Requirements for Participation in Digital Gold Matching Outside the Exchange

Requirements for Physical Digital Gold Traders are as follows:

Administration:

• A copy of the company's deed of establishment, deed of amendment to the articles of association, and deed of the last amendment to the composition of the board of directors, certified by the Ministry of Law and Human Rights.
• A copy of the Taxpayer Identification Number (NPWP).
• Must have a Business Identification Number (NIB).
• A copy of the domicile certificate.
• Curriculum vitae of the board of directors and commissioners.
• A copy of the audited financial statement for the last year, audited by a public accountant.
• A copy of valid identification cards for commissioners and directors.
• Membership application form as prescribed by the Exchange.
• Power of Attorney to the Clearing House for monitoring client fund positions.

Financial:

• Must have paid-up capital of at least:
  • IDR 20,000,000,000 (twenty billion rupiah) at the time of approval as a Physical Digital Gold Trader until February 8, 2022; and
  • IDR 100,000,000,000 (one hundred billion rupiah) no later than February 9, 2022.
• Place a Security Deposit of at least IDR 1,000,000,000 (one billion rupiah).
• Pay registration fees.
• Pay monthly contributions.
• Maintain a minimum final capital balance of at least:
  • IDR 16,000,000,000 (sixteen billion rupiah) or 2/3 (two-thirds) of the value of the Digital Gold Under Management (AUM), whichever is higher, until February 8, 2022; and
  • IDR 80,000,000,000 (eighty billion rupiah) or 2/3 (two-thirds) of the value of the Digital Gold Under Management (AUM), whichever is higher, starting February 9, 2022.

Technical:

• The Physical Digital Gold Trader must facilitate Digital Gold Client transactions through an approved physical digital gold transaction system.
• The physical gold transaction system and/or facilities for buying and selling Digital Gold must be recommended by the Exchange and KBI to Bappebti for approval.
• The physical gold transaction system and/or facilities must first be audited by an independent agency certified in the field of information systems, as recommended by the Exchange.
• If the prospective Clearing Participant from the Physical Digital Gold Trader meets the requirements specified in points 1 to 3, the Board of Directors of the Exchange and KBI will grant approval within 5 (five) working days.
• Store at least 10,000 grams of gold at a storage facility managed by the Storage Manager.
• Of the amount of gold mentioned in point 5 above, 25% (twenty-five percent) may be in the form of cash or cash equivalents placed with the Clearing House.
• Must maintain a minimum physical gold balance of 2,500 grams, as stipulated in the regulations of the Commodity Futures Trading Supervisory Agency and the Clearing House’s Rules and Regulations.

Requirements for Participation in Digital Gold Matching on the Exchange

Requirements for Participants Without Using Digital Gold Trading Intermediaries:

Administration:

• Participants who are Exchange Members or Broker Members must obtain approval from the Head of the Commodity Futures Trading Supervisory Agency (Bappebti).
• Participants who are not Traders or Brokers of Exchange Members, and are domestic companies, must submit the following documents:
  • A copy of the company's deed of establishment, deed of amendment to the articles of association, and deed of the last amendment to the composition of the board of directors, certified by the Ministry of Law and Human Rights.
  • A copy of the Taxpayer Identification Number (NPWP).
  • A copy of the Business Identification Number (NIB).
  • A copy of the domicile certificate.
  • Curriculum vitae of the board of directors and commissioners.
  • A copy of the audited financial statement for the last year, audited by a public accountant.
  • A copy of valid identification cards for commissioners and directors.
  • Membership application form as prescribed by the Exchange.
  • Power of Attorney to the Clearing House for monitoring client fund positions.
• Participants who are Digital Gold Participants without using a Digital Gold Trading Intermediary and are foreign companies must submit the following documents:
  • A copy of the domicile letter from the home country legalized by the Indonesian Embassy.
  • A copy of the foreign bank reference letter.
  • A copy of registration and/or membership fee.
  • A copy of the financial statement.
  • A participation approval letter as prescribed by the Exchange.
  • Power of Attorney to the Clearing House for monitoring client fund positions.

Financial:

• Participants without using a Digital Gold Trading Intermediary who are Exchange Members or Broker Members must meet the financial requirements as stipulated in the regulations of Bappebti and the Clearing House's Rules and Regulations.
• Participants without using a Digital Gold Trading Intermediary who are not Exchange Members or Broker Members must meet the following financial requirements:
  • Must place a risk guarantee with the Clearing House of at least IDR 1,000,000,000 (one billion rupiah).
  • The maximum use of the risk guarantee fund for purchasing Digital Gold is 90%.
  • Pay registration fees.
  • Pay monthly contributions, paid in advance every month, no later than the 10th of each month.

Technical:

• Must obtain approval from the Exchange and Clearing House through a Joint Decree (SKB).
• Must meet the spread and monthly duration targets set in the SKB between the Exchange and the Clearing House.
• The procedures for receiving, resigning, revoking Market Maker status, and resolving disputes are further regulated in the SKB between the Exchange and the Clearing House.
• A Market Maker can start trading after storing at least 20,000 grams of gold at a storage facility managed by the Storage Manager.
• Of the amount of gold mentioned in point 3 above, 20% (twenty percent) may be in the form of cash or cash equivalents placed with the Clearing House.
• A Market Maker must maintain a minimum physical gold balance of 5,000 grams, as stipulated in the regulations of the Commodity Futures Trading Supervisory Agency and the Clearing House's Rules and Regulations.

Requirements for Digital Gold Trading Intermediaries:

Administration:

• Must have adequate facilities and infrastructure to conduct the buying and selling of gold.
• Must have a participation approval letter, as prescribed by the Exchange.
• Must have a commodity fund account, which is a separate account exclusively used to facilitate the Digital Gold Physical Market trading.

Financial:

• For Exchange Members:
  • Intermediaries that are Broker Exchange Members must meet the financial requirements as stipulated in the regulations of Bappebti and the Clearing House's Rules and Regulations.
  • Pay registration fees.
  • Pay monthly contributions, paid in advance every month.
  • Participant funds must be stored in a separate commodity fund account under each Digital Gold Participant’s name at an approved Storage Bank, as approved by Bappebti.
  • Digital Gold owned by Digital Gold Participants must be stored in a Storage Facility and registered in the name of each Digital Gold Participant with the Clearing House.
• For Non-Exchange Members:
  • Participants who are not Traders or Brokers of Exchange Members, and are domestic companies, must have paid-up capital of at least IDR 2,500,000,000 (two billion five hundred million rupiah).
  • Digital Gold Participants without using a Digital Gold Trading Intermediary who are not Traders or Brokers of Exchange Members, and are foreign companies, must have paid-up capital of at least IDR 5,000,000,000 (five billion rupiah).
  • Pay registration fees.
  • Pay monthly contributions, paid in advance every month.