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).
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.