Tiger Research signs MOU with Indonesia’s ICEx exchange

Tiger Research has moved to cooperate with ICEx, an officially licensed virtual asset (cryptocurrency) exchange in Indonesia.

Tiger Research said on the 1st that it signed a memorandum of understanding (MOU) with ICEx (International Crypto Exchange), an Indonesian virtual asset exchange, to collaborate on virtual asset research and market insights.

ICEx is the second locally based exchange to receive a virtual asset exchange license from Indonesia’s Financial Services Authority (OJK). It has a group structure consisting of the exchange (ICEx), a clearing house (CACI), and a custodian (ICC). Eleven major exchanges—including Indodax, Tokocrypto and Upbit Indonesia—participated as founding shareholders. The funds raised total around 1 trillion rupiah, and the combined user base of the participating exchanges is about 20 million.

Through the agreement, the two companies plan to jointly produce and distribute research and insights on Asia’s digital asset market, and to pursue cooperation measures including knowledge-sharing activities such as seminars.

Kim Gyujin, CEO of Tiger Research, said, “The number of virtual asset investors in Indonesia has surpassed 20 million, overtaking the total number of investors in the capital market,” adding, “Cooperation with ICEx will be an opportunity to strengthen our expertise and research coverage of the Southeast Asian market.”

Indonesia is in the process of overhauling its framework, including transferring regulatory authority over virtual assets to the Financial Services Authority (OJK) in January 2025 and reclassifying virtual assets as financial assets. The ICEx group is also pursuing real-world asset tokenization (RWA) and a national stablecoin initiative, and its official launch event is scheduled to be held in Jakarta on April 2.