether initial deposits or additional deposits, from Consumers; and b. accepting funds from parties whose identities differ from the Consumer registered with the Trader. (7) Traders must place funds as referred to in paragraph (1) with the Clearing, Guarantee, and Settlement Institution at 100% (one hundred percent) or the entirety of the total Consumer funds managed. (8) Funds as referred to in paragraph (7) must be placed by the Clearing, Guarantee, and Settlement Institution in accounts specifically used to facilitate the guarantee of Digital Financial Asset trading transaction settlements. (9) Traders may only facilitate the use of electronic money as referred to in paragraph (1) where the status of the electronic money account has been registered or verified for fund acceptance. (10) The use of electronic money applies only to 1 (one) account and for 1 (one) telephone number registered with the Trader.

Article 87
(1) Separate accounts as referred to in Article 85 paragraph (1) letter a may only be used by Traders after obtaining approval from the Financial Services Authority. (2) Separate accounts as referred to in paragraph (1) may only be opened at commercial banks that are fund storage banks and have obtained approval from the Financial Services Authority as Consumer fund storage banks. (3) Requests for approval of separate accounts as referred to in paragraph (1) are submitted using the Separate Account Approval Request Form contained in the Appendix in Part M, which is an integral part of this Financial Services Authority Regulation.

Article 88
Traders must grant power of attorney to the Clearing, Guarantee, and Settlement Institution to take actions related to the supervision of separate accounts as in the special power of attorney with the format contained in the Appendix in Part L, which is an integral part of this Financial Services Authority Regulation.

Article 89
Consumer fund storage banks cooperating with the Clearing, Guarantee, and Settlement Institution must meet at least the following criteria:
a. providing access to the Clearing, Guarantee, and Settlement Institution to create company codes for each Trader in 1 (one) Consumer fund storage bank; b. providing information to the Clearing, Guarantee, and Settlement Institution regarding information related to:

account numbers;
the name of the Consumer account owner; and
the population identification number of the Consumer account owner,
in accordance with applicable legislation;
c. real-time fund settlement for every Consumer who deposits and/or withdraws funds; and
d. issuing virtual account numbers in the form of open payment and close payment.

Article 90
(1) Consumers may only sell Digital Financial Assets if the Consumer has a Digital Financial Asset balance with the Trader.
(2) The placement of Consumer-owned Digital Financial Assets in the Trader's Wallet as referred to in Article 85 paragraph (1) letter b is conducted through transfer from the Consumer's Wallet or non-Consumer Wallet to the Trader's Wallet. (3) Before accepting the placement of a certain amount of Digital Financial Assets from the Consumer as referred to in paragraph (2), Traders must first conduct customer due diligence on the Consumer's Wallet or non-Consumer Wallet to ensure the identity of the Wallet and that it is not sourced from or originates from Money Laundering, Proliferation Financing, and PPPSPM. (4) The implementation of customer due diligence as referred to in paragraph (3) must be conducted in accordance with Financial Services Authority Regulations and applicable legislation regarding the implementation of AML, CFT, and PPPSPM programs in the financial services sector. (5) Digital Financial Asset balances owned by Consumers with Traders are recorded with the Clearing, Guarantee, and Settlement Institution. (6) Digital Financial Asset balances owned by Consumers recorded by Traders, Custodians, and the Clearing, Guarantee, and Settlement Institution constitute records of the amount of Digital Financial Assets owned by Consumers. (7) Traders, Custodians, and the Clearing, Guarantee, and Settlement Institution must conduct real-time information exchange regarding balances or records of Digital Financial Asset ownership.

Article 91
(1) Traders must maintain security and are responsible if Consumer-owned Digital Financial Assets stored by the Trader are lost.
(2) Digital Financial Assets stored by the Trader themselves are at most 30% (thirty percent) of the total Digital Financial Assets owned by Consumers, and the remainder must be stored with the Custodian. (3) For Digital Financial Assets stored by the Trader themselves at most 30% as referred to in paragraph (2), storage is conducted with at least 70% (seventy percent) offline or cold storage and at most 30% (thirty percent) online or hot storage. (4) Offline or cold storage as referred to in paragraph (3) can be conducted by:
a. cooperating with Custodians for the use of Digital Financial Asset or Wallet storage services; and b. having their own systems or mechanisms for Digital Financial Asset or Wallet storage. (5) Digital Financial Assets stored as referred to in paragraph (2) must be secured by the Trader considering risk management. (6) Digital Financial Assets stored by the Trader as referred to in paragraph (2) are not Trader-owned Digital Financial Assets and must be recorded in separate accounting from the Trader's accounting. (7) Traders are prohibited from using Digital Financial Assets stored by the Trader themselves as referred to in paragraph (2) for the Trader's benefit without permission from the Consumer.

Article 92
(1) Custodians must have risk mitigation mechanisms to ensure the security of Digital Financial Assets stored by Traders with the Custodian. (2) Custodians must maintain security and are responsible if Digital Financial Assets stored by them are lost.

Paragraph 3
Digital Financial Asset Transactions

Article 93
(1) Traders are prohibited from facilitating Digital Financial Asset transactions if the Consumer does not have sufficient funds and/or Digital Financial Asset balances. (2) The Clearing, Guarantee, and Settlement Institution must verify every transaction conducted by Consumers facilitated by Traders. (3) Verification as referred to in paragraph (2) is conducted by:
a. ensuring the correspondence of funds in the separate account with the balance or record of Digital Financial Asset ownership; b. recording the transfer of funds and balances or records of Digital Financial Assets;
c. requesting Traders and/or Custodians to change balances or records of Digital Financial Asset ownership stored in storage facilities to match the actual conditions; and
d. debiting and crediting Consumer and/or Trader financial accounts for the benefit of guaranteeing transaction settlements.

Paragraph 4
Withdrawal of Digital Financial Assets and Withdrawal of Funds

Article 94
(1) Consumers must settle all financial obligations to the Trader and the Clearing, Guarantee, and Settlement Institution before making requests for the withdrawal of Digital Financial Assets or Consumer funds. (2) Traders must forward requests for the withdrawal of Digital Financial Assets or Consumer funds as referred to in paragraph (1) to the Clearing, Guarantee, and Settlement Institution. (3) The Clearing, Guarantee, and Settlement Institution must verify requests for the withdrawal of Digital Financial Assets or Consumer funds as referred to in paragraph (2). (4) Consumer funds as referred to in paragraph (2) use the Rupiah currency.

Article 95
(1) The 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 record of Digital Financial Asset ownership. (2) The withdrawal of Digital Financial Assets by Consumers can only be conducted if the Consumer's identity recorded in the Consumer acceptance 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 making the 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 acceptance system. (4) Identification and verification as referred to in paragraph (3) is conducted by applying the travel rule principle. (5) The withdrawal of funds by Consumers can only be conducted by Traders through transfers from the Trader's separate account to the bank account under the name of the Consumer registered in the Consumer account opening application.

Part Two
Implementation of AML, CFT, and PPPSPM Programs in the Financial Services Sector

Article 96
(1) In providing digital financial asset transfer or transfer services, Traders must implement the travel rule principle as follows:
a. in transfers or transfers of Digital Financial Assets with a value greater than or equal to the Rupiah equivalent of USD 1,000.00 (one thousand US dollars), the obtained descriptions and/or information:

the sender includes:
a) sender's name, sender's Wallet address, and sender's address; b) Identity Card is mandatory for Indonesian citizens; and c) passport, identity card issued by the Consumer's country of origin, permanent residence permit card, or limited residence permit card for foreign citizens if possible to obtain; and
the recipient includes:
a) recipient's name; b) recipient's Wallet address; and c) recipient's address; and b. in transfers or transfers of Digital Financial Assets with a value less than the Rupiah equivalent of USD 1,000.00 (one thousand US dollars), the obtained descriptions and/or information:

the sender includes:
a) sender's name; and b) sender's Wallet address; and
the recipient includes:
a) recipient's name; and b) recipient's Wallet address.
(2) Traders are prohibited from facilitating transfers or transfers of Digital Financial Assets if the travel rule principle is not implemented.

Part Three
Implementation of Transaction Identification and Monitoring Principles

Article 97
(1) Digital Financial Asset trading organizers must implement transaction identification and monitoring principles related to transfer or movement activities of Digital Financial Assets between Wallets. (2) The implementation of transaction identification and monitoring as referred to in paragraph (1) is conducted based on regulatory technology, to monitor and review current transaction identification and monitoring and its historical records to determine the existence of transactions

suspicious of those accompanying the Digital Financial Assets in question.
(3) Regulatory technology as referred to in paragraph (2) is carried out by utilizing third-party application facilities.

Fourth Section
Prohibition of Market Abuse in Trading Activities in the Digital Financial Asset Market

Article 98
(1) In Digital Financial Asset trading activities, every party is prohibited from engaging in market abuse behaviors related to Digital Financial Asset trading. (2) Parties as referred to in paragraph (1) include:
a. Board of Directors, Board of Commissioners, shareholders, or employees of the Exchange, Clearing, Guaranteeing and Settlement Institution, Custodian, and Trader; b. other parties cooperating with the Exchange, Clearing, Guaranteeing and Settlement Institution, Custodian, and Trader; and
c. other parties related to the organization of Digital Financial Asset trading.

Article 99
(1) Digital Financial Asset Trading Organizers are required to prevent, monitor, and take necessary actions against market abuse behaviors related to Digital Financial Asset trading. (2) Digital Financial Asset Trading Organizers are required to have policies, procedures, and systems to prevent, monitor, and take necessary actions against market abuse behaviors related to Digital Financial Asset trading as referred to in paragraph (1). (3) Digital Financial Asset Trading Organizers are required to report every indication of market abuse occurring in the organization of Digital Financial Asset trading to the Financial Services Authority through incidental reports.

Fifth Section
Settlement of Consumer Rights and Obligations

Article 100
(1) Traders are required to settle all rights and obligations to Consumers in the event that the Trader terminates Digital Financial Asset trading business activities. https://jdih.ojk.go.id/

(2) Termination of Digital Financial Asset trading business activities as referred to in paragraph (1) includes:
a. dissolution of business activities through the General Meeting of Shareholders; b. revocation of the Digital Financial Asset trading business license; or
c. the Trader is declared bankrupt.
(3) Traders who have terminated Digital Financial Asset trading business activities as referred to in paragraph (2) are required to:
a. transfer Consumers, funds, and Consumers' Digital Financial Assets to another Trader; or b. return funds and/or hand over Consumers' Digital Financial Assets managed by them. (4) The transfer or return as referred to in paragraph (3) is carried out based on the consent of the Consumer. (5) The transfer of Consumers, funds, and Consumers' Digital Financial Assets as referred to in paragraph (3) letter a must be completed within a maximum of 30 (thirty) days from the termination of business activities as referred to in paragraph (2). (6) The return of funds and/or handover of Consumers' Digital Financial Assets as referred to in paragraph (3) letter b must be completed no later than 2 (two) months from the date of revocation of the business license as referred to in paragraph (2) letter b. (7) All losses arising from the termination of Digital Financial Asset trading business activities, including Crypto Assets as referred to in paragraph (2), are the sole responsibility of the Trader.

Sixth Section
Administrative Sanctions

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), Article 84 paragraph (2), Article 86 paragraph (6), paragraph (7), paragraph (8), 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. listing of the Principal Party in the list of disgraced persons in the financial sector; and/or
d. revocation of business license. https://jdih.ojk.go.id/

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

CHAPTER VIII
SUPPORTING ACTIVITIES

Article 102
(1) The Digital Financial Asset Market may be supported by supporting activities.
(2) Supporting activities as referred to in paragraph (1) include:
a. connectivity services related to payment service providers; b. providers of Digital Financial Asset transaction facilitation services; and
c. 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. carrying out supporting activities as referred to in paragraph (2).

First Section
Payment Service Providers

Article 103
Payment service providers as referred to in Article 102 paragraph (2) letter a must meet the following requirements:
a. have a license from the competent authority or authority in the field of finance and payment systems; b. have a license as an Electronic System Organizer from the ministry in charge of communication and digital affairs;
c. have payment processing security certification; and
d. have international standard certification related to information security management systems.

Second Section
Digital Financial Asset Transaction Facilitation Service Providers

Article 104
Digital Financial Asset transaction facilitation service providers as referred to in Article 102 paragraph (2) letter b must meet the following requirements:
a. have an electronic online Digital Financial Asset transaction facilitation system; https://jdih.ojk.go.id/

b. have a license as an Electronic System Organizer from the ministry in charge of communication and digital affairs;
c. have technical capability in the application of transaction identification principles and the application of the travel rule principle;
d. have a cooperation agreement with a Trader that has obtained a license from the Financial Services Authority; and e. have international standard certification related to information security management systems.

Article 105
Payment service providers and Digital Financial Asset transaction facilitation service providers as referred to in Article 102 paragraph (2) letters a and b are required to meet the following provisions:
a. provide access rights to the Financial Services Authority for supervision; b. have user access configurations that can be accessed by the Financial Services Authority and/or competent institutions to monitor transactions in accordance with applicable laws and regulations;
c. can limit certain payment channels or facilitation of Digital Financial Asset transactions that can be adjusted to needs and applicable laws and regulations;
d. implement the AML, CFT, and Proliferation Financing Prevention programs in the financial services sector; e. ensure the confidentiality of information related to supporting activities carried out, except where such information is provided in the implementation of applicable laws and regulations; f. have standard operating procedures at least regulating:

implementation of AML, CFT, and Proliferation Financing Prevention programs in the financial services sector;
features and functions of services;
protection of user data and information access, and its security; and
risk management, internal control, and supervision; and
g. submit reports periodically or ad hoc.

Third Section
Administrative Sanctions

Article 106
(1) Violations of the provisions as referred to in Article 102 paragraph (3), and Article 105, are subject to administrative sanctions in the form of:
a. written warning; b. temporary suspension, partial, or total cessation of activities; https://jdih.ojk.go.id/

c. listing of the Principal Party in the list of disgraced persons in the financial sector; and/or
d. revocation of business license.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, and d may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

CHAPTER IX
REPORTING

First Section
Reporting by Digital Financial Asset Trading Organizers

Article 107
(1) Digital Financial Asset Trading Organizers are required to submit:
a. periodic reports; and b. incidental reports, regarding the organization of Digital Financial Asset trading to the Financial Services Authority. (2) The Financial Services Authority has the authority to request reports other than those referred to in paragraph (1). (3) Digital Financial Asset Trading Organizers are required to compile and present reports as referred to in paragraph (1) and paragraph (2) completely and correctly. (4) The Board of Directors is responsible for the compilation and presentation of Digital Financial Asset Trading Organizer reports as referred to in paragraph (3).

Article 108
(1) Periodic reports as referred to in Article 107 paragraph (1) letter a consist of:
a. daily reports; b. monthly reports;
c. quarterly reports; and
d. annual reports.
(2) Submission of periodic reports to the Financial Services Authority as referred to in paragraph (1) must be carried out:
a. daily reports as referred to in paragraph (1) letter a, submitted no later than 14:00 WIB on the following day; b. monthly reports as referred to in paragraph (1) letter b, submitted within a maximum of 10 (ten) working days after the reporting period ends;
c. quarterly reports as referred to in paragraph (1) letter c, submitted within a maximum of 15 (fifteen) working days after the reporting period ends; and
d. annual reports as referred to in paragraph (1) letter d, submitted no later than April 30 of the following year. https://jdih.ojk.go.id/

(3) The annual financial report of Digital Financial Asset Trading Organizers is compiled based on applicable Indonesian financial accounting standards and audited by a public accountant registered with the Financial Services Authority. (4) The annual financial report 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 following working day.

Article 109
(1) Digital Financial Asset Trading Organizers that do not submit reports until the end of the time period as referred to in Article 108 paragraph (2) letter a are declared not to have submitted reports. (2) 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 b, c, and d up to a maximum of 30 (thirty) days after the end of the submission period are declared to have submitted reports late. (3) Digital Financial Asset Trading Organizers that do not submit reports until the end of the time period as referred to in paragraph (2) are declared not to have submitted reports. (4) Further provisions regarding the scope, procedures, and mechanisms for submitting periodic reports of Digital Financial Asset Trading Organizers are determined by the Financial Services Authority.

Article 110
(1) Incidental reports as referred to in Article 107 paragraph (1) letter b include:
a. name changes; b. address changes;
c. opening of branch offices or offices other than the head office;
d. increase in paid-up capital; e. changes in ownership composition; f. appointment of Board of Directors and/or Board of Commissioners members who have obtained approval from the Financial Services Authority; g. suspicious Digital Financial Asset transactions; and h. other reports requested by the Financial Services Authority. (2) Submission of incidental reports as referred to in paragraph (1) must be submitted within a maximum of 5 (five) working days from the occurrence of the incident. (3) Digital Financial Asset Trading Organizers that submit incidental reports after the time period as referred to in paragraph (2) up to a maximum of 7 (seven) days after the end of the submission period are declared to have submitted reports late. https://jdih.ojk.go.id/

(4) 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 following working day. (5) Digital Financial Asset Trading Organizers that do not submit reports until the end of the time period as referred to in paragraph (3) are declared not to have submitted reports. (6) Further provisions regarding the scope, procedures, and mechanisms for submitting incidental reports of Digital Financial Asset Trading Organizers are determined by the Financial Services Authority.

Article 111
Other reports as referred to in Article 107 paragraph (2) must be submitted to the Financial Services Authority within the time period determined in the request letter.

Article 112
(1) Digital Financial Asset Trading Organizers are required to report every suspicious financial transaction to the Head of the Center for Reporting, Analysis, and Financial Transactions. (2) In addition to submitting reports as referred to in paragraph (1), Digital Financial Asset Trading Organizers are required to submit other reports in accordance with applicable laws and regulations regarding the implementation of anti-money laundering, counter-terrorism financing, and proliferation of weapons of mass destruction prevention programs.

Second Section
Administrative Sanctions

Article 113
(1) Digital Financial Asset Trading Organizers that violate the provisions as referred to in Article 107 paragraph (1), paragraph (3), Article 108 paragraph (2), paragraph (4), Article 110 paragraph (2), Article 111, and Article 112 are subject to administrative sanctions in the form of:
a. written warning; b. temporary suspension, partial, or total cessation of activities including implementation of cooperation;
c. administrative fines;
d. listing of the Principal Party in the list of disgraced persons in the financial sector; and/or e. revocation of business license. (2) Digital Financial Asset Trading Organizers that do not meet the provisions as referred to in Article 108 paragraph (2) letters b, c, and d are subject to administrative sanctions in the form of a fine of Rp 1,000,000.00 (one million rupiah) per day of delay for each report. (3) Digital Financial Asset Trading Organizers that do not submit reports as referred to in Article 109 paragraph (1) and Article 110 paragraph (5) are subject to administrative fines of Rp 2,000,000.00 (two million rupiah) for each report. (4) Digital Financial Asset Trading Organizers that do not submit reports as referred to in Article 109 paragraph (3) are subject to administrative fines of Rp 50,000,000.00 (fifty million rupiah) for each report. (5) Digital Financial Asset Trading Organizers that do not meet the provisions as referred to in Article 110 paragraph (2) are subject to administrative sanctions in the form of a fine of Rp 200,000.00 (two hundred thousand rupiah) per day of delay for each report. (6) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a. (7) Imposition of administrative sanctions as referred to in paragraph (1) does not eliminate the obligation to submit reports for Digital Financial Asset Trading Organizers who have not submitted the aforementioned reports.

CHAPTER X
SUPERVISION

First Section
Supervision by the Financial Services Authority

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.

Article 115
(1) Direct supervision as referred to in Article 114 paragraph (2) letter a is carried out through examinations:
a. periodically; and b. ad hoc.
(2) The scope of examination as referred to in paragraph (1) letter a includes at least:
a. organization of trading; b. governance; and
c. compliance with applicable laws and regulations.
https://jdih.ojk.go.id/

(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) are required to provide:
a. explanations and data; b. accounting 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.

Article 116
Indirect supervision as referred to in Article 114 paragraph (2) letter b is carried out 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).

Second Section
Administrative Sanctions

Article 117
(1) Violations of the provisions as referred to in Article 115 paragraph (3) are subject to administrative sanctions in the form of:
a. written warning; b. temporary suspension, partial, or total cessation of activities;
c. listing of the Principal Party in the list of disgraced persons in the financial sector; and/or
d. revocation of business license.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, and d may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

CHAPTER XI
MECHANISM FOR REQUESTING APPROVAL TO THE FINANCIAL SERVICES AUTHORITY

Article 118
(1) Digital Financial Asset Trading Organizers and supporting activities in the Digital Financial Asset Market submit requests for approval to the Financial Services Authority using a cover letter format for the approval request signed by Board of Directors members listed in the Appendix in Part N which is an integral part of this Financial Services Authority Regulation. https://jdih.ojk.go.id/

(2) Requests for approval 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 bylaws as referred to in Article 22 paragraph (2);
c. changes to the Clearing, Guaranteeing and Settlement Institution's transaction settlement guarantee system as referred to in Article 29 paragraph (8);
d. Clearing, Guaranteeing and Settlement Institution regulations and bylaws as referred to in Article 30 paragraph (2); e. changes to the Custodian's storage systems and facilities as referred to in Article 37 paragraph (6); f. changes to the online trading systems and/or 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 (2);
i. granting access or cooperation with other parties carrying out supporting activities as referred to in Article 52 paragraph (5); and/or
j. supporting activities as referred to in Article 102 paragraph (2).
(3) In the event of requests for approval as referred to in paragraph (2) letters a, c, e, and f, the applicant attaches the results of audits or examinations by an independent institution competent in the field of information systems and a system infrastructure readiness list form listed in the Appendix in Part K which is an integral part of this Financial Services Authority Regulation. (4) In the event of requests for approval as referred to in paragraph (2) letters b, d, and g, the applicant attaches the regulations, bylaws, or procedures documents in question. (5) In the event of requests for approval as referred to in paragraph (2) letters h and j, the applicant attaches an explanation of the planned activities in question. (6) In the event of requests for approval as referred to in paragraph (2) letter i, the applicant attaches an explanation of the planned granting of access or cooperation accompanied by cooperation agreement documents. (7) The Financial Services Authority submits approval or rejection of the request as referred to in paragraph (1) within a maximum of 20 (twenty) working days from the date the documents are received completely. https://jdih.ojk.go.id/

(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 from the date of notification from the Financial Services Authority.

CHAPTER XII
PERSONAL DATA PROTECTION

First Section
Implementation of Personal Data Protection by Digital Financial Asset Trading Organizers

Article 119
(1) Digital Financial Asset Trading Organizers are required to maintain the integrity and availability of personal data, transaction data, and financial data they manage from the time the data is obtained until the data is destroyed. (2) Digital Financial Asset Trading Organizers are required to maintain the confidentiality and security of Consumer data and/or information. (3) The obligations of Digital Financial Asset Trading Organizers as referred to in paragraph (2) are carried out by implementing personal data protection in accordance with applicable laws and regulations regarding personal data protection. (4) In the event that Digital Financial Asset Trading Organizers cooperate with other parties to manage Consumer data and/or information, the Digital Financial Asset Trading Organizer in question is required to ensure that the other party maintains the confidentiality and security of Consumer data and/or information as referred to in paragraph (2). (5) The provisions for the utilization of Consumer data and information obtained by Digital Financial Asset Trading Organizers must meet the following requirements:
a. obtain consent from the Consumer; b. communicate the limits of data and information utilization to the Consumer;
c. communicate every change in the purpose of data and information utilization to the Consumer in the event of a change in the purpose of data and information utilization;
https://jdih.ojk.go.id/

d. media and methods used in obtaining data and information are guaranteed to be confidential, secure, and intact; and

e. other provisions regulated in statutory regulations.

(6) The obligation to keep Consumer data and/or information confidential as referred to in paragraph (2) is exempted if:

a. The Consumer provides written consent; and/or

b. required by statutory regulations.

(7) In the event that a Digital Financial Asset Trading Organizer provides Consumer data and/or information to a third party, the Digital Financial Asset Trading Organizer must notify the Financial Services Authority.

(8) The notification as referred to in paragraph (7) must be submitted no later than 1 (one) business day from the date of providing Consumer data and/or information to the third party.

Second Section
Administrative Sanctions

Article 120

(1) A Digital Financial Asset Trading Organizer that violates the provisions as referred to in Article 119 paragraph (1), paragraph (2), paragraph (4), and paragraph (7) shall be subject to administrative sanctions in the form of:

a. written warning;

b. temporary suspension, in part or in whole, of activities;

c. listing of the Principal Party in the list of disreputable persons in the financial sector; and/or

d. revocation of business license.

CHAPTER XIII
CONSUMER AND SOCIETY PROTECTION

First Section
Consumer and Society Protection

Article 121

A Digital Financial Asset Trading Organizer must comply with statutory regulations regarding consumer and society protection in the financial services sector.

https://jdih.ojk.go.id/

Second Section
Disclosure of Information Provision related to Digital Financial Assets

Article 122

Traders must provide and convey information related to activities, services, and products to Consumers clearly, completely, accurately, honestly, easily accessible, and not potentially misleading to prospective Consumers and/or Consumers in accordance with the Financial Services Authority Regulation regarding consumer protection.

Article 123

(1) In offering Digital Financial Asset products and/or services, Traders must provide information through the Trader's own Digital Financial Asset trading platform.

(2) Traders must provide concise information regarding Digital Financial Asset products and services sourced from information as referred to in paragraph (1) containing at least:

a. name;

b. brief description of the Digital Financial Asset, including projects, assets, or other benefits that form the basis of the Digital Financial Asset;

c. information regarding the issuer of the Digital Financial Asset, unless issued anonymously;

d. risks;

e. historical prices;

f. total supply;

g. website and/or social media; and

h. other information.

(3) Traders must ensure the provision of information as referred to in paragraph (1) and concise information as referred to in paragraph (2) is correct and accurate.

(4) Traders must ensure that Consumers have received the concise information as referred to in paragraph (2) before conducting transactions.

Third Section
Marketing Communication of Digital Financial Asset Products and/or Services

Article 124

(1) In marketing Digital Financial Asset products and/or services, Traders must provide information that is correct, not misleading, and in accordance with statutory regulations.

(2) Information as referred to in paragraph (1) must meet at least the following provisions:

a. be transparent to Consumers;

b. contain warnings regarding risks and price volatility;

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c. not show or create the impression that investment in Digital Financial Assets will yield high and certain returns;

d. not build assumptions that will cause losses if one does not purchase Digital Financial Assets at this time; and

e. not recommend purchasing Digital Financial Assets with debt in any form.

(3) Traders in providing information as referred to in paragraph (1) must comply with information as referred to in Article 123 paragraph (1).

Fourth Section
Administrative Sanctions

Article 125

Violations of the provisions as referred to in Article 121, Article 122, Article 123, and Article 124 shall be subject to administrative sanctions in accordance with the Financial Services Authority Regulation regarding consumer and society protection in the financial services sector.

CHAPTER XIV
COORDINATION

Article 126

(1) In the context of regulation, supervision, and development of Digital Financial Asset trading, the Financial Services Authority may coordinate with ministries, agencies, and other parties.

(2) Ministries, agencies, and other parties as referred to in paragraph (1) consist of:

a. other authorities, ministries, agencies, and other parties within the country; and

b. other authorities, ministries, agencies, and other parties outside the country.

(3) Coordination as referred to in paragraph (1) covers:

a. development of the Digital Financial Asset trading ecosystem;

b. exchange of data and/or information;

c. implementation of AML, CFT, and PPTSPM programs;

d. detection in the event of indications of misuse of the Digital Financial Asset Market, both occurring in Indonesia and abroad; and

e. other aspects deemed necessary.

CHAPTER XV
OTHER PROVISIONS

Article 127

In addition to being subject to the provisions of this Financial Services Authority Regulation, Digital Financial Asset Trading Organizers are subject to all obligations in related Financial Services Authority regulations, AML, CFT, and PPTSPM programs in the financial services sector, Consumer protection, anti-fraud strategy implementation, and personal data protection in accordance with statutory regulations.

Article 128

The Financial Services Authority has the authority to issue written orders to Digital Financial Asset Trading Organizers related to the organization of Digital Financial Asset trading, with procedures in accordance with the Financial Services Authority Regulation regarding written orders.

Article 129

The Financial Services Authority may establish different policies based on certain considerations regarding the supervision and implementation of business activities of Digital Financial Asset Trading Organizers other than those regulated in this Financial Services Authority Regulation.

CHAPTER XVI
TRANSITIONAL PROVISIONS

Article 130

(1) Upon the commencement of this Financial Services Authority Regulation, licenses, product registration approvals, instruments, and/or activities, as well as decisions and/or determinations related to Crypto Assets previously issued by Bappebti before the entry into force of this Financial Services Authority Regulation, are declared to remain valid.

(2) Upon the commencement of this Financial Services Authority Regulation, licenses, approvals, product or instrument registrations, as well as decisions and/or determinations related to Crypto Assets currently in the process of completion at Bappebti based on statutory regulations in the commodity futures trading sector, shall be continued by the Financial Services Authority in accordance with this Financial Services Authority Regulation.

Article 131

(1) In addition to products that must be registered in the list of crypto assets traded in the physical crypto asset market, instruments, and/or activities related to Digital Financial Assets that have not obtained licenses, approvals, registrations, decisions, and/or other determinations, are declared to remain tradable and/or executable, provided that the Digital Financial Asset Trading Organizer must submit an application for approval to the Financial Services Authority no later than 1 (one) month from the commencement of this Financial Services Authority Regulation.

(2) A Digital Financial Asset Trading Organizer that does not submit an application for approval within the 1 (one) month period from the commencement of this Financial Services Authority Regulation as referred to in paragraph (1), must cease trading and/or executing the products, instruments, and/or activities that have been traded and/or executed.

(3) In the event that a Digital Financial Asset Trading Organizer does not cease the products, instruments, and/or activities as referred to in paragraph (2), the Digital Financial Asset Trading Organizer shall be subject to sanctions in accordance with statutory regulations.

Article 132

Upon the commencement of this Financial Services Authority Regulation:

a. Exchanges conduct an assessment of products that have been traded by physical crypto asset traders and have not obtained licenses, approvals, registrations, decisions, and/or other determinations from Bappebti; and

b. Exchanges must establish the Crypto Asset List based on the assessment as referred to in letter a no later than 3 (three) months from the commencement of this Financial Services Authority Regulation.

Article 133

Upon the commencement of this Financial Services Authority Regulation, physical crypto asset traders cannot trade new products other than products that have been traded by physical crypto asset traders that are still in the process of licensing, approvals, registrations, decisions, and/or other determinations from Bappebti.

Article 134

(1) Upon the commencement of this Financial Services Authority Regulation:

a. futures exchanges that organize crypto asset trading and have obtained business licenses, approvals, registration certificates, decisions, and/or other determinations from Bappebti are declared to have business licenses as Exchanges;

b. futures clearing and guarantee institutions that organize crypto asset trading and have obtained business licenses, approvals, registration certificates, decisions, and/or other determinations from Bappebti are declared to have business licenses as Clearing, Guarantee, and Settlement Institutions;

c. physical crypto asset traders that have obtained business licenses, approvals, registration certificates, decisions, and/or other determinations from Bappebti are declared to have business licenses as Traders;

d. crypto asset storage facility managers that have obtained business licenses, approvals, registration certificates, decisions, and/or other determinations from Bappebti are declared to have business licenses as Storage Facility Managers; and

e. supporting business activities that have obtained business licenses, approvals, registration certificates, decisions, and/or other determinations from Bappebti are declared registered as supporting business activities for Digital Financial Assets.

(2) In the event that a crypto asset trading organizer as referred to in paragraph (1) has a business license or approval from Bappebti with a scope other than related to crypto asset trading, the business license or approval declared valid by the Financial Services Authority is only the license or approval related to crypto asset trading.

Article 135

Inspections currently being conducted by Bappebti regarding crypto assets, counted from the transfer of regulatory and supervisory duties as referred to in this Financial Services Authority Regulation, are transferred to the Financial Services Authority.

Article 136

Before the fulfillment of the provisions for implementing AML, CFT, and PPTSPM programs in the financial services sector, Traders continue to implement AML, CFT, and PPTSPM programs in accordance with:

a. statutory regulations regarding guidelines for the organization of physical crypto asset market trading on futures exchanges; and

b. statutory regulations regarding AML, CFT, and PPTSPM by futures brokers, prospective physical crypto asset traders, and physical crypto asset traders.

Article 137

Upon the commencement of this Financial Services Authority Regulation:

a. the list of crypto assets traded in the physical crypto asset market that has been established by Bappebti remains valid until the Exchange establishes the Crypto Asset List as referred to in Article 9 paragraph (1); and

b. the obligations of Traders as referred to in Article 12 paragraph (1) do not apply to physical Crypto Asset Traders that have obtained approval based on the decision of the Head of Bappebti.

Article 138

The settlement of disputes and investigation of Digital Financial Asset cases currently being implemented by Bappebti before the time of transfer of regulatory and supervisory duties, shall still be completed by Bappebti.

https://jdih.ojk.go.id/

CHAPTER XVII
CLOSING PROVISIONS

Article 139

(1) Digital Financial Asset Trading Organizers must comply with the provisions regarding:

a. governance;

b. personal data protection; and

c. Consumer protection,

within a period of 6 (six) months from the commencement of this Financial Services Authority Regulation.

(2) The provisions regarding Consumer protection as referred to in paragraph (1) letter c for Traders shall take effect on January 12, 2025, as regulated in the Financial Services Authority Regulation regarding consumer and society protection in the financial services sector.

Article 140

This Financial Services Authority Regulation shall take effect as of January 10, 2025.

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This copy is in accordance with the original

Director of Legal Development
Legal Department
Aat Windradi

In order that everyone knows it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on December 10, 2024

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

Promulgated in Jakarta on December 12, 2024

MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,
SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2024 NUMBER 38/OJK

signed https://jdih.ojk.go.id/

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

I. GENERAL

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 popularity 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 the context of healthy growth of the financial services sector while prioritizing Consumer protection. Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) regulates the duties of the Financial Services Authority as the regulatory and supervisory authority for activities in the ITSK sector as well as Digital Financial Assets and Crypto Assets.

Furthermore, Article 312 of UU P2SK also mandates the transfer of regulatory and supervisory duties for Digital Financial Assets from Bappebti to the Financial Services Authority. The Digital Financial Asset Market has operated based on the regulatory and supervisory framework issued by Bappebti. Currently, the trading ecosystem in the Digital Financial Asset Market has been running to facilitate Consumers in trading Crypto Assets. Therefore, the mandate of UU P2SK to transfer regulatory and supervisory duties for Digital Financial Assets from Bappebti to the Financial Services Authority needs to be carried out with the best efforts while maintaining stability in the Digital Financial Asset trading ecosystem.

In this regard, this Financial Services Authority Regulation adopts the regulatory and supervisory framework previously conducted by Bappebti, aligned with standards in the financial services sector and international best practices. To accommodate this, this Financial Services Authority Regulation regulates institutional matters, licensing, governance, trading mechanisms, Consumer protection, and personal data protection for Digital Financial Asset Trading Organizers.

The formation of a Financial Services Authority Regulation on the Organization of Digital Financial Asset Trading including Crypto Assets is expected to fulfill the mandate of UU P2SK well and prevent fluctuations resulting from the transfer of regulatory and supervisory duties from Bappebti to the Financial Services Authority.

II. ARTICLE BY ARTICLE

Article 1

Sufficiently clear.

Article 2

Paragraph (1)

Letter a

Sufficiently clear.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

Sufficiently clear.

Letter e

Other parties established by the Financial Services Authority include parties that, based on the results of the Financial Services Authority sandbox, participate in organizing Digital Financial Asset trading.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

Sufficiently clear.

Article 3

Paragraph (1)

Digital Financial Asset trading is conducted based on the principles:

orderly is trading conducted with clear rules and implemented consistently;
fair is all market participants treated equally without discrimination;
transparent is all market participants having equal access to trading information and other related information; and
efficient is trading activities that are fast with relatively low costs.

Thus, price formation reflecting market mechanisms is grounded by supply and demand forces, and prioritizes the interests of Digital Financial Asset Consumers.

Paragraph (2)

Sufficiently clear.

Article 4

Paragraph (1)

Letter a

What is called "distributed ledger technology (DLT)" is a technology that enables the operation and use of distributed ledgers, including blockchain or other similar technologies.

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 Securities Custody and Settlement Institution in the Capital Market sector.

Letter c

Sufficiently clear.

Letter d

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

Paragraph (2)

Digital Financial Asset initial offerings include Crypto Asset initial offerings (Initial Coin Offering) and/or tokenization initial offerings (Initial Token Offering).

Article 5

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Letter a

Specific Digital Financial Assets prohibited from being traded in the Digital Financial Asset Market include Digital Financial Assets that potentially violate statutory regulations.

Letter b

Sufficiently clear.

Article 6

Sufficiently clear.

Article 7

Sufficiently clear.

Article 8

Paragraph (1)

Letter a

What is meant by "primary digital value representation" is Digital Financial Assets that do not require ownership verification and reconciliation of other recording systems. Example: Bitcoin is included as a primary digital value representation because it is the sole recording of value, thus not requiring ownership verification on other recording systems.

Letter b

Distributed ledger technology accessible to the public includes blockchains accessible to the public.

Blockchains accessible to the public can be:

permissioned blockchain, which is a type of blockchain network with access limited and regulated by specific parties; or
permissionless blockchain, which is a type of blockchain network with access that cannot be limited, so anyone can join and participate without requiring special permission.

Letter c

What is meant by "utility" is the benefit of Crypto Assets for Crypto Asset owners.

Letter d

Sufficiently clear.

Letter e

Sufficiently clear.

Paragraph (2)

Letter a

The market capitalization value of Crypto Assets based on Crypto Asset market data providers published by recognized and credible data providers and accessible via websites or other online media.

Letter b

Sufficiently clear.

Letter c

What is meant by "Major Trader" is a Trader who has a large number of users and high daily transaction values, thereby minimizing Crypto Asset liquidity risk.

Letter d

Background includes non-involvement of the issuer, developer, and/or other parties in money laundering, terrorism financing, PPTSPM, and/or other criminal acts.

Letter e

Disclosure of information related to Crypto Assets can include whitepapers and other accountable information.

Letter f

Security of distributed ledger infrastructure or similar technology refers to, among other things, the resilience of distributed ledgers or similar technologies, including blockchain, against attacks, such as 51% (fifty-one percent) attacks, types of consensus algorithms, risks related to programming code defects, hacking, and other security threats related to technologies supporting Crypto Assets.

Reliability of distributed ledger infrastructure or similar technology refers to the ability of distributed ledgers or similar technologies, including blockchain, to operate consistently and without interruption.

Letter g

Sufficiently clear.

Letter h

What is meant by "ownership concentration" is the depiction of parties or groups of parties that control through ownership of all or most of a Crypto Asset.

This includes information regarding the vulnerability of Crypto Assets to manipulation and/or fraud due to such ownership concentration.

Letter i

What is meant by "legal risks related to Crypto Assets" is risks arising from legal claims and/or weaknesses in legal aspects related to the organization of Crypto Asset trading, including potential or actual violations of statutory regulations, such as fraud or deceit.

Letter j

Sufficiently clear.

Letter k

Sufficiently clear.

Letter l

Potential economic benefits include taxation and digital economic growth, the information industry, and expertise in informatics.

Letter m

Sufficiently clear.

Letter n

Sufficiently clear.

Article 9

Sufficiently clear.

Article 10

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

Sufficiently clear.

Paragraph (4)

Sufficiently clear.

Paragraph (5)

Official Exchange media include websites.

Article 11

Sufficiently clear.

Article 12

Sufficiently clear.

Article 13

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

Sufficiently clear.

Paragraph (4)

Sufficiently clear.

Paragraph (5)

Letter a

Sufficiently clear.

Letter b

Specific conditions that potentially violate statutory regulations include security vulnerabilities, cyber attacks, security audit failures, fraudulent and market manipulation activities, and incomplete information submission related to Crypto Assets.

Letter c

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

Letter d

Sufficiently clear.

Paragraph (6)

Sufficiently clear.

Article 14

Sufficiently clear.

Article 15

Sufficiently clear.

Article 16

Sufficiently clear.

Article 17

Paragraph (1)

Letter a

Sufficiently clear.

Letter b

Sufficiently clear.

Letter c

Sufficiently clear.

Letter d

What is meant by "list of disreputable persons" is a list of those who fail to pass based on the mechanism and procedures for re-evaluation of Principal Parties.

Letter e

Sufficiently clear.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

Sufficiently clear.

Paragraph (4)

Sufficiently clear.

Article 18

Paragraph (1)

Sufficiently clear.

Paragraph (2)

Sufficiently clear.

Paragraph (3)

What is meant by "affiliation" is:

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a. family relationships due to marriage and lineage up to the second degree, both horizontally and vertically; b. relationships between the company and employees, Board of Directors, or Board of Commissioners of said Party;
c. relationships between 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 the company and parties, directly or indirectly, that control or are controlled by said company; e. relationships between two companies that are controlled, directly or indirectly, by the same party; or f. relationships between the company and major shareholders.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Example of majority:
The majority or at least 6 (six) out of 11 (eleven) business entities in the form of limited liability companies that conduct activities in the field of Digital Financial Assets. The calculation of 3 (three) years is calculated from the date of approval of the establishment of the limited liability company from the ministry that handles government affairs in the field of law.

Article 19
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
International standard certification related to information security management systems is currently known as ISO 27001 certificate issued by a certification body that has been recognized by the government agency that handles information security affairs.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Infrastructure to facilitate the use of systems and/or online supervision and reporting facilities in the form of servers or cloud servers. https://jdih.ojk.go.id/

Letter h
Sufficiently clear.

Letter i
Open application programming interface security that has procedures including encryption-decryption processes, internet protocol whitelist, tunnel, and certificate.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Interconnection between shareholders can be in the form of affiliated shareholders.
Example:
Shareholder A is affiliated with Shareholder B. Therefore, the total limit of ownership for Shareholder A and Shareholder B is at most 20% (twenty percent).

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 24
Sufficiently clear.

Article 25
The meaning of "regular, fair, and transparent" see the explanation of Article 3 paragraph (1).

Article 26
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear. https://jdih.ojk.go.id/

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Circumstances threatening the conduct of trading include systemic cyber attacks on the majority of Traders.

Article 27
Sufficiently clear.

Article 28
Sufficiently clear.

Article 29
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

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

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

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

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

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

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear. https://jdih.ojk.go.id/

Paragraph (8)
Sufficiently clear.

Article 30
Sufficiently clear.

Article 31
Sufficiently clear.

Article 32
Sufficiently clear.

Article 33
See the explanation of Article 3 paragraph (1).

Article 34
Sufficiently clear.

Article 35
Sufficiently clear.

Article 36
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
The meaning of "cold storage" is a method of storing Digital Financial Assets offline that is stored in devices not connected to the internet to protect from cyber threats. The meaning of "hot storage" is a method of storing Digital Financial Assets online.

Letter e
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 37
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear. https://jdih.ojk.go.id/

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

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

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

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

Letter k
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Article 38
Sufficiently clear.

Article 39
Sufficiently clear.

Article 40
Sufficiently clear.

Article 41
Paragraph (1)
The meaning of "hot wallet" is a Wallet connected to the internet.
Example:
Web application websites.
The meaning of "cold wallet" is a Wallet not connected to the internet.
Example:
Hardware devices.

Letter a
Sufficiently clear.

Letter b
Sufficiently clear. https://jdih.ojk.go.id/

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Track record, better known as logs.

Letter f
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
The meaning of "2 (two) factor authenticity" is:

physical characteristics and/or biometric data that are innate and unique to each person, including face (face recognition), fingerprint patterns (fingerprint), and retina/iris patterns (retinal pattern); and
identity documents owned, namely the Identity Card which must also be accompanied by other things, such as one-time password (OTP), digital signature, or other forms that can be equated.

Letter b
Sufficiently clear.

Letter c
Quorum (M out of N) is a security mechanism in the transaction approval authorization process on Digital Financial Asset wallets that requires the minimum number of parties giving approval from all parties having the authority to approve Digital Financial Asset transactions.

Paragraph (4)
Letter a
Identification and monitoring of employee profiles, better known as the term know your employee.

Letter b
Initial identification training, better known as onboarding training.

Letter c
Sufficiently clear.

Letter d
Examples of other fields: compliance or risk management.

Paragraph (5)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Disaster-resistant storage standards include fire, flood, and other disasters. https://jdih.ojk.go.id/

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Sufficiently clear.

Article 42
Paragraph (1)
Letter a
Number 1
Sufficiently clear.

Number 2
See the explanation of Article 41 paragraph (1) letter e.

Number 3
Sufficiently clear.

Number 4
Sufficiently clear.

Letter b
Number 1
Sufficiently clear.

Number 2
See the explanation of Article 41 paragraph (3) letter c.

Number 3
The meaning of "whitelist address" is a security feature that allows limiting the addresses of Digital Financial Asset withdrawals of specific wallets that have been verified and added to the whitelist.

Paragraph (2)
Sufficiently clear.

Article 43
Letter a
Sufficiently clear.

Letter b
See the explanation of Article 42 paragraph (1) letter b number 3.

Letter c
Service level agreement, better known as the term service level agreement.

Article 44
Sufficiently clear.

Article 45
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear. https://jdih.ojk.go.id/

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Letter a
The meaning of "market maker" is a party that continuously places buy and/or sell orders in Digital Financial Asset trading.
The meaning of "liquidity provider" is a party that offers sell and buy requests on every trading day of Digital Financial Assets to support the creation of Digital Financial Asset trading liquidity.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
The meaning of "separate recording" is the recording of Digital Financial Asset trading transactions conducted by the Trader for the account of the Trader, not to facilitate Consumers.

Article 46
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

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

Letter j
See the explanation of Article 21 paragraph (1) letter d.

Letter k
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear. https://jdih.ojk.go.id/

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 47
Paragraph (1)
See the Explanation of Article 45 paragraph (7) letter a.

Paragraph (2)
See the Explanation of Article 45 paragraph (7) letter a.

Article 48
Sufficiently clear.

Article 49
Sufficiently clear.

Article 50
Sufficiently clear.

Article 51
Sufficiently clear.

Article 52
Sufficiently clear.

Article 53
Sufficiently clear.

Article 54
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
See the explanation of Article 17 paragraph (1) letter d.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 55
Sufficiently clear.

Article 56
Sufficiently clear.

Article 57
Sufficiently clear. https://jdih.ojk.go.id/

Article 58
Sufficiently clear.

Article 59
Sufficiently clear.

Article 60
Sufficiently clear.

Article 61
Sufficiently clear.

Article 62
Sufficiently clear.

Article 63
Sufficiently clear.

Article 64
Sufficiently clear.

Article 65
Sufficiently clear.

Article 66
Sufficiently clear.

Article 67
Sufficiently clear.

Article 68
Letter a
Sufficiently clear.

Letter b
The meaning of "legitimate income" includes:

income from remuneration, such as salary, allowances, and dividends;
profits from Digital Financial Asset investments obtained without utilizing profits as a party conducting Digital Financial Asset organization activities, such as utilizing insider information or other non-public information; and
other income that does not contradict legislation.

Article 69
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Compliance and internal audit functions can be carried out separately according to the needs of the Digital Financial Asset Trading Organizer.

Letter b
Sufficiently clear. https://jdih.ojk.go.id/

Article 70
Paragraph (1)
Prohibition of dual functions for employees includes employees who carry out compliance and internal audit functions who are prohibited from carrying out information technology functions.

Paragraph (2)
Sufficiently clear.

Article 71
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Changes in factors affecting business activities significantly include:

changes in products, activities, services, and business models;
changes in business strategy; and
technological developments in the Digital Financial Asset industry.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Article 72
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Self-evaluation regarding risk management principles is a process carried out internally by the Digital Financial Asset Trading Organizer to assess risk management, including identifying risks and mitigating risks related to Digital Financial Asset trading organization activities.

Paragraph (2)
Sufficiently clear.

Article 73
Sufficiently clear.

Article 74
Sufficiently clear.

Article 75
Sufficiently clear.

Article 76
Sufficiently clear. https://jdih.ojk.go.id/

Article 77
Sufficiently clear.

Article 78
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

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

Letter e
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Article 79
Sufficiently clear.

Article 80
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Letter a
Sufficiently clear.

Letter b
Non-individuals include legal arrangements.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
The travel rule principle is the obligation to obtain, store, and submit sender and recipient information required related to Digital Financial Asset transfer or transfer services to identify and report suspicious transactions, freeze, and prohibit transactions. The principle of identification and monitoring of transactions is better known as the term know your transaction (KYT). https://jdih.ojk.go.id/

Article 81
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
The meaning of "regulatory technology" is the use of information technology to support compliance with applicable regulations.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 82
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
See the explanation of Article 21 paragraph (1) letter d.

Letter b
Sufficiently clear.

Paragraph (4)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Other activity and licensing services include staking or other innovations.

Article 83
Sufficiently clear.

Article 84
Sufficiently clear.

Article 85
Paragraph (1)
Sufficiently clear.

Paragraph (2)
See the explanation of Article 80 paragraph (8).

Article 86
Sufficiently clear.

Article 87
Sufficiently clear.
. https://jdih.ojk.go.id/

Article 88
Sufficiently clear.

Article 89
Letter a
Sufficiently clear.

Letter b
Regulatory provisions include provisions of legislation regarding bank secrecy and personal data protection.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Article 90
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Wallets not belonging to consumers include Wallets belonging to other Traders that store Consumers' Digital Financial Assets.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 91
Sufficiently clear.

Article 92
Paragraph (1)
See the explanation of Article 37 paragraph (1) letter j.

Paragraph (2)
Sufficiently clear.

Article 93
Paragraph (1)
Facilitating Digital Financial Assets includes providing financing facilities by providing funds and/or Digital Financial Assets to customers to conduct transactions.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 94
Sufficiently clear. https://jdih.ojk.go.id/

Article 95
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
See the explanation of Article 80 paragraph (8).

Paragraph (5)
Sufficiently clear.

Article 96
See the explanation of Article 80 paragraph (8).

Article 97
Paragraph (1)
See the explanation of Article 80 paragraph (8).

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Third-party application facilities include blockchain data analysis applications (blockchain analytic tools).
Blockchain data analysis applications (blockchain analytic tools) are applications that can collect, process, and analyze data from blockchains, whether paid or provided publicly (open source).

Article 98
Paragraph (1)
Market abuse behaviors include making false statements regarding Digital Financial Asset information, insider trading, and manipulation of the Digital Financial Asset Market.

Paragraph (2)
Sufficiently clear.

Article 99
Paragraph (1)
Required actions include:

investigations conducted regarding indications of market abuse;
freezing of Consumer accounts or accounts involved in market abuse;
application of sanctions in accordance with the regulations and bylaws of the Exchange and Clearing, Guarantee and Settlement Institution, or the Trader's trading procedures;
reporting to law enforcement agencies; and
other necessary actions to prevent further losses or spread of negative impacts in the Digital Financial Asset market.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear. https://jdih.ojk.go.id/

Article 100
Sufficiently clear.

Article 101
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
See the explanation of Article 17 paragraph (1) letter d.

Letter d
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 102
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
Sufficiently clear.

Letter b
Example:
Traders are not allowed to conduct activities as payment service providers.

Article 103
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

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

Article 104
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
See the explanation of Article 80 paragraph (8).

Letter d
Sufficiently clear.

Letter e
See the explanation of Article 21 paragraph (1) letter d.

Article 105
Sufficiently clear. https://jdih.ojk.go.id/

Article 106
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
See the explanation of Article 17 paragraph (1) letter d.

Letter d
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 107
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Other reports include reports required as follow-up to supervision results.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 108
Sufficiently clear.

Article 109
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Example:
The reporting period for October 2024 falls on October 31, 2024, so the deadline for submitting the 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 (3)
Example:
The reporting period for October 2024 falls on October 31, 2024, so the deadline for submitting the 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 (4)
Sufficiently clear. https://jdih.ojk.go.id/

Article 110
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Example:
An incident occurs on October 31, 2024, so the deadline for submitting the incident report is at most 5 (five) working days from the occurrence of the incident, namely on October 7, 2024.

Paragraph (3)
Example:
An incident occurs on October 31, 2024, so the deadline for submitting the incident report is at most 5 (five) working days from the occurrence of the incident, namely on October 7, 2024. In the event that the report is submitted within a period of 7 (seven) working days after October 7, 2024, namely from October 8, 2024 to October 14, 2024, then the Digital Financial Asset Trading Organizer is declared late in submitting the report.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Example:
An incident occurs on October 31, 2024, so the deadline for submitting the incident report is at most 5 (five) working days from the occurrence of the incident, namely on October 7, 2024. In the event that the report is not submitted within a period of 7 (seven) working days after October 7, 2024, namely from October 8, 2024 to October 14, 2024, then the Digital Financial Asset Trading Organizer is declared not to have submitted the report.

Paragraph (6)
Sufficiently clear.

Article 111
Sufficiently clear.

Article 112
Sufficiently clear.

Article 113
Sufficiently clear.

Article 114
Sufficiently clear.

Article 115
Sufficiently clear.

Article 116
Sufficiently clear.

Article 117
Sufficiently clear. https://jdih.ojk.go.id/

Article 118
Sufficiently clear.

Article 119
Sufficiently clear.

Article 120
Sufficiently clear.

Article 121
Sufficiently clear.

Article 122
Sufficiently clear.

Article 123
Paragraph (1)
Information regarding Digital Financial Asset products and/or services is obtained from whitepapers, websites, and/or information from Digital Financial Asset developers.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The meaning of "true and accurate" is information conveyed precisely and completely that can be accounted for.

Paragraph (4)
Sufficiently clear.

Article 124
Paragraph (1)
Marketing can be conducted through electronic or non-electronic media.
Information includes marketing materials, advertisements, and/or promotions.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 125
Sufficiently clear.

Article 126
Sufficiently clear.

Article 127
Sufficiently clear.

Article 128
Sufficiently clear.

Article 129
Specific considerations are based on, among others, developments in the Digital Financial Asset industry, changes in risks regarding products, services, and activities, conditions of the Digital Financial Asset Market, and https://jdih.ojk.go.id/ other significant conditions that affect the organization of Digital Financial Asset trading.

Article 130
Sufficiently clear.

Article 131
Sufficiently clear.

Article 132
Sufficiently clear.

Article 133
Sufficiently clear.

Article 134
Sufficiently clear.

Article 135
Sufficiently clear.

Article 136
Sufficiently clear.

Article 137
Sufficiently clear.

Article 138
Sufficiently clear.

Article 139
Sufficiently clear.

Article 140
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 106/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 27 YEAR 2024
CONCERNING THE ORGANIZATION OF
DIGITAL FINANCIAL ASSET TRADING
INCLUDING CRYPTO ASSETS

Part A
I. BUSINESS LICENSE APPLICATION DOCUMENT REQUIREMENTS FOR EXCHANGES
Applications for Exchange business licenses are submitted to the Financial Services Authority by submitting documents:
a. Letter of Introduction for Business License Application as an Exchange as stated in Appendix Part B; b. Exchange Business License Application Form as stated in Appendix Part C Roman I;
c. Application Filling List as stated in Appendix Part D;
d. copy of the deed of establishment of the legal entity that has been approved by the ministry that handles government affairs in the field of law containing business activities as established by the Financial Services Authority; e. copy of the last amendment to the articles of association that has been approved by the ministry that handles government affairs in the field of law containing business activities as established by the Financial Services Authority, if the legal entity has made changes to the articles of association; f. copy of the last amendment to company data that has been reported to the ministry that handles government affairs in the field of law if the legal entity makes changes to company data; g. decision letter on the formation of the Digital Financial Asset Exchange committee; h. cooperation agreement with the Clearing, Guarantee and Settlement Institution;
i. shareholder data:

for individual shareholders, by attaching electronic documents or scan results:
a) identification in the form of an identity card for Indonesian citizens or a passport for foreign citizens, which is still valid; b) tax identification number or documents that can be equated with it; c) curriculum vitae completed with a new 4x6 cm color photo as stated in Appendix Part E which is an integral part of this Financial Services Authority Regulation; and d) statement from shareholders in accordance with the format of the Individual Shareholder Statement Letter as stated in Appendix Part F which is an integral part of this Financial Services Authority Regulation; https://jdih.ojk.go.id/
for corporate shareholders, by attaching electronic documents or scans:
a) a list and details of shareholders including details of each share ownership; b) a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs; c) a copy of the latest articles of association amendment approved by the Ministry responsible for legal affairs, in the event the legal entity has amended its articles of association; d) a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs, in the event the legal entity has amended its corporate data; e) a statement from the shareholder in accordance with the format of the Corporate Shareholder Statement Form contained in Annex Part G which is an integral part of this Financial Services Authority Regulation; and f) the corporate tax identification number or documents that can be equated with it; j. data of the Board of Directors and Board of Commissioners:
1. for Board of Directors members, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) limited stay permit card or permanent stay permit card for foreign citizens; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; d) tax identification number or documents that can be equated with it; and e) a statement from each Board of Directors member in accordance with the format of the Board of Directors Member Statement Form contained in Annex Part H which is an integral part of this Financial Services Authority Regulation;
2. for the Board of Commissioners, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; c) Tax Identification Number documents that can be equated with it; and d) a statement from each Commissioner in accordance with the format of the Board of Commissioners Member Statement Form contained in Annex Part I which is an integral part of this Financial Services Authority Regulation; k. information regarding controlling shareholders containing at least:
1. information related to controlling shareholders;
2. the amount (percentage) of controlling shareholder ownership; and
3. a statement from the controlling shareholder in accordance with the format of the Controlling Shareholder Statement Form contained in Annex Part J which is an integral part of this Financial Services Authority Regulation;
l. organizational structure containing information regarding:
1. structure and/or job functions;
2. the number of human resources in each structure and/or job function; and
3. the division of duties and authority of each structure and/or job function;
m. proof of capital contribution:
1. proof of capital contribution; and
2. a copy of the bank statement containing the capital contribution deposit;
n. documents related to Exchange expertise:
1. a copy of the certified information system security professional certificate from 1 (one) employee;
2. a copy of the certified information system auditor certificate from 1 (one) employee;
3. employment documents for employees who have certified information system security professional certification;
4. employment documents for employees who have certified information system auditor certification;
o. a 3 (three) year business plan, containing at least:
1. an overview of the business activities to be conducted;
2. targets and steps taken to achieve the aforementioned targets; and
3. projected financial statements for the next 3 (three) years;
p. international standard certification documents related to information security management systems in the form of ISO 27001 certification; q. audit results report on the supervision and reporting systems owned from an independent institution in the field of information systems that has human resources certified as certified information system auditors; r. operational standard procedures according to the duties and authority of the Exchange at least containing:
1. Exchange membership;
2. operational/trade execution;
3. recording/reporting of transactions;
4. dispute resolution;
5. governance and risk management; and
6. implementation of anti-TPPU, TPPT, and PPSPM programs
s. guidelines related to compliance and internal audit as well as risk management; t. regulations and house rules of the Exchange; u. Format of the Exchange Supervision and Reporting System Infrastructure Readiness List contained in Annex Part K Roman numeral I; and
v. other supporting documents and information related to the Exchange business license application (if required).

II. DOCUMENT REQUIREMENTS FOR BUSINESS LICENSE APPLICATION OF CLEARING, GUARANTEE AND SETTLEMENT INSTITUTION

The business license application for the Clearing, Guarantee and Settlement Institution is submitted to the Financial Services Authority by submitting documents:
a. Cover Letter for Business License Application as a Clearing, Guarantee and Settlement Institution contained in Annex Part B; b. Business License Application Form for Clearing, Guarantee and Settlement Institution contained in Annex Part C Roman numeral II;
c. Application Filling List contained in Annex Part D;
d. a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority; e. a copy of the latest articles of association amendment, approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority, if the legal entity has amended its articles of association; f. a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; g. cooperation letter with the Custody Place Manager; h. shareholder data:
1. for individual shareholders, by attaching electronic documents or scans:
a) identification in the form of an identity card for Indonesian citizens or a passport for foreign citizens, which is still valid; b) tax identification number or documents that can be equated with it; c) a curriculum vitae completed with a new 4x6 cm color photo in accordance with the Curriculum Vitae format contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; and d) a statement from the shareholder in accordance with the format of the Individual Shareholder Statement Form contained in Annex Part F which is an integral part of this Financial Services Authority Regulation;
2. for corporate shareholders, by attaching electronic documents or scans:
a) a list and details of shareholders including details of each share ownership; b) a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs; c) a copy of the latest articles of association amendment approved by the Ministry responsible for legal affairs, if the legal entity has amended its articles of association; d) a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; e) a statement from the shareholder in accordance with the format of the Corporate Shareholder Statement Form contained in Annex Part G which is an integral part of this Financial Services Authority Regulation; and f) the corporate tax identification number or documents that can be equated with it;
3. for the Republic of Indonesia as a shareholder, attaching electronic documents or scans of a statement from the shareholder in accordance with the format of the Corporate Shareholder Statement Form contained in Annex Part G which is an integral part of this Financial Services Authority Regulation;
i. data of the Board of Directors and Board of Commissioners:
1. for Board of Directors members, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) limited stay permit card or permanent stay permit card for foreign citizens; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; d) tax identification number or documents that can be equated with it; and e) a statement from each Board of Directors member in accordance with the format of the Board of Directors Member Statement Form contained in Annex Part H which is an integral part of this Financial Services Authority Regulation;
2. for the Board of Commissioners, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; c) tax identification number documents that can be equated with it; and d) a statement from each Board of Commissioners member in accordance with the format of the Board of Commissioners Member Statement Form contained in Annex Part I which is an integral part of this Financial Services Authority Regulation; j. information regarding controlling shareholders containing at least:
1. information related to controlling shareholders;
2. the amount (percentage) of controlling shareholder ownership; and
3. a statement from the controlling shareholder in accordance with the format of the Controlling Shareholder Statement Form contained in Annex Part K which is an integral part of this Financial Services Authority Regulation;
k. organizational structure containing information regarding:
1. structure and/or job functions;
2. the number of human resources in each structure and/or job function; and
3. the division of duties and authority of each structure and/or job function;
l. proof of capital contribution:
1. proof of capital contribution; and
2. a copy of the bank statement containing the capital contribution deposit;
m. a special financial account separate from the financial account of the Clearing, Guarantee and Settlement Institution used to conduct Digital Financial Asset transactions; n. a 3 (three) year business plan, containing at least:
1. an overview of the business activities to be conducted;
2. targets and steps taken to achieve the aforementioned targets; and
3. projected financial statements for the next 3 (three) years;
o. international standard certification documents related to information security management systems in the form of ISO 27001 certification; p. audit results report on the guarantee and settlement systems owned from an independent institution in the field of information systems that has human resources certified as certified information system auditors; q. operational standard procedures at least containing:
1. Clearing, Guarantee and Settlement Institution membership;
2. operational/execution of settlement and guarantee of settlement;
3. dispute resolution;
4. governance and risk management;
5. Consumer fund supervision; and
6. implementation of anti-TPPU, TPPT, and PPSPM programs.
r. guidelines related to compliance and internal audit as well as risk management; s. regulations and house rules of the Clearing, Guarantee and Settlement Institution; t. Format of the Clearing, Guarantee and Settlement Institution Guarantee and Settlement System Infrastructure Readiness List contained in Annex Part K Roman numeral II; and u. other supporting documents and information related to the Clearing, Guarantee and Settlement Institution business license application (if required).

III. DOCUMENT REQUIREMENTS FOR BUSINESS LICENSE APPLICATION OF CUSTODY PLACE MANAGER

The business license application for the Custody Place Manager is submitted to the Financial Services Authority by submitting documents:
a. Cover Letter for Business License Application as a Custody Place Manager contained in Annex Part B; b. Business License Application Form for Custody Place Manager contained in Annex Part C Roman numeral III;
c. Application Filling List contained in Annex Part D;
d. a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority; e. a copy of the latest articles of association amendment, approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority, if the legal entity has amended its articles of association; f. a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; g. recommendation letter from the Clearing, Guarantee and Settlement Institution and cooperation agreement with the Clearing, Guarantee and Settlement Institution; h. shareholder data:
1. for individual shareholders, by attaching electronic documents or scans:
a) identification in the form of an identity card for Indonesian citizens or a passport for foreign citizens, which is still valid; b) tax identification number or documents that can be equated with it; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; and d) a statement from the shareholder in accordance with the format of the Individual Shareholder Statement Form contained in Annex Part F which is an integral part of this Financial Services Authority Regulation;
2. for corporate shareholders, by attaching electronic documents or scans:
a) a list and details of shareholders including details of each share ownership; b) a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs; c) a copy of the latest articles of association amendment approved by the Ministry responsible for legal affairs, if the legal entity has amended its articles of association; d) a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; e) a statement from the shareholder in accordance with the format of the Corporate Shareholder Statement Form contained in Annex Part G which is an integral part of this Financial Services Authority Regulation; and f) the corporate tax identification number or documents that can be equated with it;
i. data of the Board of Directors and Board of Commissioners:
1. for Board of Directors members, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) limited stay permit card or permanent stay permit card for foreign citizens; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; d) tax identification number or documents that can be equated with it; and e) a statement from each Board of Directors member in accordance with the format of the Board of Directors Member Statement Form contained in Annex Part H which is an integral part of this Financial Services Authority Regulation;
2. for the Board of Commissioners, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; c) tax identification number documents that can be equated with it; and d) a statement from each Board of Commissioners member in accordance with the format of the Board of Commissioners Member Statement Form contained in Annex Part I which is an integral part of this Financial Services Authority Regulation; j. information regarding controlling shareholders containing at least:
1. information related to controlling shareholders;
2. the amount (percentage) of controlling shareholder ownership; and
3. a statement from the controlling shareholder in accordance with the format of the Controlling Shareholder Statement Form contained in Annex Part J which is an integral part of this Financial Services Authority Regulation;
k. organizational structure containing information regarding:
1. structure and/or job functions;
2. the number of human resources in each structure and/or job function; and
3. the division of duties and authority of each structure and/or job function;
l. proof of capital contribution:
1. proof of capital contribution; and
2. a copy of the bank statement containing the capital contribution deposit;
m. documents related to Custody Place Manager expertise:
1. a copy of the certified information system security professional certificate from 1 (one) employee;
2. a copy of the certified information system auditor certificate from 1 (one) employee;
3. employment documents for employees who have certified information system security professional certification;
4. employment documents for employees who have certified information system auditor certification;
n. a 3 (three) year business plan, containing at least:
1. an overview of the business activities to be conducted;
2. targets and steps taken to achieve the aforementioned targets; and
3. projected financial statements for the next 3 (three) years;
o. international standard certification documents related to information security management systems in the form of ISO 27001 certification; p. audit results report on the Digital Financial Asset storage systems owned from an independent institution in the field of information systems that has human resources certified as certified information system auditors; q. operational standard procedures at least containing:
1. Digital Financial Asset storage mechanism;
2. storage security surveillance mechanism;
3. internal control;
4. storage security governance and risk management; and
5. implementation of anti-TPPU, TPPT, and PPSPM programs;
r. guidelines related to compliance and internal audit as well as risk management; s. Format of the Custody Place Manager System and Storage Infrastructure Readiness List contained in Annex Part K Roman numeral III; and t. other supporting documents and information related to the Custody Place Manager business license application (if required).

IV. DOCUMENT REQUIREMENTS FOR BUSINESS LICENSE APPLICATION OF TRADER

The business license application for the Trader is submitted to the Financial Services Authority by submitting documents:
a. Cover Letter for Business License Application as a Trader contained in Annex Part B; b. Business License Application Form for Trader contained in Annex Part C Roman numeral IV;
c. Application Filling List contained in Annex Part D;
d. a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority; e. a copy of the latest articles of association amendment, approved by the Ministry responsible for legal affairs containing business activities as determined by the Financial Services Authority, if the legal entity has amended its articles of association; f. a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; g. shareholder data:
1. for individual shareholders, by attaching electronic documents or scans:
a) identification in the form of an identity card for Indonesian citizens or a passport for foreign citizens, which is still valid; b) tax identification number or documents that can be equated with it; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; and d) a statement from the shareholder in accordance with the format of the Individual Shareholder Statement Form contained in Annex Part F which is an integral part of this Financial Services Authority Regulation;
2. for corporate shareholders, by attaching electronic documents or scans:
a) a list and details of shareholders including details of each share ownership; b) a copy of the articles of association of the legal entity approved by the Ministry responsible for legal affairs; c) a copy of the latest articles of association amendment approved by the Ministry responsible for legal affairs, if the legal entity has amended its articles of association; d) a copy of the latest corporate data amendment notified to the Ministry responsible for legal affairs if the legal entity has amended its corporate data; e) a statement from the shareholder in accordance with the format of the Corporate Shareholder Statement Form contained in Annex Part G which is an integral part of this Financial Services Authority Regulation; and f) the corporate tax identification number or documents that can be equated with it; h. data of the Board of Directors and Board of Commissioners:
1. for Board of Directors members, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) limited stay permit card or permanent stay permit card for foreign citizens; c) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; d) tax identification number or documents that can be equated with it; and e) a statement from each Board of Directors member in accordance with the format of the Board of Directors Member Statement Form contained in Annex Part H which is an integral part of this Financial Services Authority Regulation;
2. for the Board of Commissioners, by attaching electronic documents or scans of data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) a curriculum vitae completed with a new 4x6 cm color photo contained in Annex Part E which is an integral part of this Financial Services Authority Regulation; c) tax identification number documents that can be equated with it; and d) a statement from each Board of Commissioners member in accordance with the format of the Board of Commissioners Member Statement Form contained in Annex Part I which is an integral part of this Financial Services Authority Regulation;
i. information regarding controlling shareholders containing at least:
1. information related to controlling shareholders;
2. the amount (percentage) of controlling shareholder ownership; and
3. a statement from the controlling shareholder in accordance with the format of the Controlling Shareholder Statement Form contained in Annex Part J which is an integral part of this Financial Services Authority Regulation;
j. organizational structure containing information regarding:
1. structure and/or job functions;
2. the number of human resources in each structure and/or job function; and
3. the division of duties and authority of each structure and/or job function;
k. proof of capital contribution:
1. proof of capital contribution; and
2. a copy of the bank statement containing the capital contribution deposit;
l. a 3 (three) year business plan, containing at least:
1. an overview of the business activities to be conducted;
2. targets and steps taken to achieve the aforementioned targets; and
3. projected financial statements for the next 3 (three) years;
m. international standard certification documents related to information security management systems in the form of ISO 27001 certification; n. operational standard procedures at least containing:
1. Trader membership;
2. operational/trade execution;
3. recording/reporting of transactions;
4. dispute resolution;
5. governance and risk management; and
6. implementation of anti-TPPU, TPPT, and PPSPM programs;
o. guidelines related to compliance and internal audit as well as risk management; p. regulations and house rules of the Trader; q. Format of the Trader Supervision and Reporting System Infrastructure Readiness List contained in Annex Part K Roman numeral IV; and r. other supporting documents and information related to the Trader business license application (if required).

b) limited or permanent residence permits for foreign citizens; c) a curriculum vitae accompanied by a recent 4x6 cm color passport photo, as set forth in Appendix Part E, which is an integral part of this Financial Services Authority Regulation; d) a taxpayer identification number or equivalent document; and e) a statement from each member of the Board of Directors in accordance with the format of the Statement of Members of the Board of Directors set forth in Appendix Part H, which is an integral part of this Financial Services Authority Regulation;

for the Board of Commissioners, by attaching electronic documents or scanned data:
a) identification in the form of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid; b) a curriculum vitae accompanied by a recent 4x6 cm color passport photo, as set forth in Appendix Part E, which is an integral part of this Financial Services Authority Regulation; c) a taxpayer identification number or equivalent document; and d) a statement from each member of the Board of Commissioners in accordance with the format of the Statement of Members of the Board of Commissioners set forth in Appendix Part I, which is an integral part of this Financial Services Authority Regulation;

i. information regarding controlling shareholders containing at least:

information related to the controlling shareholder;
the amount (percentage) of ownership of the controlling shareholder; and
a statement from the controlling shareholder in accordance with the format of the Statement of Controlling Shareholder set forth in Appendix Part J, which is an integral part of this Financial Services Authority Regulation;

j. organizational structure containing information regarding:

the structure and/or function of positions;
the number of human resources in each structure and/or function of position; and
the division of duties and authority of each structure and/or function of position;

k. proof of capital contribution:

proof of capital contribution; and
a copy of the bank statement containing the capital contribution deposit.

l. a separate account used to conduct Digital Financial Asset transactions;

m. documents related to Trader expertise:

a certified information system security professional certificate from 1 (one) employee;
employment documents for the employee holding the certified information system security professional certification;

n. a 3 (three) year business plan, containing at least:

an overview of the business activities to be conducted;
targets and steps taken to achieve the aforementioned targets; and
financial report projections for the next 3 (three) years;

o. international standard documents related to information security management systems in the form of ISO 27001 certification;

p. audit results report on the Digital Financial Asset trading system owned from an independent institution in the field of information systems that has human resources certified as certified information system auditors;

q. standard operating procedures, containing at least:

marketing and consumer acceptance;
transaction execution;
internal control and supervision;
consumer dispute resolution; and
implementation of anti-TPPU, TPPT, and PPSPM activities programs;

r. guidelines related to compliance and internal audit as well as risk management;

s. a statement letter to conduct a cooperation agreement with parties facilitating regulatory technology;

t. a statement letter to conduct a cooperation agreement with the ministry in charge of domestic government affairs;

u. data and information documents related to the business model containing at least:

a brief written explanation of products in the form of:
a. a list of Digital Financial Assets traded; and b. volume and number of Consumers per Digital Financial Asset;
a brief explanation of the business process for organizing Digital Financial Asset Trading;
a brief explanation regarding the implementation of the know your transaction and travel rule principles;
a list of banks and account numbers used to conduct Digital Financial Asset trading transactions and store Consumer funds;
proof of registration of the electronic system at the ministry in charge of communication and digital affairs;
a list of registered Consumer identities;
a list of all managed Wallets;

v. a copy of membership documents at the Exchange and Clearing, Guarantee, and Settlement Institution;

w. documents regarding the appointment (recommendation) as a Trader by the Exchange;

x. cooperation agreements and/or mechanisms for taking positions in the event of acting as a market maker or liquidity provider;

y. Trading Procedures;

z. Format of the List of Readiness of System Infrastructure and Online Trading Facilities for Traders set forth in Appendix Part K Roman IV; and

aa. other supporting documents and information related to the Trader business license application (if required).

https://jdih.ojk.go.id/

PART B
LETTER OF INTRODUCTION FOR BUSINESS LICENSE APPLICATION AS A DIGITAL FINANCIAL ASSET TRADING ORGANIZER*) Number : …………………………… ................ 20 ... Attachments : ..…………………………. Subject : Business License Application Digital Financial Asset Trading Organizer

The Head of the Executive Supervisor for Financial Technology Innovation, Digital Financial Assets, and Crypto Assets

Referring to Financial Services Authority Regulation Number ….. Year ... concerning the Organization of Digital Financial Asset Trading including Crypto Assets, we hereby submit an application to obtain a business license as a Digital Financial Asset Trading Organizer*):

Applicant Name : ........................................................
Nationality : ........................................................
Applicant Position : ........................................................
Applicant Address : ........................................................
City .....
Province .....
Postal Code .....
Applicant Phone Number : ........................................................
Applicant Mobile Number
: ........................................................
Applicant Email : ........................................................
Company Name : ........................................................
Application Name(s) : ........................................................
Company Address : ........................................................
City .....
Province .....
Postal Code .....
Company Phone/Fax Number
: ........................................................
Company Website Address
: ........................................................
Company Email : ........................................................

https://jdih.ojk.go.id/

To complete the aforementioned application, we hereby submit the attached documents.

Furthermore, we hereby declare that the documents submitted via the electronic system or electronic mail are true and identical to the original documents. If it is later found that the data/information/documents submitted by us are incorrect and/or there is forgery, we are willing to be subject to sanctions in accordance with applicable laws and regulations.

This is our application, and for your attention, Sir/Madam*), we express our gratitude.

Sincerely,

Board of Directors Member …………...............
Stamp Duty
Rp.10,000,-
..................................
(Clear Name and Signature)

*) Filled in according to the type of Party organizing the activity (Exchange, Clearing, Guarantee, and Settlement Institution, Custody Service Provider, Trader) ) Only filled in by Traders

https://jdih.ojk.go.id/

PART C
I. BUSINESS LICENSE APPLICATION FORM FOR EXCHANGE
Exchange Business License Application Form
Name of Proposed Organizer Company :
Application Letter Number :
Date of Application Letter :
Brief Description of Organizer's
Business Activities :
Contact Person (Name, Phone/email) :
No. DESCRIPTION INFORMATION
Description Yes No Remarks

Letter of Introduction
for Business License
Application as Exchange
Application Form
Copy of the deed of
establishment of the legal entity, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority
Copy of the latest deed of
amendment to the articles of association, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority, if the legal entity mentioned has amended its articles of association
Copy of the latest deed of
amendment to company data which has been reported to the ministry in charge of government affairs in the field of law if the legal entity has changed company data
Decision letter on the
formation of the Digital
Financial Asset Exchange
Committee
Cooperation letter with
the Clearing, Guarantee, and Settlement Institution
Shareholder data for individual
shareholders, by attaching electronic documents or scanned data:
identification in the form
of an identity card for
Indonesian citizens or a passport for foreign citizens, which is still valid;
taxpayer identification
number or equivalent document;
curriculum vitae with
a recent 4x6 cm color passport photo; and
statement from the
shareholder in accordance with the format of the Statement of Individual Shareholder; for corporate shareholders, by attaching electronic documents or scanned data:
list and details of
shareholders including details of each share ownership;
copy of the deed of
establishment of the legal entity, which has been approved by the ministry in charge of government affairs in the field of law;
copy of the latest deed
of amendment to the articles of association, which has been approved by the ministry in charge of government affairs in the field of law, if the legal entity mentioned has amended its articles of association;
copy of the latest deed
of amendment to company data which has been reported to the ministry in charge of government affairs in the field of law if the legal entity has changed company data;
statement from the
shareholder in accordance with the format of the Statement of Corporate Shareholder; and
taxpayer identification
number of the corporate shareholder or equivalent document.
Board of Directors Data Electronic documents or scanned
data:
identification in the form
of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid;
limited or permanent
residence permits for foreign citizens;
curriculum vitae with
a recent 4x6 cm color passport photo;
taxpayer identification
number or equivalent document; and
statement from each
member of the Board of
Directors in accordance with the format of the Statement of Members of the Board of Directors.
Board of Commissioners Data Electronic documents or scanned
data:
identification in the form
of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid;
curriculum vitae with
a recent 4x6 cm color passport photo;
taxpayer identification
number or equivalent document; and
statement from each
member of the Board of
Commissioners in accordance with the format of the Statement of Members of the Board of Commissioners.

https://jdih.ojk.go.id/

Information regarding
Controlling Shareholders
information related to the
controlling shareholder;
amount (percentage) of
ownership of the controlling shareholder; and
statement from the
controlling shareholder in accordance with the format of the Statement of Controlling Shareholder.
Organizational Structure Organizational structure
containing information regarding:
structure and/or function
of positions;
number of human
resources in each structure and/or function of position; and
division of duties and
authority of each structure and/or function of position.
Proof of Capital Contribution 1. proof of capital contribution;
copy of bank statement
containing capital contribution deposit.
Documents Related to
Exchange Expertise
certified information
system security professional certificate from 1 (one) Employee;
copy of certified information
system auditor certificate from 1 (one) employee;
employment documents
for the employee holding the certified information system security professional certification;
employment documents
for the employee holding the certified information system auditor certification.
3 (Three) Year Business Plan
3 (Three) year business plan, containing at least:
overview of business
activities to be conducted;
targets and steps taken
to achieve the aforementioned targets; and
financial report projections
for the next 3 (three) years.
Format of the List of Readiness
of Supervision and Reporting
System Infrastructure
Documents Related to
Information Security
Management System
ISO 27001 Certificate
Audit Results Report on
Supervision and Reporting
System Owned from an
Independent Institution in the Field of Information Systems that has Human Resources Certified as Certified Information System Auditors
Standard Operating Procedures
according to the Duties and
Authority of the Exchange
Standard operating procedures containing at least:
Exchange membership;
operational/trading
execution;
recording/reporting
transactions
governance and risk
management; and
implementation of anti-
TPPU, TPPT, and PPSPM activities programs.
Guidelines Related to
Compliance and Internal Audit as well as Risk Management
Exchange Regulations and
Code of Conduct
Other supporting documents
and information related to the Exchange business license application (if required)

We, the undersigned, hereby declare that:

The aforementioned information is in accordance with the actual situation and has been completed with supporting documents; and
The documents submitted via the electronic system or electronic mail are true and identical to the original documents.

(Filled in with city name, date, month, and year)

Organizer
Signature
(Full Name)

For the Needs of the Financial Services Authority Note:

https://jdih.ojk.go.id/

II. BUSINESS LICENSE APPLICATION FORM FOR CLEARING, GUARANTEE, AND SETTLEMENT INSTITUTION
Clearing, Guarantee, and Settlement Institution Business License Application Form Name of Proposed Organizer Company :
Application Letter Number :
Date of Application Letter :
Brief Description of Organizer's
Business Activities :
Contact Person (Name, Phone/email) :
No. DESCRIPTION INFORMATION
Description Yes No Remarks

Letter of Introduction
for Business License
Application as Clearing,
Guarantee, and Settlement
Institution
Application Form
Copy of the deed of
establishment of the legal entity, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority
Copy of the latest deed of
amendment to the articles of association, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority, if the legal entity mentioned has amended its articles of association
Copy of the latest deed of
amendment to company data which has been reported to the ministry in charge of government affairs in the field of law if the legal entity has changed company data
Cooperation letter with
the Custody Service Provider
Shareholder data for individual
shareholders, by attaching electronic documents or scanned data:
identification in the form
of an identity card for
Indonesian citizens or a passport for foreign citizens, which is still valid;
taxpayer identification
number or equivalent document;
curriculum vitae with
a recent 4x6 cm color passport photo;
statement from the
shareholder in accordance with the format of the Statement of Individual Shareholder; for corporate shareholders, by attaching electronic documents or scanned data:
list and details of
shareholders including details of each share ownership;
copy of the deed of
establishment of the legal entity, which has been approved by the ministry in charge of government affairs in the field of law;
copy of the latest deed
of amendment to the articles of association, which has been approved by the ministry in charge of government affairs in the field of law, if the legal entity mentioned has amended its articles of association;
copy of the latest deed
of amendment to company data which has been reported to the ministry in charge of government affairs in the field of law if the legal entity has changed company data;
statement from the
shareholder in accordance with the format of the Statement of Corporate Shareholder;
taxpayer identification
number of the corporate shareholder or equivalent document; for shareholders who are the State of the Republic of Indonesia, attach electronic documents or scanned data of the statement from the shareholder in accordance with the format of the Statement of Corporate Shareholder.
Board of Directors Data Electronic documents or scanned
data:
identification in the form
of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid;
limited or permanent
residence permits for foreign citizens;
curriculum vitae with
a recent 4x6 cm color passport photo;
taxpayer identification
number or equivalent document;
statement from each
member of the Board of
Directors in accordance with the format of the Statement of Members of the Board of Directors.
Board of Commissioners Data Electronic documents or scanned
data:
identification in the form
of an Indonesian citizen's identity card or a passport for foreign citizens, which is still valid;
curriculum vitae with
a recent 4x6 cm color passport photo;
taxpayer identification
number or equivalent document; and
statement from each
member of the Board of
Commissioners in accordance with the format of the Statement of Members of the Board of Commissioners.

https://jdih.ojk.go.id/

Information regarding
Controlling Shareholders
Information regarding controlling shareholders containing at least:
information related to the
controlling shareholder;
amount (percentage) of
ownership of the controlling shareholder;
statement from the
controlling shareholder in accordance with the format of the Statement of Controlling Shareholder.
Organizational Structure Organizational structure
containing information regarding:
structure and/or function
of positions;
number of human
resources in each structure and/or function of position; and
division of duties and
authority of each structure and/or function of position.
Proof of Capital Contribution 1. proof of capital contribution;
copy of bank statement
containing capital contribution deposit.
Special Financial Account
Separate from the Financial
Account of the Clearing,
Guarantee, and Settlement
Institution, used to conduct
Digital Financial Asset
Transactions
3 (Three) Year Business Plan
3 (Three) year business plan, containing at least:
overview of business
activities to be conducted;
targets and steps taken
to achieve the aforementioned targets; and
financial report projections
for the next 3 (three) years.
Format of the List of Readiness
of Guarantee and Settlement
System Infrastructure
Audit Results Report on
Supervision and Reporting
System Owned from an
Independent Institution in the Field of Information Systems that has Human Resources Certified as Certified Information System Auditors
Standard Operating Procedures
according to the Duties and
Authority of the Clearing,
Guarantee, and Settlement
Institution
Standard operating procedures containing at least:
Membership of the
Clearing, Guarantee, and
Settlement Institution;
operational/execution
of settlement and settlement guarantee;
dispute resolution;
governance and risk
management;
supervision of Consumer
funds; and
implementation of anti-
TPPU, TPPT, and PPSPM activities programs.
Guidelines Related to
Compliance and Internal Audit as well as Risk Management
Clearing, Guarantee, and
Settlement Institution
Regulations and Code of
Conduct
Documents for International
Standard Certification
Related to Information
Security Management System
ISO 27001 Certificate
Other supporting documents
and information related to the Clearing, Guarantee, and Settlement Institution business license application (if required)

We, the undersigned, hereby declare that:

The aforementioned information is in accordance with the actual situation and has been completed with supporting documents; and
The documents submitted via the electronic system or electronic mail are true and identical to the original documents.

(Filled in with city name, date, month, and year)

Organizer
Signature
(Full Name)

For the Needs of the Financial Services Authority Note:

https://jdih.ojk.go.id/

III. BUSINESS LICENSE APPLICATION FORM FOR CUSTODY SERVICE PROVIDER
Custody Service Provider Business License Application Form Name of Proposed Organizer Company :
Application Letter Number :
Date of Application Letter :
Brief Description of Organizer's
Business Activities :
Contact Person (Name, Phone/email) :
No. DESCRIPTION INFORMATION
Description Yes No Remarks

Letter of Introduction
for Business License
Application as Custody
Service Provider
Application Form
Copy of the deed of
establishment of the legal entity, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority
Copy of the latest deed of
amendment to the articles of association, which has been approved by the ministry in charge of government affairs in the field of law, containing business activities as determined by the Financial Services Authority, if the legal entity mentioned has amended its articles of association
Copy of the latest deed of
amendment to company data which has been reported to the ministry in charge of government affairs in the field of law if the legal entity has changed company data

https://jdih.ojk.go.id/

Recommendation letter from
Clearing, Guarantee and
Settlement Institution and collaboration agreement with Clearing, Guarantee and Settlement Institution
Shareholder data for individual
shareholders, by attaching electronic documents or scanned results:
identification in the form
of an ID card for
Indonesian citizens or a passport for foreign citizens, which is still valid;
tax identification number
or documents that can be equated with it;
curriculum vitae with
the latest 4x6 cm colored photo attached; and
statement from the
shareholder in accordance with the format of the Statement of Individual Shareholder. for corporate shareholders, by attaching electronic documents or scanned results:
list and details
of shareholders along with details of each shareholding;
copy of the deed of
establishment of the legal entity which has been approved by the ministry that handles government affairs in the field of law;
copy of the last deed of
amendment of the articles of association which has been approved by the ministry that handles government affairs in the field of law, if the legal entity concerned has made changes to the articles of association;
copy of the last deed of
amendment of company data which has been reported to the ministry that handles government affairs in the field of law if the legal entity makes changes to company data;
statement from the
shareholder in accordance with the format of the Statement of Corporate Shareholder; and
tax identification number
of the legal entity or documents that can be equated with it.
Board of Directors Data Electronic documents or scanned results of data:
identification in the form
of an ID card for Indonesian citizens or a passport for foreign citizens, which is still valid, which is still valid;
limited stay permit card
or permanent stay permit card for foreign citizens;
curriculum vitae with
the latest 4x6 cm colored photo attached;
tax identification number
or documents that can be equated with it; and
statement from each
member of the Board of
Directors in accordance with the format of the Statement of Board of Directors Member.
Board of Commissioners Data Electronic documents or scanned results of data:
identification in the form
of an ID card for Indonesian citizens or a passport for foreign citizens, which is still valid;
curriculum vitae with
the latest 4x6 cm colored photo attached;
tax identification number
or documents that can be equated with it; and https://jdih.ojk.go.id/
statement from each
member of the Board of
Commissioners in accordance with the format of the Statement of Board of Commissioners Member.
Information on
Controlling Shareholders
Information on controlling shareholders containing at least:
information related to
the controlling shareholder;
amount (percentage)
of controlling shareholder ownership;
statement from the
controlling shareholder in accordance with the format of the Statement of Controlling Shareholder
Organizational Structure Organizational structure
containing information regarding:
structure and/or function
of positions
number of human resources
in each structure and/or function of position
division of duties and
authority of each structure and/or function of position
Proof of Capital Injection 1. proof of capital injection; and
copy of bank statement
containing capital injection.
Documents related to
Expertise of
Digital Financial Asset
Custodian
certified information system security
professional certificate from 1 (one) employee
copy of certified information
system auditor from 1 (one) employee
employment documents for
employees who have certification certified information system security professional
employment documents for
employees who have certification certified information system auditor
3 (three) year
Business Plan
3 (three) year business plan, containing at least:
description of
business activities to be carried out; https://jdih.ojk.go.id/
targets and steps taken to
achieve the aforementioned targets; and
projected financial statements
for 3 (three) years ahead
Format of Digital Asset
Storage System
Infrastructure Readiness List
Audit report on the
supervision and reporting system owned by an independent institution in the field of information systems that has human resources certified as certified information system auditor
Operational Standards
Procedures according to duties and authority of Digital Financial Asset Custodian Operational standards procedures at least contain:
mechanism for storing
Digital Financial Assets;
security surveillance mechanism
(security surveillance);
internal control;
governance and risk management
of storage security; and
implementation of anti
TPPU, TPPT, and PPSPM programs;
Guidelines related to
compliance and internal audit as well as risk management
Documents for
certification of international standards related to information security management systems ISO 27001 Certificate
Documents and other
supporting information related to the business license application for Digital Financial Asset Custodian (if required) We, the undersigned, hereby declare that:
The information above is in accordance with the actual situation and
has been supplemented with supporting documents; and
documents submitted via electronic system or via electronic
letter are true and identical to the original documents (fill in city name, date, month, and year) Organizer https://jdih.ojk.go.id/

signature
(Full Name)
For the Interests of the Financial Services Authority Note:
https://jdih.ojk.go.id/

IV. BUSINESS LICENSE APPLICATION FORM FOR TRADER
Trader Business License Application Form
Name of Prospective Organizer Company :
Application Letter Number :
Date of Application Letter :
Brief Description of Organizer's
Business Activities
:
Contact Person (Name, Phone/email) :
No. DESCRIPTION INFORMATION
Yes No Remarks

Cover Letter
Application for Business License as a Trader
Application Form
Copy of the deed of
establishment of the legal entity which has been approved by the ministry that handles government affairs in the field of law which contains business activities as determined by the Financial Services Authority
Copy of the last deed of
amendment of the articles of association, which has been approved by the ministry that handles government affairs in the field of law which contains business activities as determined by the Financial Services Authority, if the legal entity concerned has made changes to the articles of association
Copy of the last deed of
amendment of company data which has been reported to the ministry that handles government affairs in the field of law if the legal entity makes changes to company data
Shareholder data for individual
shareholders, by https://jdih.ojk.go.id/

attaching electronic documents or scanned results:

identification in the form
of an ID card for
Indonesian citizens or a passport for foreign citizens, which is still valid;
tax identification number
or documents that can be equated with it;
curriculum vitae with
the latest 4x6 cm colored photo attached; and
statement from the
shareholder in accordance with the format of the Statement of Individual Shareholder. for corporate shareholders, by attaching electronic documents or scanned results:
list and details
of shareholders along with details of each shareholding;
copy of the deed of
establishment of the legal entity which has been approved by the ministry that handles government affairs in the field of law;
copy of the last deed of
amendment of the articles of association which has been approved by the ministry that handles government affairs in the field of law, if the legal entity concerned has made changes to the articles of association;
copy of the last deed of
amendment of company data which has been reported to the ministry that handles government affairs in the field of law if the legal entity makes changes to company data;
statement from the
shareholder in accordance with the format of the https://jdih.ojk.go.id/

Statement of Corporate
Shareholder; and
6. tax identification number
of the legal entity or documents that can be equated with it.
7. Board of Directors Data Electronic documents or scanned results of data:

identification in the form
of an ID card for Indonesian citizens or a passport for foreign citizens, which is still valid, which is still valid;
limited stay permit card
or permanent stay permit card for foreign citizens;
curriculum vitae with
the latest 4x6 cm colored photo attached;
tax identification number
or documents that can be equated with it; and
statement from each
member of the Board of
Directors in accordance with the format of the Statement of Board of Directors Member
Board of Commissioners Data Electronic documents or scanned results of data:
identification in the form
of an ID card for Indonesian citizens or a passport for foreign citizens, which is still valid;
curriculum vitae with
the latest 4x6 cm colored photo attached;
tax identification number
or documents that can be equated with it; and
statement from each
member of the Board of
Commissioners in accordance with the format of the Statement of Board of Commissioners Member
Information on
Controlling Shareholders
Information on controlling shareholders containing at least:
information related to
the controlling shareholder; https://jdih.ojk.go.id/
amount (percentage)
of controlling shareholder ownership;
statement from the
controlling shareholder in accordance with the format of the Statement of Controlling Shareholder.
Organizational Structure 1. structure and/or function
of positions
number of human resources
in each structure and/or function of position
division of duties and
authority of each structure and/or function of position
Proof of Capital Injection 1. proof of capital injection; and
copy of bank statement
containing capital injection
Documents related to
Expertise of
Trader
certified information system security
professional certificate from 1 (one) employee;
employment status documents for
employees who have certification certified information system security professional;
Separate account used for
conducting Digital Financial Asset transactions
3 (three) year
Business Plan
3 (three) year business plan, containing at least:
description of
business activities to be carried out;
targets and steps taken to
achieve the aforementioned targets; and
projected financial statements
for 3 (three) years ahead.
Format of Digital Asset
Trading System
Infrastructure Readiness List
Documents for
certification of international standards related to information security management systems ISO 27001 Certificate https://jdih.ojk.go.id/
Audit report on the
supervision and reporting system owned by an independent institution in the field of information systems that has human resources certified as certified information system auditor
Operational Standards
Procedures according to duties and authority of Trader Operational standards procedures at least contain:
marketing and reception
of Consumers;
execution of transactions;
internal control and
supervision;
resolution of Consumer
disputes; and
implementation of anti
TPPU, TPPT, and
PPSPM activities programs.
Guidelines related to
compliance and internal audit as well as risk management
Statement letter for
carrying out a cooperation agreement with parties facilitating regulatory technology
Statement letter for
carrying out a cooperation agreement with the ministry that handles government affairs in the field of home affairs
Document data and
information related to business model
brief written explanation of
products consisting of:
a. list of Digital
Financial Assets that are traded; and b. volume and number of Consumers per Digital Financial Asset;
brief explanation of the business
process of organizing
Digital Financial Asset
Trading;
brief explanation
regarding the implementation of know your transaction and travel rule principles;
list of banks and account numbers
used for conducting Digital Financial Asset trading transactions and storing Consumer funds;
proof of registration of the electronic
system at the ministry handling government affairs in the field of communication and digital;
list of registered
Consumer identities;
list of all Wallets
managed;
Copy of membership documents
at the Exchange and
Clearing, Guarantee and
Settlement Institution
Documents regarding
appointment (recommendation) as a Trader by the Exchange
Cooperation agreement and/or mechanism
for taking positions in the role of using or becoming a market maker or liquidity provider
Trading Procedures
documents and other
supporting information related to the Trader business license application (if required) We, the undersigned, hereby declare that:
The information above is in accordance with the actual situation and
has been supplemented with supporting documents; and
documents submitted via electronic system or via electronic
letter are true and identical to the original documents (fill in city name, date, month, and year) Organizer signature (Full Name) https://jdih.ojk.go.id/

For the Interests of the Financial Services Authority Note:
https://jdih.ojk.go.id/

Part D
APPLICATION FORM LIST

Company Name : ……………………………………………
Company Address : ……………………………………………
Telephone Number and
Fax
: ……………………………………………
Website Address (Homepage)
: ……………………………………………
Email (official
company)
: ……………………………………………
Legal Form of
Business Entity
: ……………………………………………
No. of Registration Deed
from Ministry of Law and Human Rights
: ……………………………………………
Licenses owned
(ex. Business License/TDP)
: ……………………………………………
Company Tax ID (NPWP) : ……………………………………………
Company management structure
: …………………………………………… a. Board of Directors Indonesian Citizens:

…………………………………………..(Name and Position)
…………………………………………..(Name and Position)
etc.
b. Board of Directors Foreign Citizens:
…………………………………………..(Name and Position)
…………………………………………..(Name and Position)
etc.
c. Board of Commissioners Indonesian Citizens:
…………………………………………..(Name and Position)
…………………………………………..(Name and Position)
etc.
d. Board of Commissioners Foreign Citizens:
…………………………………………..(Name and Position)
…………………………………………..(Name and Position)
etc.

Shareholder structure
a. ………………………………………..(Name and Ownership Percentage) b. ………………………………………..(Name and Ownership Percentage)
c. ………………………………………..(Name and Ownership Percentage)
d. etc
Authorized capital amount : ……………………………………………
Number of Employees : ……………………………………………
Server owner : ……………………………………………
Number of Crypto Assets
traded *)
: ……………………………………………
Number of Customers (per
registration date) *)
: ……………………………………………
Number of Banks used
for storing Consumer funds)
: …………………………………………… https://jdih.ojk.go.id/
List of Controllers or
Beneficial Owners of the Company
Name ……….……
Identity Number ………
Occupation …..……
Name ………………
Identity Number ..……
Occupation ……………
*) specifically for Traders
) specifically for Clearing, Guarantee and Settlement Institution https://jdih.ojk.go.id/

PART E
CURRICULUM VITAE
Personal Data
Name : ....................................................
Place/Date of Birth : ....................................................
Gender : ....................................................
Religion : ....................................................
Nationality : ....................................................
National Identity Number
(NIK)
: ....................................................
Address : ....................................................
City .....
Province .....
Postal Code .....
Telephone Number : ....................................................
Mobile Phone Number
Applicant
: ....................................................
Educational History

Formal
Education Level
Major/
Specialization
Name/Place
Year of Graduation
Non-Formal (Certified)
Course/ Seminar Organizer Year
4x6 cm https://jdih.ojk.go.id/
Professional Education (Profession)
Certification Organizer Year of Graduation
Work History
Company Name
Position Description
Main Duties
Start Date
End Date
Reason for Leaving
.....,............ 20.....
Applicant,
Stamp Duty
Rp.10,000,-
......................................
(Clear Name and Signature) https://jdih.ojk.go.id/

PART F
STATEMENT LETTER OF INDIVIDUAL SHAREHOLDER
To
Yth. Head of the Department of Regulation and Licensing of Financial Technology Innovation Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
National Identity Number
(NIK)
: .....................................................................
Occupation : .....................................................................
Nationality : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Full Address (Domicile) : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website
Address
: .....................................................................
hereby declare truthfully that the capital injection does not come from:
a. money laundering, terrorism financing, and financing proliferation of weapons of mass destruction; b. loans; and/or
c. other activities that violate
regulations and legislation.
This statement letter is made truthfully so that it can be used as appropriate.
.....,............ 20.....
Applicant,
Stamp Duty
Rp.10,000,-
......................................
(Clear Name and Signature) https://jdih.ojk.go.id/

PART G
STATEMENT LETTER OF CORPORATE SHAREHOLDER
To
Yth. Head of the Department of Regulation and Licensing of Financial Technology Innovation Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Legal Entity Name : .....................................................................
Legal Entity Address : .....................................................................
Legal Entity Website
Address
: .....................................................................
hereby declare truthfully that the capital injection does not come from:
a. money laundering, terrorism financing, and financing proliferation of weapons of mass destruction; b. loans; and/or
c. other activities that violate
regulations and legislation.
This statement letter is made truthfully so that it can be used as appropriate.
Sincerely,
Director/Manager
PT……………………
Stamp Duty
Rp.10,000,-
..............................................
(Clear Name and Signature) https://jdih.ojk.go.id/

PART H
STATEMENT LETTER OF BOARD OF DIRECTORS MEMBER
To
Yth. Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................
hereby declare truthfully that
I:

do not have non-performing loans and/or financing
organized by the Financial Services Authority;
have never been convicted for committing criminal offenses in the field of
financial services and/or economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been convicted for committing criminal acts
based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty causing
a business entity to be declared bankrupt based on a court decision that has permanent legal force in the last 5 (five) years; and
have never been a shareholder, member of the Board of Directors, or member
of the Board of Commissioners in a financial services company whose business license was revoked due to violations in the last 5 (five) years. This statement letter is made truthfully so that it can be used as appropriate. Sincerely, Director/Manager PT………………………………… Stamp Duty Rp.10,000,-
.................................................
(Clear Name and Signature) https://jdih.ojk.go.id/

PART I
DECLARATION LETTER OF BOARD OF COMMISSIONERS MEMBERS To The Head of the Department of Regulation and Licensing of Technological Innovation in the Digital Financial Asset and Crypto Asset Financial Sector

I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Website Address : .....................................................................
hereby declare truthfully that I:

do not have non-performing loans and/or financing organized by the Financial Services Authority;
have never been sentenced for committing criminal offenses in the financial services and/or economic sectors based on a court decision that has acquired permanent legal force in the last 5 (five) years;
have never been sentenced for committing criminal acts based on a court decision that has acquired permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty causing a business entity to be declared bankrupt based on a court decision that has acquired permanent legal force in the last 5 (five) years; and
have never been a shareholder, member of the Board of Directors, or member of the Board of Commissioners in a financial services company whose business license was revoked due to violations in the last 5 (five) years.

This declaration letter is made truthfully so that it may be used as appropriate.

PART J
DECLARATION LETTER OF CONTROLLING SHAREHOLDERS To The Head of the Department of Regulation and Licensing of Technological Innovation in the Digital Financial Asset and Crypto Asset Financial Sector

I am committed to complying with applicable laws and regulations and supporting the policies of the Financial Services Authority;
I am committed to the healthy development of Digital Financial Asset Trading Organizers*);
I am committed to taking necessary measures if a Digital Financial Asset Trading Organizer*) faces financial difficulties; and
the source of funds used by the prospective controlling shareholder in share ownership does not come from and is not for the purpose of money laundering and/or terrorism financing;
capital contributions to the Digital Financial Asset Trading Organizer*) do not come from loans;
capital contributions to the Digital Financial Asset Trading Organizer*) do not come from the proceeds of financial crimes;
I am not listed in the non-performing loan list organized by the Financial Services Authority;
I have never been sentenced for committing criminal offenses in the financial services business and/or economic sectors based on a court decision that has acquired permanent legal force in the last 5 (five) years;
I have never been sentenced for committing criminal acts based on a court decision that has acquired permanent legal force in the last 5 (five) years;
I have never been declared bankrupt or declared guilty causing a corporation/company to be declared bankrupt based on a court decision that has acquired permanent legal force in the last 5 (five) years; and
I have never been a controlling shareholder, member of the Board of Directors, or member of the Board of Commissioners in a financial services company whose business license was revoked due to violations in the last 5 (five) years.
https://jdih.ojk.go.id/

This declaration letter is made truthfully so that it may be used as appropriate.

Sincerely,
Board of Commissioners/Supervisors Member
PT……………………………………
Stamp Duty
Rp.10,000,-
.................................................
(Clear Name and Signature)
*) Filled in according to the type of Party conducting the activity (Exchange, Clearing, Guarantee and Settlement Institution, Custodian, Trader) https://jdih.ojk.go.id/

PART K
I. FORMAT OF THE INFRASTRUCTURE READINESS LIST FOR EXCHANGE SUPERVISION AND REPORTING SYSTEMS
Exchange Supervision and Reporting System Infrastructure Readiness List No. Requirements Yes No Remarks and Supporting Documents

Accurate, current, secure, trusted, online, real-time, and compatible in system and application with the Clearing, Guarantee and Settlement Institution and Trader systems.
Has functions that can protect access to profile, financial, and transaction data of each Consumer.
Has a business continuity plan.
Has a disaster recovery center with the following criteria:
Has a disaster recovery center located in Indonesia with a location at least 20 (twenty) kilometers away from the main server location.
https://jdih.ojk.go.id/

In the event that the prospective Organizer does not have a disaster recovery center as referred to in number 3:
5. Uses adequate server or cloud server with international standard certification related to information security management systems as a disaster recovery center.
6. In the event that the server or cloud server used by the Organizer is provided by a third party, the third party has an official representative office in Indonesia.
Has system configuration with specifications:
7. Ensures maintenance of communication with systems at the Financial Services Authority, Clearing, Guarantee and Settlement Institution, and Trader in real-time according to protocols determined by the Financial Services Authority, Exchange, and Clearing, Guarantee and Settlement Institution.
8. Has a good level of system security to overcome disturbances from within and outside the system.
Meets database requirements functioning to manage and store transaction data, supervision data, and Digital Financial Asset reporting:
9. Can store transaction data as well as supervision and reporting data for at least 10 (ten) years consecutively.
10. Can maintain transaction records covering prices, quotes, balances, and consumer transaction mutations for a minimum duration of 6 (six) months.
11. After the 6 (six) month period ends, transaction records are copied and stored on data storage media outside the supervision and reporting system database.
Infrastructure used has good technical specifications to facilitate the use of online supervision and/or reporting systems and/or facilities, with provisions:
12. Has backup infrastructure copied identically from the main infrastructure.
13. Has infrastructure including backup infrastructure located in Indonesia.
14. Supported by adequate infrastructure and facilities so as to guarantee operational continuity.
https://jdih.ojk.go.id/
15. Has international standard certification related to information security management systems from an accredited institution.
16. Has open application programming interface security that has procedures, such as encryption-decryption processes, Internet Protocol (IP) whitelists, tunnels, and certificates.
17. The system has been audited by an independent institution with competence in the field of information systems.
https://jdih.ojk.go.id/

II. FORMAT OF THE INFRASTRUCTURE READINESS LIST FOR CLEARING, GUARANTEE AND SETTLEMENT INSTITUTION SETTLEMENT GUARANTEE SYSTEMS
Clearing, Guarantee and Settlement Institution Settlement Guarantee System Infrastructure Readiness List No. Requirements Yes No Remarks and Supporting Documents

Accurate, current, secure, trusted, online, real-time, and compatible in system and application with Exchange, Custodian, and Trader systems.
Has supervision functions, transaction settlement, transaction settlement guarantee, and ensures good validation of balance recording and fund mutations of Consumers and Digital Financial Assets belonging to Consumers, which are located at Traders and Custodians for transaction settlement.
Has functions that can protect access to profile, financial, and transaction data of each Consumer.
https://jdih.ojk.go.id/
Has a business continuity plan.
Has a disaster recovery center with the following criteria:
Has a disaster recovery center located in Indonesia with a location at least 20 (twenty) kilometers away from the main server location.
In the event that the prospective Organizer does not have a disaster recovery center as referred to in number 3:
Uses adequate server or cloud with ISO 27001 standard as a disaster recovery center.
In the event that the server or cloud server used by the Organizer is provided by a third party, the third party has an official representative office in Indonesia.
Has system configuration with specifications:
Ensures maintenance of communication with systems at the Financial Services Authority, Exchange, Custodian, and Trader in real-time according to protocols determined by the Financial Services Authority, Exchange, and Clearing, Guarantee and Settlement Institution.
Has a good level of system security to overcome disturbances from within and outside the system.
https://jdih.ojk.go.id/
Meets database requirements functioning to manage and store transaction data, guarantee data, and Digital Financial Asset trading settlement:
Can store transaction data as well as guarantee and settlement data for at least 10 (ten) years consecutively.
Can maintain records of transaction prices, financial data, guarantee and settlement data that occurred, fund balances and Digital Financial Assets, and consumer transaction mutations for a minimum duration of the last 6 (six) months.
After the 6 (six) month period ends, records must be copied and stored on data storage media outside the guarantee and settlement system database.
Infrastructure used has good technical specifications to facilitate the use of online guarantee and/or settlement systems and/or facilities, with provisions:
Has backup infrastructure copied identically from the main infrastructure.
Has infrastructure including backup infrastructure located in Indonesia.
https://jdih.ojk.go.id/
Supported by adequate infrastructure and facilities so as to guarantee operational continuity.
Has international standard certification related to information security management systems from an accredited institution.
Has open application programming interface security that has procedures, such as encryption-decryption processes, Internet Protocol (IP) whitelists, tunnels, and certificates.
The system has been audited by an independent institution with competence in the field of information systems.
https://jdih.ojk.go.id/

III. FORMAT OF THE INFRASTRUCTURE AND FACILITIES READINESS LIST FOR CUSTODIAN STORAGE SYSTEMS
Custodian Storage System and Facilities Infrastructure Readiness List No. Requirements Yes No Remarks and Supporting Documents

Accurate, current, secure, trusted, and compatible in system and application with Trader and Clearing, Guarantee and Settlement Institution systems.
Meets specification standards and functions according to functionality standards as regulated in the regulations and rules of the Clearing, Guarantee and Settlement Institution.
Has functions that can protect the security of storage and transfer of transactions for each Consumer.
Has a business continuity plan.
Has a disaster recovery center with the following criteria:
Has a disaster recovery center located
https://jdih.ojk.go.id/

in Indonesia with a location at least 20 (twenty) kilometers away from the main server location.
In the event that the prospective Organizer does not have a disaster recovery center as referred to in number 3:
6. Uses adequate server or cloud server with international standard certification related to information security management systems as a disaster recovery center.
7. In the event that the server or cloud server used by the Organizer is provided by a third party, the third party has an official representative office in Indonesia.
Has configuration with specifications:
8. Ensures maintenance of communication with systems at the Financial Services Authority, Trader, and Clearing, Guarantee and Settlement Institution in real-time according to protocols determined by the Financial Services Authority, Trader, and Clearing, Guarantee and Settlement Institution.
9. Has a good level of system security to overcome disturbances from within and outside the system.
https://jdih.ojk.go.id/

. Ensures recording, storage, and sending of Digital Financial Assets in real-time with a layered system security level.

Prevents the occurrence of receipt and/or sending of Digital Financial Assets from unclear sources or attempting to perform mixing.
. Has good technical elaboration of Digital Financial Asset security with separation of media or storage facilities, consisting of at least hot storage, cold storage, multi-signature wallet, and smart contract wallet. . Prevents the occurrence of receipt and/or sending of unknown Digital Financial Assets by performing authorization efforts against Traders. . Facilitates storage of Digital Financial Asset types contained in the Crypto Asset List. . Has 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. https://jdih.ojk.go.id/
Use of unique identification on each transaction.
Meets database requirements functioning to manage and store Digital Financial Asset transaction data:
Can store transaction data and guarantee and settlement data for at least 10 (ten) years consecutively.
Can maintain records of transaction prices, financial data, guarantee and settlement data that occurred, fund balances and Digital Financial Assets, and consumer transaction mutations for a minimum duration of 6 (six) months.
After the 6 (six) month period ends, records must be copied and stored on data storage media outside the storage system database.
Infrastructure has good technical specifications to facilitate the use of online systems and/or facilities for Digital Financial Asset storage:
Has backup infrastructure copied identically from the main infrastructure.
Has infrastructure including backup infrastructure located in Indonesia.
https://jdih.ojk.go.id/
Supported by adequate infrastructure and facilities so as to guarantee operational continuity.
Has international standard certification related to information security management systems from an accredited institution.
Has a risk mitigation mechanism to guarantee the security of Digital Financial Assets stored.
Has open application programming interface security that has procedures, such as encryption-decryption processes, Internet Protocol (IP) whitelists, tunnels, and certificates.
The system has been audited by an independent institution with competence in the field of information systems.
https://jdih.ojk.go.id/

IV. FORMAT OF THE INFRASTRUCTURE AND FACILITIES READINESS LIST FOR ONLINE TRADING SYSTEMS OF TRADERS
Trader Online Trading System and Facilities Infrastructure Readiness List No. Requirements Yes No Remarks and Supporting Documents

Accurate, current, secure, trusted, online and real-time, and compatible in system and application with Exchange and Clearing, Guarantee and Settlement Institution systems.
Meets specification standards and functions according to functionality standards as regulated in the regulations and rules of the Exchange and regulations and rules of the Clearing, Guarantee and Settlement Institution.
Has features and functions available that meet all provisions in the regulations and rules of the Exchange and regulations and rules of the Clearing, Guarantee and Settlement Institution.
https://jdih.ojk.go.id/
Has functions that can protect access to financial data and transaction data of each Consumer.
Has a business continuity plan.
Has a disaster recovery center with the following criteria:
Has a disaster recovery center located in Indonesia with a location at least 20 (twenty) kilometers away from the main server location.
In the event that the prospective Organizer does not have a disaster recovery center as referred to in number 3:
Uses adequate server or cloud with international standard certification related to information security management systems as a disaster recovery center.
In the event that the server or cloud server used by the Organizer is provided by a third party, the third party has an official representative office in Indonesia.
Has configuration with specifications:
Ensures maintenance of communication with systems at the Financial Services Authority, Exchange, Clearing, Guarantee and Settlement Institution, and Custodian in real-time according to protocols determined by the Financial Services Authority, Exchange, and Clearing, Guarantee and Settlement Institution.
https://jdih.ojk.go.id/
Has a good level of system security to overcome disturbances from within and outside the system.
Meets database requirements functioning to manage and store Digital Financial Asset transaction data:
Can store transaction data and guarantee and settlement data for at least 10 (ten) years consecutively.
Can maintain records of transaction prices that occurred, balances, and consumer transaction mutations for a minimum duration of 6 (six) months.
After the 6 (six) month period, transaction records must be copied and stored on data storage media outside the storage system database.
Infrastructure used has good technical specifications to facilitate the use of online trading systems and facilities, with provisions:
Has backup infrastructure copied identically from the main infrastructure.
https://jdih.ojk.go.id/
Has infrastructure including backup infrastructure located in Indonesia.
Supported by adequate infrastructure and facilities so as to guarantee operational continuity.
Has international standard certification related to information security management systems from an accredited institution.
Has open application programming interface security that has procedures, such as encryption-decryption processes, Internet Protocol (IP) whitelists, tunnels, and certificates.
The system has been audited by an independent institution with competence in the field of information systems.
https://jdih.ojk.go.id/

Part L
SPECIAL POWER OF ATTORNEY FROM TRADER TO CLEARING, GUARANTEE AND SETTLEMENT INSTITUTION POWER OF ATTORNEY The undersigned:
Name :
Position :
Address :
ID Card/License Number :
who acts on behalf of (…........................................) hereinafter referred to as the PRINCIPAL grants power with substitution to:
----DIGITAL FINANCIAL ASSET CLEARING, GUARANTEE AND SETTLEMENT INSTITUTION---- which is located at …………………………………………, hereinafter referred to as the ATTORNEY-IN-FACT. -------------------------------------------------SPECIFIC------------------------------------------- to act on behalf of the PRINCIPAL regarding actions on the separate account number (…..............................) at the Bank (Depository), namely to obtain all data and information related to supervision of the separate account in any form and through any means available at the bank. For the above purposes, the ATTORNEY-IN-FACT is hereby granted power to sign letters, forms, and/or other documents required and to take all actions to achieve this purpose without any excluded actions that, in the consideration of the ATTORNEY-IN-FACT, are necessary in the implementation of this power of attorney. The PRINCIPAL hereby declares full responsibility for all consequences arising from this power of attorney and releases the bank from all responsibilities, claims, lawsuits and/or other legal actions in any form from any party including from the PRINCIPAL. The ATTORNEY-IN-FACT is given the right to delegate the powers granted either partially or fully. This Power of Attorney is effective from the date of signing and will not end for any reason including for reasons as referred to in Article 1813 and Article 1814 of the Civil Code.
Jakarta,…...............................
PRINCIPAL ATTORNEY-IN-FACT https://jdih.ojk.go.id/

PART M
APPLICATION LETTER FOR APPROVAL OF SEPARATE ACCOUNT (made on company letterhead) Number :
Attachments :
Subject :
To
The Executive Head of Supervisor of Technological Innovation in the Financial Sector, Digital Financial Assets, and Crypto Assets Financial Services Authority At Location

Hereby we apply for approval of a separate account. As consideration material, we attach:

Photocopy of ID Card/Passport, Taxpayer Identification Number (NPWP), and other identity documents of the President Director; and
Special Power of Attorney to the Clearing, Guarantee and Settlement Institution to take actions related to supervision of the Separate Account.

Thus this application is submitted and we thank you for your attention.

Applicant
President Director/
Director*)
(……………………..)
Clear Name
*) Choose one https://jdih.ojk.go.id/

PART N
COVER LETTER FOR APPLICATION FOR APPROVAL
Number : …………………………… ................ 20 ...
Attachment : ..………………………….
Subject : Application for approval …. *)
To
Honorable
Head of the Department of Financial Technology, Digital Financial Asset and Crypto Asset Supervision Referring to Financial Services Authority Regulation Number ... of 2024 concerning the Organization of Digital Financial Asset Trading Including Crypto Assets, hereby we submit an application for approval .... *) :
Applicant Name : ....................................................
Nationality : ....................................................
Applicant Position : ....................................................
Company Name : …………………………………………..
Application Name (if any) : …………………………………………..
Company Address : ....................................................
City .....
Province .....
Postal Code .....
Company Telephone/Fax Number : ....................................................
Company Website Address
: ....................................................
Company Email : ....................................................
To complete the aforementioned application, we hereby submit the following documents:
a. … b. …
c. …
hereby declare that the documents submitted via electronic system or electronic mail are true and identical to the original documents. If it is later found that the data/information/documents submitted by us are incorrect and/or there is forgery, we are willing to be subject to sanctions in accordance with applicable laws and regulations. Thus, this is our application, and for your attention, Sir/Madam, we express our gratitude. https://jdih.ojk.go.id/

This copy is consistent with the original
Director of Legal Development
Legal Department
Aat Windradi
Respectfully,
Board Member …………...............
Stamp Duty
Rp.10,000,-
..................................
(Clear Name and Signature)
*) filled with the type of approval application ) cross out one Determined in Jakarta On the date of 10 December 2024 CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, MAHENDRA SIREGAR signed signed https://jdih.ojk.go.id/

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

Lineage: Amended

Timeline