In an effort to enter Southeast Asia’s growing crypto market, Luno — a global crypto exchange — is in talks with conglomerate Lippo Group to launch operations in Indonesia.
- The capital requirement for the joint venture is expected to be under US$10 million, with Lippo and Luno to contribute equally. Both parties are in the process of obtaining the necessary licenses to operate a crypto exchange in Indonesia.
- In other crypto news from Indonesia, Binance-backed Tokocrypto — the country’s first regulated crypto exchange — is planning to go public in the next two to three years. Tokocrypto reportedly holds US$1 billion of its token TKO, which it launched on Binance last month, and has 800,000 users on its platform.
- An estimated 4 million people out of Indonesia’s population of 275 million are trading in crypto.
- The number of crypto traders in Indonesia has increased sharply in recent years, leading officials within the country to consider introducing a tax on cryptocurrencies — though any plans remain in discussion phase.