Indonesia has taken another step towards institutionalising its digital asset market after the Financial Services Authority (OJK) officially granted a business licence to International Crypto Exchange (ICEx).
The licence was issued to ICEx’s operating entity, PT Fortune Integritas Mandiri. The approval positions ICEx as a key pillar in Indonesia’s evolving digital financial asset framework, which has seen crypto assets transition from commodity status to regulated financial instruments under OJK oversight.
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The regulatory milestone is accompanied by a US$70 million strategic funding round, backed by a consortium of shareholders and industry players. Investors include PT Aethera Inovasi Digital, PT Finora Integrasi Nusantara, PT Regnum Sukses Utama, PT Volaris Visi Karya, and PT Vita Nova Global, alongside ecosystem participants such as FLOQ, Mobee, OSL Indonesia, Reku, Samuel Kripto, Tokocrypto, Triv, Upbit Indonesia, and Nanovest.
According to Pang Xue Kai, CEO of ICEx and founder and former CEO of Tokocrypto, the launch signals the country’s ambition to position itself as a hub for regulated digital assets. He stated that the exchange aims to deliver infrastructure that is inclusive, transparent, and aligned with institutional standards, thereby enabling healthy competition and sustainable innovation.
Beyond facilitating crypto trading, ICEx has been mandated to operate as a self-regulatory organisation (SRO). In this role, it will oversee trade reporting, market integrity monitoring, and member supervision, working closely with the OJK. Pang noted that this responsibility “reinforces public trust in the digital financial asset and crypto asset industry while opening space for innovation in new product development, including tokenised assets (RWA) and other regulated crypto products”.
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From the regulator’s perspective, the introduction of additional exchanges is designed to strengthen the ecosystem. Hasan Fawzi, Executive Head of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, said that having multiple licensed exchanges is essential for building a “healthier and more sustainable national ecosystem”. He added that the US$70 million capital injection reflects strong alignment between investors, regulators, and industry participants in balancing innovation with prudent supervision.
ICEx’s licensing comes amid rapid growth in Indonesia’s crypto market. As of October 2025, the country recorded 19.08 million crypto investors, representing roughly 6.7 to 6.9 per cent of its population of around 280 million. This marks a steady rise from an estimated 4.5 per cent adoption rate in 2021, driven largely by Millennials and Gen Z, who account for more than 60 per cent of users. Industry projections suggest the market could reach 25 to 27 million investors by the end of 2026, supported by high mobile and internet penetration.
The broader regulatory overhaul has also tightened compliance standards. Under OJK supervision, licensed platforms are subject to capital requirements, anti-money laundering controls, consumer protection rules, and restrictions on crypto usage as a payment instrument. OJK recognises 29 licensed platforms as of late 2025, with Indodax and Tokocrypto dominating by trading volume and user base. Other leading ones are Pintu, Upbit Indonesia, and Balderton Capital-backed Luno.
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By combining regulatory authority with institutional funding and industry participation, ICEx is expected to play a central role in shaping Indonesia’s next phase of digital asset development. As Pang put it, the exchange intends to operate with “institutional integrity and in accordance with global standards”, marking what could be the beginning of a more mature and trusted era for Indonesia’s crypto markets.
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