It is no longer a secret that the global crypto industry is experiencing what some commentators have dubbed a “Crypto Winter”, a phenomenon where crypto asset prices drop and stay low for a prolonged period. Indonesia is not an exception. Recently, we heard of one registered Indonesian crypto exchanger (referred to as a physical crypto asset broker (pedagang fisik aset kripto) under Indonesian law) that was experiencing a shortage of liquidity when the crypto market started to turn, which led to such crypto exchanger temporarily freezing its users’ wallet.
In light of this recent situation, the Indonesian crypto regulator (the Commodity Futures Trading Regulatory Agency or “Bappebti“) has introduced a moratorium on the registration of new crypto exchanger candidates under Circular Letter No. 208/BAPPEBTI/SE/08/2022 (“Circular“), issued by the Head of Bappebti on 15 August 2022.
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