Bitwyre is proud to announce its approval as a Licensed Crypto Asset Physical Trader (PFAK) by Indonesian Commodity Futures Trading Regulatory Agency (Bappebti). This milestone solidifies Bitwyre’s position as a trailblazer in Indonesia’s crypto ecosystem, paving the way for its vision to become the nation’s premier crypto SuperApp and a hub for stablecoin and derivatives trading. 

Bitwyre is on a mission to integrate a comprehensive suite of services into a single SuperApp, enabling  effortless onramp and offramp solutions, and easy coin swaps. Furthermore, Bitwyre is setting its sights on becoming Indonesia’s top stablecoin trading platform while actively developing cutting-edge derivatives trading capabilities. 

Following a rigorous evaluation process as a Crypto Asset Physical Trader (PFAK), Bitwyre has successfully met all regulatory requirements outlined in Bappebti Regulation No. 13 of 2022. With the PFAK license, Bitwyre is now fully authorized to operate under Indonesia’s crypto asset trading framework, providing a secure, transparent, and innovative platform for investors and traders.

“The acquisition of the PFAK license underscores Bitwyre’s commitment to building a trading platform that prioritizes security, transparency, and user trust. By adhering to applicable regulatory standards, Bitwyre aims to foster long-term trust within the community while actively contributing to shaping the future of Indonesia’s crypto asset industry,” said Jaricho Naftaly, Head of Government Relations at Bitwyre.

Bitwyre extends heartfelt gratitude to Bappebti for its support and guidance throughout the licensing process. The company also acknowledges the vital contributions of the Crypto Futures Exchange (CFX) and the Indonesian Coin Custodian (ICC), whose collaboration has been instrumental in achieving this significant milestone.

Head of the Indonesian Commodity Futures Trading Regulatory Agency, Bappebti, Tirta Karma Senjaya emphasised the importance of licensing in establishing a secure and sustainable crypto ecosystem, noting that only companies meeting stringent regulatory standards are granted approval. Tirta highlighted that this approach ensures investor protection and promotes the responsible growth of the industry.

“Securing the PFAK license from Bappebti marks a pivotal milestone for Bitwyre. It accelerates our mission to launch Southeast Asia’s first Crypto SuperApp offering seamless mobile trading, and coin staking later this year,” said Dendi, CEO of Bitwyre. “In addition, we remain committed to supporting our institutional traders and investors, by offering robust OTC services and liquidity for stablecoin trading.”

The PFAK license marks a new chapter for Bitwyre as it strives to deliver secure and user-centric trading solutions. The company remains committed to working closely with regulatory authorities and industry partners to shape the future of Indonesia’s crypto economy. Its vision is to empower users with a SuperApp that meets all their crypto needs, from staking to advanced trading features.

This press release has also been published on VRITIMES