Indonesian Crypto Exchange Tokocrypto Eyes Public Listing
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.
