Tokocrypto, Indonesia’s first regulated crypto exchange, is eyeing a public market listing in the next two to three years.
- According to CEO Pang Xue Kai, Tokocrypto is profitable. It needs to remain so for at least two years before listing, DealStreetAsia reported Wednesday.
- Tokocrypto was backed by an undisclosed investment from Binance last year aimed at building out new products and services, improving the tech stack and expanding its customer base.
- Launched in 2018, Tokocrypto was the first crypto exchange to be regulated by Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI).
- Tokocrypto also launched a token offering through Binance, raising $7.5 million through sales of native token TKO at $0.10, according to data by Cryptorank.
- Crypto is outlawed as an instrument of payment in Indonesia, but is flourishing as a form of investment. Research by BAPPEBTI showed there are around 4.45 million investors in the country, more than twice the number of Indonesians who invest in stocks.
- It was reported last month that Indonesia is considering a plan to tax crypto trading profits in a bid to bolster revenue amid the COVID-19 pandemic.