Upbit and ICEx Partner to Build Indonesia's Next-Generation Digital Asset Infrastructure

South Korea's premier cryptocurrency exchange Upbit has signed a strategic memorandum of understanding with Indonesia's ICEx to accelerate the nation's regulated crypto ecosystem.

The MOU was formalized at the Korea-Indonesia Business Partnership for Resilient Growth Forum on April 1, 2026.

Core Elements of the Partnership

Upbit will supply essential platform technology, including matching engines, risk management systems, and market operations expertise to ICEx.

Upbit Indonesia stands as a founding shareholder of ICEx, joined by major Indonesian conglomerates and global exchanges.

Operating under the Financial Services Authority OJK, ICEx aligns with Indonesia's innovative three-layer framework for digital asset transactions.

Leadership Perspectives

Dunamu CEO Kyoungsuk Oh emphasized sharing Upbit's technology to fortify Indonesia's digital asset foundations.

ICEx Group CEO Pang Xue Kai praised the collaboration for enhancing market security and trust.

Indonesia's Regulatory Journey

Indonesia shifted oversight of digital financial assets from BAPPEBTI to OJK in recent years, promoting stronger investor protections.

Boasting over 20 million crypto users—surpassing stock market participants—the nation now enforces stock-like infrastructure for cryptocurrencies.

Supported by 11 licensed traders, ICEx secured $70 million to pioneer this integrated platform.

Anticipated Impacts and Outlook

This alliance promises advancements in custody solutions, regtech, and compliance, fostering a sustainable market.

By bridging Korean innovation with Indonesian potential, the partnership elevates Southeast Asia's crypto landscape.