Upbit Partners with Indonesian Crypto Exchange for Technology Collaboration

Dunamu, which operates the virtual asset exchange Upbit, announced on April 1 that it attended the "Korea-Indonesia Business Forum" held at the Shilla Hotel in Jangchung-dong, Seoul, and signed a memorandum of understanding (MOU) for a technology partnership with Indonesia Crypto Exchange (ICEx), a digital asset exchange in Indonesia.

The ICEx Group operates under a license from Indonesia's Financial Services Authority (OJK) that covers virtual asset exchange, clearing, and custody functions. Eleven local exchanges, including Upbit Indonesia, have participated as founding shareholders, and major Indonesian conglomerates as well as global exchanges are also participating as strategic investors.

With this partnership, both sides plan to apply Upbit's operational expertise to the Indonesian market. They will explore a range of collaboration opportunities, including regulatory compliance systems.

Pang Xuekai, CEO of ICEx Group (left), and Oh Kyungseok, CEO of Dunamu, are posing for a commemorative photo. Dunamu

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Adi Budiarso, the new Head of Digital Financial Innovation and Digital Asset Supervision at Indonesia's Financial Services Authority (OJK), said, "Through cooperation with Korea's digital asset industry and regulatory authorities, we hope to benchmark Korea's institutional foundation and seek ways to incorporate best practices into the Indonesian market."

Oh Kyungseok, CEO of Dunamu, said, "We look forward to Upbit's globally top-tier technology and regulatory compliance capabilities contributing to strengthening the infrastructure of Indonesia's digital asset market. We will work closely with ICEx to take the lead in building a sound digital asset ecosystem."

Pang Xuekai, CEO of ICEx Group, stated, "Upbit's proven technology and regulatory response capabilities will be key factors in enhancing trust in the Indonesian market. I am confident that this partnership will set a new standard for Indonesia's digital financial infrastructure."

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