JAKARTA, RAKYAT NEWS – PT Pintu Kemana Saja (PINTU), an all-in-one crypto application, has become the first cryptocurrency company in Indonesia to obtain a full license as a Physical Crypto Asset Trader (PFAK) from the Commodity Futures Trading Regulatory Agency (Bappebti).

The approval is detailed in Bappebti’s official letter No. 01/BAPPEBTI/PFAK/08/2024, as stated by PINTU’s General Counsel, Malikulkusno Utomo, also known as Dimas, in Jakarta on Friday.

Dimas expressed gratitude to all parties involved in PINTU’s transition from a candidate Physical Crypto Asset Trader (CPFAK) to a fully licensed PFAK.

“We extend our deepest thanks to Bappebti, Self-Regulatory Organizations (SROs), crypto exchange CFX, the Indonesia Commodity Clearing House (KKI), and Indonesia Coin Custodian (ICC), for their unwavering support and cooperation,” Dimas said. “This achievement marks a significant milestone in PINTU’s journey.”

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The new designation underscores PINTU’s leadership in legal compliance and operational capability in Indonesia’s crypto industry. Dimas noted that the transition from CPFAK to PFAK required rigorous adherence to strict standards.

Meeting these requirements is crucial for crypto companies to comply with Indonesian regulations, maintain credibility, and deliver high-quality services to local investors.

Dimas outlined that according to Bappebti Regulation No. 8 of 2021, amended by Regulation No. 13 of 2022, CPFAKs must meet several criteria to qualify as PFAKs, including a minimum paid-up capital of IDR 100 billion, and a minimum equity of IDR 50 billion. Additionally, PFAKs must have divisions for IT, audit, legal, customer complaints, accounting, and finance, as well as an online trading system connected to futures exchanges and clearing institutions.

Moreover, PFAKs must establish Standard Operating Procedures (SOPs) covering marketing, transactions, internal supervision, dispute resolution, anti-money laundering, counter-terrorism financing, and weapons of mass destruction proliferation prevention. They must also obtain ISO certifications including ISO 27001, ISO 27017 (cloud security), and ISO 27018 (cloud privacy).

As of July 2024, Bappebti has registered 35 CPFAKs, with PINTU being the first to receive PFAK approval. With this new status, Dimas is optimistic that investor confidence in PINTU will strengthen, solidifying its leadership in Indonesia’s crypto sector.

“PINTU is committed to continuous innovation and collaboration with regulators, SROs, and the crypto community to provide premier crypto investment solutions for Indonesian investors,” Dimas added. (Uki Ruknuddin)